Intact reports Q4 catastrophe loss estimates

Intact reports Q4 catastrophe loss estimates | Insurance Business Canada

Insurance News

Intact reports Q4 catastrophe loss estimates

Losses driven by windstorms, other non-weather events

Insurance News

By
Mika Pangilinan

Intact Financial Corporation has reported around $200 million in estimated catastrophe losses for the fourth quarter of 2023.

A press release from the Toronto-headquartered insurer said this total is on a pre-tax basis and is equal to a net after-tax impact of $0.85 per share.

The table below depicts a breakdown of the reported total:

(in millions of

Canadian dollars)

Canada – personal lines

Canada – commercial lines

UK & I

Total

Total current accident year CATs

152

200

The UK&I segment experienced the most significant losses during the quarter due to two severe windstorms in October.

Meanwhile, catastrophe losses in Canada and the US were attributed to weather and non-weather-related events.

For the third quarter of 2023, Intact reported catastrophe losses of roughly $611 million. But it still managed to see a net operating income per share of $2.10 and an operating direct premium written (DPW) growth of 6%.

“The third quarter was no different, as we delivered an operating ROE of 12.2%, and our balance sheet remained strong with $2.8 billion of total capital margin,” he said.