Intact Financial Corporation announces third quarter catastrophe loss estimate

PR Newswire

TORONTO, Sept. 30, 2013 /CNW/ - Intact Financial Corporation (IFC.TO) today announced estimated catastrophe losses, net of reinsurance, for the third quarter of 2013 of $270 million pre tax ($199 million after tax or $1.51 per share). The company's current estimate of losses for the events included in the July 22 press release is largely unchanged, however, subsequent catastrophes added to the total estimated loss. In aggregate, ten events led to the catastrophe losses in the quarter, including hail storms in Alberta and rain storms in Ontario and Quebec.

"This summer's events have taken an emotional toll and caused considerable disruption to thousands of Canadians from coast-to-coast," said Jean-François Blais, President of Intact Insurance. "While I am impressed with the extraordinary effort and response of our people, it has become clear that we must adapt our homes, cities and infrastructure to today's changing weather patterns. By offering sustainable and viable protection and promoting greater customer awareness of available prevention measures, we can ensure that our communities are safe, resilient and strong."

About Intact Financial Corporation

Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada. Intact offers home, auto and business insurance through Intact Insurance, belairdirect, Grey Power, BrokerLink and Jevco.

Forward Looking Statements

This document may contain forward looking statements that involve risks and uncertainties. The company's actual results could differ materially from these forward looking statements as a result of various factors, including those discussed in the company's most recently filed Annual Information Form and annual Management's Discussion & Analysis. Please read the cautionary note at the end of the MD&A.

Rates

View Comments (0)