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
US
Total
Total current accident year CATs
6
24
152
18
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.
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