Intact reveals catastrophe loss estimate for Q2 2023
Intact reveals catastrophe loss estimate for Q2 2023 | Insurance Business Canada
Insurance News
Intact reveals catastrophe loss estimate for Q2 2023
Significant losses attributed to wildfires and other weather events
Insurance News
By
Mika Pangilinan
Intact Financial Corporation has reported around $421 million in estimated losses for the second quarter of 2023, a large proportion stemming from wildfires and other extreme weather events.
A press release from the P&C insurer said this figure is on a pre-tax basis net of reinsurance and amounts to $1.79 per share after-tax.
The table below shows a detailed breakdown of the catastrophe losses:
(in millions of Canadian dollars)
Canada
UK & I
US
Corp & Other
Total
Personal Lines
252
–
–
–
252
Commercial Lines
83
62
24
–
169
Total current accident year CATs
335
62
24
–
421
Nearly half of the losses from Canada were attributed to wildfires, with most of the impact coming from Atlantic Canada.
Intact’s Canada segment also suffered from losses due to an ice storm and a flood in Quebec earlier in the spring season.
Meanwhile, Intact attributed its losses in the UK, Ireland, and the US to both weather-related and non-weather related events.
Commenting on the figures, CEO Charles Brindamour emphasized the growing impact of climate change and the importance of climate resiliency efforts.
“Our teams are working to get customers back on track amid a very active season for catastrophes – a reminder of the growing impact of climate change on both forest fires and severe weather events,” said Brindamour.
“We will continue to leverage our expertise in building climate resilient communities. Through our collaboration with the Intact Centre on Climate Adaptation at the University of Waterloo, there are tools available to educate Canadians on cost-effective measures to protect their homes from the growing threat of wildfires.”
Intact’s climate resilience efforts
Intact has invested $25 million into 100 climate resilience projects over a 13-year period, according to its social impact report released last April. This includes the collaboration with the University of Waterloo, as well as partnerships with the Nature Conservancy of Canada and Gloucestershire Wildlife Trust in the UK.
In the same report, Intact highlighted its enhanced climate strategy, which involves the establishment of its Centre for Climate and Geospatial Analytics consisting of specialists in meteorology, geomatics, data science, and actuarial science.
“Managing and pricing risks associated with climate change is at the core of our expertise at Intact,” Isabelle Girard, Intact’s SVP & chief data officer, said in the report.
“By establishing our Centre for Climate and Geospatial Analytics within our data lab, our multidisciplinary team of experts will generate climate insights, leverage new research partnerships, and develop enhanced risk maps and frameworks. This will produce tangible tools and products to help our customers anticipate impacts and protect themselves from the increasing challenges of climate change.”
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