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Intact announces Q3 catastrophe loss estimate
Severe weather responsible for loss.
Staff on October 4, 2016
Intact Financial Corporation has announced estimated catastrophe losses, net of reinsurance, for the third quarter of 2016.
It reports a loss of approximately $170 million on a pre-tax basis ($124 million after-tax or $0.95 per share). Severe weather conditions during the summer months led to numerous events involving hail, wind and rain which affected communities across the country. In aggregate, eight events in the quarter met its catastrophe threshold of $7.5 million mainly affecting the personal lines of business.
“Canadians across the country have been impacted by multiple weather events this summer and we are working hard to help our customers get back on track,” said Charles Brindamour, CEO of Intact Financial Corporation, in a statement. “We are also accelerating our action plans in home and auto to tackle increasing storm activity and cost inflation.”
Intact announces Q3 catastrophe loss estimate
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