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Natural disasters : the 2nd quarter will cost more than$ 100 Million to be Intact



July 6, 2017 13:30

Photo : City of Gatineau

Approximately $ 105 million (M$), this is the first evaluation of the cost of catastrophe losses for the second quarter of 2017, made by Intact financial Corporation. This amount has been established before-tax and net of reinsurance ($77 Million after-tax or $ 0.58 per share).

The insurer reported that its customers in Quebec and Ontario that have been hit the hardest by the heavy rainfall of the last quarter. The rains that have resulted in claims related to water damage and wind storms, mainly in the sector of insurance of property of individuals.

«After the severe storms and flooding that occurred this spring, our response teams have worked tirelessly to help our clients get back on their feet, said Charles Brindamour, ceo of Intact financial Corporation. We will continue to ensure that the protection we offer them remain viable, and to work with the government to help Canadians adapt to climate change. »

According to the latest monthly report on the disasters ofAon Benfield, the flooding will cost hundreds of millions of dollars to the canadian economy. The aggregate amount of losses for the insurance industry is not yet known.

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