Intact’s Canadian segment experienced an estimated $77 million, pre-tax, in catastrophe losses during the last quarter of 2022, the company said in a report. That figure is below the previous year’s fourth quarter losses.
The Canadian cat losses were mostly caused by late December windstorms across eastern Canada, as well as further development of losses from earlier in the year, Intact said. The company has an approximate 20% market share in Canada.
An estimated $64 million of the Canadian loss figures were seen in Intact’s commercial lines business, while $13 million were seen in personal lines.
“Despite challenging winter weather in the fourth quarter, I am pleased with the resilience of our platform,” said Charles Brindamour, CEO of Intact Financial Corporation, in release.
The ‘bomb cyclone’ that swept through eastern Canada in late December has been declared a catastrophe. This means insured damages across the entire industry exceeded $30 million (up from Canada’s previous Cat record of $25 million).
The bomb cyclone produced mostly wind and water claims, adjusters told Canadian Underwriter.
Major city centres in Ontario were affected and the storm resulted in the cancellation of at least 200 flights at Vancouver International Airport. Intact’s release did not clarify which types of commercial claims they received.
And although Intact did not specify which events earlier in the year contributed to its fourth quarter losses, other major cat events in 2022 included third-quarter’s Hurricane Fiona, which caused an estimated $800 million in insured losses in Canada, revised from the previous $660 million estimate.
In total, Intact estimated $143 million in losses in the fourth quarter across both the Canadian and United Kingdom. and Ireland (UK&I) segments. In the UK&I, Intact estimated $66 million in losses, the large majority of which were in personal lines.
However, Intact’s 2022 Q4 losses were lower than those from the same period in the prior year. The insurer announced 55% of its Cat losses in 2021 Q4 were centered on its Canadian segment — equalling about $102 million in losses from its total of $186 million.
The previous year’s fourth quarter Canadian losses were largely due to the impact of floods in British Columbia, as well as windstorms across Ontario and Quebec last December.
Feature image by iStock.com/MF3d
