Four serious weather events that have hit Canada in July and early August are being tied to higher than estimated losses at Intact, Definity Financial Corp. and other insurers.
Canada’s largest property and casualty insurer is facing a spike in catastrophe losses that could cost it more than a billion dollars after a series of severe weather events this summer.
Torrential rains in Southern Ontario – predominantly in the city of Toronto – cost the industry $940-million in insured damages. Estimates for the Jasper wildfires are about $700-million, they are $1.2-billion for the hailstorms in Calgary and $1-billion in insured losses for Hurricane Debby hitting Montreal.
Intact said it will issue an update in early October if any other significant catastrophe losses occur or if the amount of losses materially differs from the $1.1-billion estimate. While Definity has yet to release an estimate of catastrophe losses for the third quarter, analysts expect “a challenging but somewhat less intense result.” Part of the reason, they say, is that Definity has less exposure in the Quebec market.
“That said, July was an active month, flooding in Ontario and wildfires in Western Canada,” he added. “Though the inherent volatility of losses makes the timing of them difficult to predict, on a year-to-date basis to the end of July, we are in line with the expected level of losses companywide from weather-related catastrophes.”
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