Intact estimates Q3 cat losses of $270 million

Intact Financial announced Monday estimated catastrophe losses for the third quarter of the year of $270 million, pre-tax and net of reinsurance.

After-tax, that estimate is about $199 million. The estimate is based on 10 loss events in the quarter, including hail storms in Alberta and rain storms in Ontario and Quebec.

“This summer’s events have taken an emotional toll and caused considerable disruption to thousands of Canadians from coast-to-coast,” Jean-François Blais, president of Intact Insurance noted in a statement.

“While I am impressed with the extraordinary effort and response of our people, it has become clear that we must adapt our homes, cities and infrastructure to today’s changing weather patterns. By offering sustainable and viable protection and promoting greater customer awareness of available prevention measures, we can ensure that our communities are safe, resilient and strong.”