TORONTO, Aug. 21, 2024 /CNW/ - Intact Financial Corporation (TSX:IFC) today provided an update to the market on catastrophic events across Canada in July and August.
The company is currently helping thousands of customers get back on track after suffering significant damages from four severe weather events across the country: torrential rains in Southern Ontario, wildfires in Jasper, hailstorm in Calgary and flooding in Quebec. Both the Toronto floods and Jasper wildfires were discussed during the Q2-2024 earnings call.
The company estimates that its total catastrophe losses quarter-to-date are approximately $1.1 billion on a pre-tax basis and net of reinsurance, well above expectations for a third quarter. The company will issue an update in early October if other significant catastrophe losses occur or if the amount of losses materially differs from this estimate.
Our teams continue to work 24/7 to support customers through the claims process, as they assess damages and begin to restore their lives. We are deploying all of our resources across the country to help customers in affected areas.
In Quebec, nearly every impacted customer has been contacted, and our adjusters and appraisers are hard at work to help customers whose homes, cars and/or businesses have been damaged. In Ontario, our restoration supplier, On Side, has deployed more than 1,000 people in the field to support homeowners and businesses in their restoration efforts. In Alberta, our claims team is on the ground in Jasper supporting customers as they begin to return to their homes, and we have set up hail drive-through centres in Calgary to help expedite the vehicle inspection and claims process.
"This is an exceptionally challenging and stressful time for thousands of Canadians and our top priority is to help customers ...
