Summer of Storms Hits Intact Policyholders, Bottom Line

The tornadoes, hail, rainstorms and wildfires that plagued Canadian provinces this summer caused over $140 million in damages to Intact Insurance policyholders.

The summer of storms will also take a toll of $115 million on the company’s third quarter results, the company reported October 2. The weather will also “reinforce Intact’s outlook on personal property insurance and the continued upward pressure on premiums in the following months,” according to an Intact Insurance statement.
"There have been a highly unusual number of severe storms throughout this quarter. With the dedicated efforts of emergency response teams, brokers, and our nationwide network of suppliers, we were able to help customers to get back to normal as quickly as possible," Charles Brindamour, president and CEO of  Intact Financial Corporation, said in the October 2 statement.

This story was originally published by Canadian Insurance Top Broker.