Summer storm damage costs for Intact could reach $130 million

Damage costs from severe weather across Canada are expected to reach between $110 million and $130 million after taxes, net of reinsurance, Intact Financial Corp. reports.

The company is serving about 20,000 of its customers following severe storms in July and August. About 10 storms caused damage from wind, hail and/or rainfall across Alberta, Ontario and Quebec.

Approximately half of the incurred damage resulted from a hail storm Aug. 12 in Calgary, affecting close to 12,000 Intact customers.

“The impact from these storms is a stark reminder of the financial implications of changing weather patterns and we intend to accelerate our efforts to ensure that the protection we offer our customers remains sustainable while maintaining its affordability,” Intact CEO Charles Brindamour says in the statement.