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
get back on track as quickly as possible." said Charles
Brindamour, Chief Executive Officer of Intact Financial
Corporation. "Our organization continues to show operational and
financial resiliency in the face of these unusually severe weather
events, with strong underlying performance, a robust balance sheet
and mid-teens operating ROE. We expect these extreme weather events
to add further pressure to current market conditions."
Customers in need of support can contact us 24/7:
- Intact Insurance: Call 1 (866) 464-2424 or visit
www.intact.ca
- belairdirect: Call 1 (877) 270-9124 or visit
www.belairdirect.com
Customers can also track the progress of their claim at any time
by visiting the Intact Insurance or belairdirect Client Centre, or
by downloading our mobile app.
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $22
billion of total annual operating DPW.
In Canada, Intact distributes
insurance under the Intact Insurance brand through agencies and a
wide network of brokers, including its wholly owned subsidiary
BrokerLink. Through belairdirect, Intact distributes directly to
consumers. Intact also provides affinity insurance solutions
through affinity groups, travel insurance, as well as exclusive and
tailored offerings through Intact Prestige.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
In the U.K., Ireland, and
Europe, Intact provides personal,
commercial and specialty insurance solutions through the RSA,
NIG and FarmWeb brands.
Forward-Looking Statements
Certain statements made in this press release are
forward-looking statements. These statements include, without
limitation, statements relating to estimated catastrophe losses.
The words "may", "will", "would", "should", "could", "expects",
"plans", "intends", "trends", "indications", "anticipates",
"believes", "estimates", "predicts", "likely", "potential" or the
negative or other variations of these words or other similar or
comparable words or phrases, are intended to identify
forward-looking statements. Unless otherwise indicated, all
forward-looking statements in this press release are made as of the
date hereof and subject to change.
Forward-looking statements are based on estimates and
assumptions made by management based on management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that management
believes are appropriate in the circumstances. Many factors could
cause the Company's actual results, performance or achievements or
future events or developments to differ materially from those
expressed or implied by the forward-looking statements. In the case
of estimated claims and losses, due to the preliminary nature of
the information available to prepare estimates, future estimates
and the actual amount and categorization of claims and losses
associated with events described above may be materially different
from current estimates.
All of the forward-looking statements included in this press
release are qualified by these cautionary statements and those made
in the "Risk Management" sections of the Company's Q2-2024
Management's Discussion and Analysis (Section 13), and the
Company's Management's Discussion and Analysis for the year ended
December 31, 2023 (Sections 26-30),
in Notes 10 and 12 of the Company's Consolidated Financial
Statements for the year ended December 31,
2023 and in the Company's Annual Information Form dated
February 13, 2024, all of which are
available on our web site at www.intactfc.com or on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect the Company. These
factors should, however, be considered carefully. Although the
forward-looking statements are based upon what management believes
to be reasonable assumptions, the Company cannot assure investors
that actual results will be consistent with these forward-looking
statements. Investors should not rely on forward-looking statements
to make decisions and investors should ensure the preceding
information is carefully considered when reviewing forward-looking
statements made in this press release. Undue reliance should not be
placed on forward-looking statements made in this press release.
The Company has no intention and undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
SOURCE Intact Financial Corporation