Canadian insurer Intact Financial (IFC) has reported catastrophe losses for this year’s third quarter of $611 million as wildfires and flooding occurred across much of the country during the summer.
The property and casualty insurer said that the losses amounted to $2.56 per share. It added that more than 90% of the losses in its Canadian segment were driven by 14 severe weather events between July and September, including floods and hailstorms in several provinces.
A third of Intact’s losses were attributed to the wildfires in British Columbia and the Northwest Territories over the summer months.
Both B.C. and the Northwest Territories saw record wildfires in recent months, with 70% of the population displaced during this year’s fire season.
Intact’s most recent financial results, released in August of this year, showed that the company’s earnings declined 79% year-over-year due to severe weather events across Canada.
Intact’s stock has risen 4% over the last 12 months and currently trades at $199.73 per share.
