Cat events shape Intact Insurance’s Q4 results
Published: January 10, 2020
Updated: January 11, 2020
Author: Luke Jones
CATEGORY: Industry News
Intact Financial Corp. says catastrophic events were a major part of its fourth quarter 2019 ahead of the release of its financial results.
According to the company, catastrophe claims stood at $115 million during Q4 2019, up over 100% from the same quarter in 2018.
“Losses were concentrated in Canadian property lines with impacts of approximately $54 million and $48 million pre-tax in commercial and personal property respectively,” Intact said Jan. 8 of its Q4 2019 catastrophe estimate.
Intact says all cat claims are defined as a claim made related to a single event that is more than $7.5 million.
In terms of 2019 as a whole, Intact says catastrophe claims over the last five years stood at $330 million (2018), $313 million (2017), $385 million (2016), $116 million (2015), $243 million (2014), and $486 million (2013).
2016 had the Fort McMurray wildfire, Canada’s largest insurance loss event ($4bn), which explains Intact’s higher cat claims that year. As for 2013, it was impacted by major floods in populated areas in south Alberta. Furthermore in 2013, major storms hit Toronto and caused significant damage.
It seems Intact’s 2019 figures will surpass most of those years, maybe even the outliers of 2013 and 2016. Looking specifically at Q4, the company did not break down which cat events were the costliest.