Intact Financial Corporation releases preliminary estimates for the financial impact from summer storms
- Approximately 20,000 customers incurred damages in the last two months
- After tax cost of damages, net of reinsurance, to reach between $110 million and $130 million
TORONTO, Sept. 5, 2012 /CNW/ - Intact Financial Corporation (TSX: IFC) announced today that it is helping approximately 20,000 of its customers across the country get back on track following the severe weather events of July and August. No less than ten severe storms brought wind, hail and/or substantial rainfall to communities across Alberta, Ontario and Quebec, leaving a trail of significant damage.
IFC estimates that the after-tax impact of these weather events, net of reinsurance, will likely amount to between $110 million and $130 million or $0.85 to $1.00 per share.
The August 12 Calgary hail storm was the most significant event during the summer, impacting close to 12,000 Intact customers and accounting for approximately half of the damages incurred.
"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," said Charles Brindamour, Chief Executive Officer of Intact Financial Corporation.
Thanks to the dedicated efforts of its response teams, brokers and its network of contractors, repair shops and suppliers Intact was able to help its customers get back on track in what will likely be one of the most eventful summers for the insurance industry.
About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada. Intact offers home, auto and business insurance through Intact Insurance, belairdirect, Grey Power, BrokerLink and JEVCO Insurance Company.
This document may contain forward looking statements that involve risks and uncertainties. The company's estimates and assumptions could differ materially from these forward looking statements as a result of various factors, including those discussed in the company's most recently filed Annual Information Form and annual Management's Discussion & Analysis. Please read the cautionary note at the end of the MD&A.
SOURCE: INTACT FINANCIAL CORPORATIONFor further information:
Vice President, Corporate Communications
+1 (416) 217-7206
Vice President, Investor Relations
+1 (416) 341-1464 ext. 45122