Intact Financial Corporation releases preliminary estimates for the financial impact from summer storms
TORONTO, Aug. 27, 2014 /CNW/ - Intact Financial Corporation (TSX: IFC) estimates that the pre-tax financial impact of catastrophe events in July and thus far in August will amount to between $100 million and $120 million, or $0.56 to $0.67 per share after tax.
The severe hail storm in Airdrie, Alberta on August 7 was the most significant event of the summer, accounting for approximately 70% of the damages from the catastrophe events.
Helping customers when they need us most
"At Intact, our job is to help people get back on track", said Jennie Moushos, Senior Vice President of Intact Insurance for the Western Region. "This is why, within hours of the storm, we had field adjusters and contractors out in the community and were setting up two temporary car repair facilities in the area. As an organisation, we continue our efforts to ensure the sustainability of the protection we offer Canadians and encourage them to better adapt to the new climate reality."
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, Jevco and BrokerLink.
Forward Looking Statements
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 beginning of the MD&A.
SOURCE Intact Financial CorporationFor further information: Media Inquiries: Gilles Gratton, Vice President, Corporate Communications, +1 (416) 217-7206, email@example.com; Investor Inquiries: Dennis Westfall, Vice President, Investor Relations, +1 (416) 344-8004, firstname.lastname@example.org