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
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 CORPORATION
For further information:
Vice President, Corporate Communications
+1 (416) 217-7206
Vice President, Investor Relations
+1 (416) 341-1464 ext. 45122