Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses for the first quarter of 2025 of approximately $244 million, pre-tax and net of reinsurance.
The insurer’s personal line losses were in Canada, driven by weather events, including water damage and ice storms in Ontario.
Meanwhile, the UK and Ireland contributed $87 million to the total loss estimate, also driven by weather events, water damage and storms in the region.
In the US, catastrophe losses were primarily related to commercial fires and property loss, adding a total of $47 million to the estimate.
Additionally, the insurer explained, losses of $30 million, pre-tax and net of reinsurance, related to the UK storms were incurred in the firm’s exited UK home insurance operations.
These losses will be reported within Exited Lines underwriting results in Q1 2025.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.