The corporate logo of Intact Financial Corporation (TSX: IFC) is shown. THE CANADIAN PRESS/HO
July 22, 2013 - 4:42 AM
TORONTO - Intact Financial Corp. (TSX:IFC) says several recent Canadian disasters will result in more than $270 million of catastrophe losses in its second and third quarters.
The Toronto-based company is one of Canada's largest property insurers.
Intact estimates it will record about $123 million or 92 cents per share in after-tax catastrophe losses in its second quarter.
That will be mainly due to storm and flooding damage last month in Alberta.
In the third quarter, which began July 1, Intact estimates it will record an additional $134 million or $1.01 million in after-tax catastrophe losses.
That will include costs associated with the Lac-Megantic train derailment that killed an estimated 47 people and devastated a Quebec city and as well as heavy rain storm that flooded parts of Toronto.
News from © The Canadian Press, 2013