Canadian property and casualty insurer Intact Financial Corporation reported an increase in catastrophe and large losses in the second quarter, with pretax and reinsurance net sales $247 million higher than the company’s expectations.
By market segment, personal property losses were highest at $252 million, followed by commercial insurance at $37 million and personal automobiles at $6 million.
Regionally, weather events in Canada caused $295 million in losses, including storms that caused flooding, flooding and wind damage in multiple areas.
Meanwhile, the United Kingdom and Ireland (UK&I) reported losses of $121 million, much higher than expected, mainly caused by commercial fires. No damage was reported in the United States.
Intact confirmed that there were also unusually high levels of large losses in the second quarter. These impacts will have an overall impact of 3 percentage points on the underlying current year loss ratio in the second quarter of 2026. By business sector: Canada’s personal property sector was affected by 3 percentage points, Canada’s business sector was affected by 3 percentage points, and the UK and UK sectors were affected by 7 percentage points.
“These losses include a higher frequency of fire claims and other property losses across regions and risk areas. No clear patterns have been identified,” Intact said.
Charles Brindamour, CEO of Intact Financial Corporation, commented: “Our claims team and extensive supply chain network have mobilized to provide our customers with rapid, local support.
“Together, they provide excellent service and help our customers get back to normal as quickly as possible. At an industry level, these events reinforce solid market conditions.”
