TORONTO, July 22, 2013 /CNW/ - Intact Financial Corporation (TSX: IFC)
announced today that it has been helping approximately 16,000 customers
get back on track following the Alberta flooding, Lac-Mégantic train
derailment, Greater Toronto Area rain storm and early July hail storms.
The company will record after-tax catastrophe losses of $123 million or
$0.92 per share, net of reinsurance, in its second quarter results. In
addition, IFC estimates that the early July catastrophic events will
negatively impact its third quarter results by $134 million after-tax
or $1.01 per share, net of reinsurance.
"The devastation brought on by recent flooding and torrential rain is
unprecedented," said Charles Brindamour, Chief Executive Officer of
Intact Financial Corporation. "The scope of the damage and destruction
that we have witnessed in recent weeks is a stark reminder that we must
adapt the protection offered to Canadians to ensure it remains
sustainable in light of the greater prevalence and severity of weather
events."
Alberta storms and flooding (June 20)
The company estimates that the cost of helping its Alberta customers
restore their homes, autos and businesses following the devastating
storms and flooding will amount to more than $300 million for an
after-tax impact of $105 million or $0.79 per share net of reinsurance.
These costs will be recorded in the company's second quarter financial
results, which will be released on July 31.
Lac-Mégantic train derailment (July 6)
The train derailment and explosion in the town of Lac-Mégantic will
result in a $25 million impact to the company's third quarter results.
Our thoughts are with the community at this very difficult time as they
grieve and cope with the loss they suffered in the aftermath of this
tragic event.
Greater Toronto Area rain storm (July 8)
The severe rain storm that impacted thousands of Intact customers in the
Greater Toronto Area resulted in an estimated $170 million of insurable
damages.
Helping customers when they need us most
Intact's dedicated team of adjusters, brokers, contractors, vendors and
engineers have been helping its customers to assess damages and begin
to restore their lives. To accelerate the process, Intact has mobilized
its community response teams to provide assistance and support to its
customers over the phone and in person. Field adjusters were dispatched
from across the country to communities in Alberta and the Greater
Toronto Area.
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.
Forward Looking Statements
This document may contain forward looking statements that involve risks
and uncertainties. The company's actual results 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
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