Intact Financial Corp. (IFC) is estimating that its catastrophe losses due to wildfires across Canada this summer will total $570 million.
The Canadian property and casualty insurance company said that its estimated loss amounts to about $2.40 per share of its publicly traded stock.
However, the company warned that wildfires continue to burn throughout Canada and that its final losses from weather events this year could be much higher than the current estimate.
Intact said it will issue another update on its catastrophe losses in October.
This year has seen the worst wildfire season in Canadian history, with thousands of residents displaced from British Columbia and the Northwest Territories in recent weeks.
Wildfires have also raged across Quebec and Nova Scotia in recent months.
DBRS Morningstar has estimated that the losses due to wildfires in the current third quarter of the year could be as high as $1.5 billion for Canada’s entire insurance industry.
Intact Financial’s stock is flat (up 0.76%) over the last 12 months and trading at $190.50 per share.
