Intact Financial
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COO Patrick Barbeau added that Intact saw part prices increase, with inflation in part costs in the high teens. -
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The Canadian carrier booked $182mn cat losses that contributed 3.8 points in the CoR, reflecting the impact of weather conditions.
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The Canadian insurer is staying ahead of inflationary pressures on loss costs by balancing rate increases with a one-time pandemic relief.
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The insurer’s income benefitted from its acquisition of RSA’s Canadian, UK and international operations.
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The total volume of surety bonds impacted by the bankruptcy is likely to exceed $500mn, including $19.5mn of surety exposure for Intact Financial’s One Beacon.
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