Government launches disaster insurance programme with 11 companies participating, covering 30 million households

Intact Financial Corporation announced an estimated $660 million in pre-tax catastrophe losses for the third quarter of 2026, net of reinsurance, equal to $2.76 per diluted share after tax. The total breaks down into $615 million in Canada, $38 million in the UK and Ireland, and $7 million in the US, while by line of business it comprises $390 million in Personal property, $173 million in Commercial lines, and $52 million in Personal auto. Chief Executive Officer Charles Brindamour said the severe weather events of recent months brought the company's teams, supply chain and restoration network together to help customers recover, and that at an industry level the events reinforce firm market conditions. Chief Financial Officer Ken Anderson said catastrophe losses over the past 12 months totaled $1.29 billion, modestly above the company's annual guidance of $1.20 billion, while the Intact platform continues to demonstrate resilience and strength. The losses in the most impacted lines, Personal property and Commercial lines in Canada, were driven by severe weather including storms causing flooding, water and wind damage across several regions, as well as wildfires in British Columbia.

Definity Financial Corporation announced that catastrophe losses in the third quarter of 2026 will reduce underwriting income by approximately $190 million net of reinsurance recoveries, or $1.15 per common share net of taxes and reinsurance. The estimate updates and extends the company's September 3, 2026 preliminary estimate of losses from July and August events. Within the $190 million total, personal property accounts for $136 million, commercial insurance for $37 million, and personal auto for $17 million. The losses stem from severe rainstorms and flooding in Ontario and Alberta and wildfires in British Columbia in July and August, plus a large storm system that brought damaging winds, hail and flooding to southern Ontario in early September. President and CEO Rowan Saunders said severe weather-related events continued into September and impacted communities across the country, and that Definity remains focused on supporting customers through its catastrophe response capabilities.

Senators Elizabeth Warren and Josh Hawley are seeking answers from major home and auto insurers after analysis showed consumers increasingly face claims that close without any payment. The letters ask State Farm, Allstate Corp. and other insurers to disclose closed-claim data, including denials, and to explain whether employee, contractor or adjuster compensation depends on claim decisions or payouts, according to the Wall Street Journal. The senators said the findings raise serious questions about whether consumers can trust their insurance companies to honor their obligations, and criticized increasingly aggressive claims-handling practices, including tactics to delay payments, as insurers chase stronger profits. The inquiry expands Warren's broader scrutiny of concentrated influence in insurance and healthcare; in August she criticized vertical integration involving UnitedHealth Group Inc. U.S. property and casualty insurers posted $31.2 billion in underwriting profits in the first half of this year, nearly triple the $10.9 billion earned a year earlier, according to a report by AM Best, which credited higher premiums and lower claim payouts. State Farm and Allstate Corp. did not immediately respond to Benzinga's request for comments.