Intact Expects To Pay Out $80M+ For Commercial COVID Claims

Intact Financial Corp. is likely to pay out more than $80 million for commercial claims arising directly from the COVID-19 pandemic, but has only seen a small fraction of that so far, CEO Charles Brindamour said Wednesday.

“The total actual incurred losses is barely 10 million bucks at this stage,” Brindamour said Wednesday of commercial insured losses.

To put that into perspective, Intact reported $6.989 billion in claims incurred in 2019, 42% of which is Canadian commercial and 14% of which is U.S. commercial.

Brindamour made his comments during a “virtual fireside chat” with Mike Phillips, equity research analyst for property and casualty insurance at investment banking firm Morgan Stanley.