Slave Lake fires could cost Intact $45 to $55 million
As wildfires continue to burn throughout Northern Alberta, particularly in the Slave Lake region, insurers are starting to evaluate the impact on their own businesses.
Intact Financial Corporation said that more than 800 of its customers will be compensated for predominantly property-related damage, and to a lesser extent commercial and auto-related coverage, caused by the devastating wildfires in Slave Lake and the surrounding areas.
The insurer has provided emergency funding to over 400 families and has received about 800 property, commercial and auto claims from its customers, the company said on Thursday.
Intact adjusters are in the region but have been unable to fully assess the damage because access to the town continues to be restricted. The company says preliminary estimates indicate that the after-tax cost of the wildfires to Intact in the second quarter, net of reinsurance, will likely amount to between $45 million and $55 million or 40 to 50 cents per share.
“Our thoughts are with the residents of the Slave Lake area during this difficult time. We have been there from the outset to comfort and provide for our displaced customers, and will be there to help restore their lives and rebuild the community in the near future,” said Charles Brindamour, President & CEO, Intact Financial Corporation, in a statement.
