07:09 AM EDT, 08/22/2024 (MT Newswires) -- Intact Financial ( IFCZF ) overnight Wednesday said catastrophe losses from severe weather events in Canada for July and August are "well above expectations" for a third quarter.

It said total catastrophe losses for the quarter so far are $1.1 billion on a pre-tax basis and net of reinsurance. Intact added it will issue an update in early October if other significant catastrophe losses occur or if the amount of losses materially differs from this estimate.

"This is an exceptionally challenging and stressful time for thousands of Canadians and our top priority is to help customers get back on track as quickly as possible." said CEO Charles Brindamour in a statement. "Our organization continues to show operational and financial resiliency in the face of these unusually severe weather events, with strong underlying performance, a robust balance sheet and mid-teens operating ROE. We expect these extreme weather events to add further pressure to current market conditions."