About 55 per cent of the estimated losses—the total of which represents $0.80 per share after tax—were in the Toronto-based firm’s Canadian portfolio, largely from floods in B.C. and windstorms across Ontario and Quebec in December 2021. (The Logic)

Talking point: Canadian property insurers took a major hit last year, with extreme weather events devastating communities, particularly in B.C. Intact announced another $365 million in catastrophe losses in its third quarter. “The unprecedented flooding in British Columbia last November serves as a reminder that as a society we need to take immediate action to adapt to a changing climate,” CEO Charles Brindamour said in a statement. Climate-risk conversations tend to focus on mitigation—how companies and investors will reduce emissions in a bid to stem global warming. But insurance losses highlight the urgent need for adaptation measures. Last year, the federal government committed nearly $1.4 billion over 12 years to its disaster-mitigation and -adaptation fund. And Public Safety Canada launched a task force to examine how to best prepare for and respond to flooding emergencies. Its final report is due this spring.