The Toronto-based company said combined second-quarter losses were $247 million above expectations in two categories: catastrophe and large-loss insurance. Extreme weather in Canada, including torrential storms that caused water and wind damage, pushed up losses, as did commercial fires in the U.K. and Ireland. The insurer has seen a broad-based increase in fire claims.  (The Logic)

Talking point: Intact is not the first to warn that extreme weather could lead to more insurance claims. Morningstar DBRS analysts said that the first half of last year was one of the costliest on record for global natural-disaster insurance claims amid wildfires in California, Canada and Europe, and predicted at the end of last year that Canadian insurers were likely to see more volatile results in 2026 for the same reason. Real estate platform Wahi said in April that home insurance premiums in some Ontario cities were already up 20 per cent or more after extreme rainfall. Intact’s shares dipped over 1.5 per cent on Thursday afternoon.