Intact Financial Corp. (IFC), Canada’s largest property and casualty insurer, said it’s had “minimal” claims from damage related to superstorm Sandy.
“The impact has been quite minimal,” Gilles Gratton, a spokesman, said today in an interview. “We have had a higher volume of calls.”
Intact, based in Toronto, would have exposure through its insurance business if the storm caused damage in Canada, RBC Capital Markets analyst Andre-Philippe Hardy said yesterday in a note. As many as 150,000 customers in Ontario were without power today after heavy winds and rains knocked out lines.
Bank of Montreal (BMO), which has a reinsurance business, also said the storm has had little impact on Canada’s fourth-biggest bank.
“Based on current estimates of insured industry claims related to Hurricane Sandy, we expect that any impact on BMO would be nominal,” said Paul Deegan, a spokesman for the Toronto-based bank.
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