(Reuters) - Canadian property and casualty insurer Intact Financial Corp
Hailstorms left a trail of damage across Alberta, Ontario and Quebec in July and August.
Intact, formerly the Canadian insurance arm of ING Groep NV
Analysts on average were expecting Intact to earn C$1.42 per share for July-September and C$5.45 per share for the full year.
Intact, which offers home, auto and business insurance, said about 20,000 customers incurred damages in the last two months.
The company said a hailstorm in Calgary accounted for about half of the damages, impacting about 12,000 of its customers.
"The impact from these storms is a stark reminder of the financial implications of changing weather patterns," said Chief Executive Charles Brindamour.
Intact, which sells insurance under the Belair Direct and Grey Power banners, posted quarterly results that missed analyst estimates last month as higher claims and weaker investment weighed.
Shares of Toronto-based Intact, which has a market value of C$7.79 billion, closed at C$60.55 on Tuesday on the Toronto Stock Exchange.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Don Sebastian)
Source: http://news.yahoo.com/intact-financial-says-summer-storms-likely-cost-c-110946476--sector.html
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