TD Bank Group (TSX:TD) says recent severe flooding in Alberta and the Toronto area will likely result in a loss for its insurance business, which would have been profitable without the weather-related expenses. TD Insurance faces an after-tax net loss of between $240 million to $290 million for the period, which includes the months of June and July, the bank announced Tuesday.
TD joins other major Canadian insurers in disclosing some of the costs associated with widespread severe flooding in southern Alberta in late June and a flash flood that inundated parts of the Toronto area in early July. Excluding the weather-related and general insurance claims, TD Insurance would have had between $130 million and $180 million of net earnings during the quarter ending July 31.