TD Bank expects Q4 catastrophe claims of approximately $388M

TD Bank (TD) Group announced that it expects catastrophe claims of approximately $388M after reinsurance and before tax to be reflected in the Bank’s Wealth Management & Insurance segment’s Q4 results. Catastrophe claims are insurance claims that relate to any single event that occurred in the relevant fiscal quarter, for which the aggregate insurance claims are equal to or greater than an internal threshold of $5M before reinsurance. The Bank’s internal threshold may change from time to time. The total amount of catastrophe claims presented reflects the estimated pre-tax cost of these claims net of recoveries from related reinsurance coverage and, when applicable, includes the cost of reinsurance reinstatement premiums. The total amount of catastrophe claims is included in Insurance service expenses and amounts related to reinsurance coverage are included in Other income on the Bank’s Consolidated Statement of Income.