TD Bank Group expects catastrophe claims of approximately $36 million after reinsurance and before tax to be reflected in the Bank’s Wealth Management & Insurance segment’s third-quarter results, the bank said in a statement.
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 $5 million 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 (loss) on the Bank’s Consolidated Statement of Income.
Additional information about the Bank’s insurance catastrophe claims (including catastrophe claims, net of reinsurance for the comparative quarter) is available here.
Quarterly Earnings Announcement
TD will release its third-quarter financial results and host an earnings conference call on Thursday, Aug. 28.
TD Bank Group (TD) is a Canadian multinational banking and financial services corporation headquartered in Toronto, Canada. The bank operates over 2,200 locations across Canada and the eastern United States, serving approximately 27 million customers. It is the second-largest bank in Canada.
Catastrophe Claims Up
Global insured losses from natural disasters surged to $80 billion in the first six months of 2025, nearly twice the average of the past decade, according to preliminary data from the Swiss Re Institute and reported by the Insurance News Network. The figure already represents more than half of the $150 billion the institute expects for the entire year — and peak storm season is still ahead.
This midyear snapshot points to another financially challenging year for insurers and reinsurers, with extreme weather continuing to drive significant payouts across the globe.
“This level of loss, before the most active part of the year, underscores how climate-driven catastrophes are testing the industry’s resilience,” said the Swiss Re Institute in its report.
For those working in insurance, the message is clear: intensifying natural hazards are putting renewed pressure on pricing models, policy availability, and long-term risk projections, especially in regions most vulnerable to severe weather.