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Canada: Insurance rates to rise following months of harsh weather, says Intact

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Insurers will increase rates in 2014 to compensate for catastrophic weather-related events of 2013, says Canada-based Intact Financial Corp.

The property/casualty insurer expects to raise rates for some its products, Global News reported. Intact's net income dropped about 40% year-on-year to $107 million Canadian ($101 million) for the fourth-quarter ended Dec. 31 2013.

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