MONTREAL, Oct. 23, 2012 /CNW/ - Intact Financial Corporation (TSX: IFC)
today announced that its insurance subsidiaries operating in Quebec
have reached an agreement in principle with Option consommateurs for an
out-of-court settlement of a class action lawsuit regarding the 1998
ice storm. This tentative agreement is subject to approval by the
Quebec Superior Court during the next few months.
The class action suit launched by Option consommateurs sought to
determine, among other things, whether the insurance companies had an
obligation to compensate all policyholders included in the class action
for additional living expenses incurred as a result of the power
outages, as well as the amount to be reimbursed.
The 1998 ice storm was Canada's most costly natural disaster.
Approximately $1.6 billion was paid out to consumers by insurance
companies, including more than $350 million by Intact subsidiaries.
The agreement with Option consommateurs applies to more than 200,000
clients insured with Belair Insurance Company, Allianz Insurance
Company of Canada, AXA Assurances and ING Insurance Company of Canada
(Commerce Group). This agreement in principle involves only Intact
Financial Corporation's insurance subsidiaries and the class action
suit against other insurance companies is still in progress.
The amount of the agreement is $12.5 million. Details of the agreement
will be set out in a notice explaining eligibility conditions and the
rights of those consumers who are included. In the meantime, consumers
included in the class action who have moved in the years since the ice
storm may send their current address by email to verglas98@intact.net, or call 1 855 292-8861.
About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada.
Intact offers home, auto and business insurance through Intact
Insurance, belairdirect, Grey Power, BrokerLink and JEVCO.
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