TORONTO, April 14, 2020 /CNW/ - Over the past month Intact Financial Corporation (TSX: IFC) has been helping impacted customers by providing payment flexibility and premium adjustments to recognize financial hardship and changing driving habits. These efforts have provided individual and business customers across Canada with more than $40 million in relief to date.
"Our business exists to help people and that purpose matters now more than ever," said Charles Brindamour, CEO, Intact Financial Corporation. "Our teams are working around the clock to be responsive, and we are providing support to some of our most impacted customers. We continue to encourage customers to contact us so we can find the right solutions that best reflect their changing situation."
IFC is encouraging impacted customers to reach out to access the following ongoing relief measures:
- Personal auto insurance premium reductions of 15% on average for three months to reflect changes in driving habits
- Personal auto insurance premium reductions of 75% on average, per month, for as long as customers park and safely store their vehicles
- Waiving of missed payment fees
- Flexible payment options including payment deferrals
- Flexibility for those who are using their cars and homes during the crisis for different purposes like making deliveries and running a business from home
- Premium adjustments for small and medium sized business customers that are now closed or have been severely impacted from a sales receipts and payroll perspective
- Premium adjustments for change of use or storage of commercial vehicles
These relief measures will be in place up until and including June 30, 2020. Customers can easily update information on their personal driving habits online. Intact Insurance customers can contact their broker or fill out a simple form online. belairdirect customers can fill out an online form. Commercial auto customers who are experiencing a change in usage should contact their broker.
These ongoing measures and premium reductions are expected to generate more than $150 million of relief for customers in total.
IFC is also providing more than $2 million to target the immediate needs of individuals and families who are most vulnerable to the social, health and economic effects of this pandemic, including a CAD$500,000 donation to Breakfast Club of Canada's Emergency Club Fund; and, US$500,000 to Feed America and local charities in 22 communities across the United States where we do business.
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over $11 billion in total annual premiums. The Company has approximately 16,000 employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.
In Canada, IFC distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Frank Cowan brings a leading MGA platform to manufacture and distribute public entity insurance products in Canada.
In the U.S., OneBeacon Insurance Group, a wholly-owned subsidiary of Intact, provides specialty insurance products through independent agencies, brokers, wholesalers and managing general agencies.
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