TORONTO, June 29, 2016 /CNW/ - Intact Financial Corporation (TSX:IFC)
applauds the Superintendent of Insurance of Alberta's approval of a new
ridesharing insurance policy, and will be providing this coverage to
Uber, effective July 1, 2016. The insurance policy, designed
specifically for this new transportation alternative, will provide
protection to Albertans who use ridesharing platforms with coverage
that is simple and seamless. Today's announcement makes Alberta the
first province to approve a ridesharing insurance policy that provides
coverage to all drivers and passengers while participating in
ridesharing in Canada. IFC and Uber continue to work with regulators
in Ontario and Quebec to provide similar products in the coming months.
"This new ridesharing insurance structure is a key step to bring Uber
back to Edmonton and support our efforts to serve Albertans across the
province. We look forward to our ongoing work with regulators and
partners to bring ridesharing to an always growing number of cities
across the country," said Ian Black, General Manager for Uber Canada.
Every ridesharing driver operating on the Uber platform in Alberta will
automatically be covered under this new ridesharing policy provided by
Intact Insurance Company, a subsidiary of IFC, and purchased by Uber
from the instant a ride is accepted until the passengers have exited
"With the growing popularity of ridesharing, we are excited to offer
innovative insurance products to meet the evolving needs of consumers.
This coverage structure also provides an opportunity for the insurance
industry to develop personal lines coverage options for the period
during which drivers are available to accept a ride but have yet to do
so," said Karim Hirji, Senior Vice President, International & Ventures
for Intact Financial Corporation.
IFC's two largest brands, Intact Insurance and belairdirect, Canada's
digitally driven insurer, will provide Uber driver-partners with
personal lines coverage when they are waiting for a ride request.
Customers must call their agent or broker before participating to
purchase this personal lines coverage.
Aon, the leading global provider of risk management and insurance
solutions, worked with IFC and Uber to bring this to market. "Aon is
committed to driving innovation across the sharing economy and is proud
to partner with Uber Canada and IFC to provide a dynamic insurance
solution that meets the changing needs of riders and drivers," said
Craig Gilmour, Executive Vice President for Aon Risk Solutions in
For more information on these tailored insurance products, visit: intact.ca and t.uber.com/ABInsurance.
About Intact Financial Corporation
Intact Financial Corporation (intactfc.com) is the largest provider of property and casualty insurance in Canada
with almost $8.0 billion in premiums. Supported by over 12,000
employees, the company insures more than five million individuals and
businesses through its insurance subsidiaries and is the largest
private sector provider of P&C insurance in British Columbia, Alberta,
Ontario, Québec, Newfoundland and Labrador and Nova Scotia. The company
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.
About Uber Canada
Co-founded by Canadian entrepreneur Garrett Camp in 2009, Uber is
evolving the way the world moves. Present in over 40 communities in
Canada, Uber has revolutionized transportation and offers more than
20,000 Canadian driver-partners a new way to earn income in their spare
time by offering an affordable transportation alternative to hundreds
of thousands of riders across the country. For more information, visit uber.com.
Aon plc (NYSE:AON) is a leading global provider of risk management,
insurance and reinsurance brokerage, and human resources solutions and
outsourcing services. Through its more than 72,000 colleagues
worldwide, Aon unites to empower results for clients in over 120
countries via innovative and effective risk and people solutions and
through industry-leading global resources and technical expertise. For
more information, visit aon.com.
Certain statements made in this news release are forward-looking
statements. These statements include, without limitation, statements
relating to new insurance products, new legislation related to the
sharing economy and related insurance product evolution and the timing
of governmental and regulatory implementation. All such forward-looking
statements are made pursuant to the 'safe harbour' provisions of
applicable Canadian securities laws.
Forward-looking statements, by their very nature, are subject to
inherent risks and uncertainties and are based on several assumptions,
both general and specific, which give rise to the possibility that
actual results or events could differ materially from our expectations
expressed in or implied by such forward-looking statements as a result
of various factors, including those discussed in IFC's most recently
filed Annual Information Form and annual MD&A. As a result, we cannot
guarantee that any forward-looking statement will materialize and we
caution you against unduly relying on any of these forward-looking
statements. Except as may be required by Canadian securities laws, IFC
does not undertake any obligation to update or revise any
forward-looking statements contained in this news release, whether as a
result of new information, future events or otherwise. Please refer to
the cautionary note of IFC's most recently filed MD&A.
SOURCE Intact Financial Corporation
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