Industrial Alliance paid $82 million a week in claims last year

par Andrew Rickard | March 29 2016 01:40PM

Yvon Charest, Industrial Alliance Insurance and Financial Services (iA) president and CEO.

Industrial Alliance Financial Group (iA) has published its annual Social Responsibility Report, and it shows that the insurer paid $4.3 billion in claims last year, which is the equivalent of $82 million per week.

The iA report outlines the organisation’s economic, environmental, social and governance-related commitments and achievements. Among other things, it reveals that the company paid $464.8 million in salaries and employee benefits in 2015, as well as $184.1 million in federal, provincial, and municipal taxes.

The company also contributed $3.9 million, or the equivalent of $765 per employee, to about 500 different causes. The insurer notes that its United Way-Centraide campaign broke the million dollar mark for the third year in a row, raising a record total of $1,230,490.

As for the insurer’s environmental efforts, the report says that iA made significant improvements in its waste materials recovery rate, which now exceeds 83% (up from 72% in 2012) and reduced greenhouse gases (GHG) resulting from business travel by almost 40%.

“There is no doubt in our minds that our approach and actions must be guided by an overall vision to ensure the consistency and effectiveness of our organization with regard to social responsibility,” comments iA president and CEO Yvon Charest. “As a sustainable company, we create economic value, a sound business environment, and strong ties with communities.”