COVID-19: Intact doles out $350 million

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By Hubert Roy | Aug. 11, 2020, 9:30 a.m.

INTACT | COVID19

Charles Brindamour

Intact Financial Corporation estimates the cost of its relief measures offered to policyholders since the start of the COVID-19 pandemic at $350 million.

President and CEO Charles Brindamour said that the insurer provided relief to 1 million policyholders in Canada and the United States. He unveiled these figures in a conference call with financial analysts, to announce the Q2 2020 results.

Of the $350 million total, $263 million comes from a reduction in premiums offered to insured, $134 million of which was written in Q2 2020.

Among clients who requested payment deferrals, 80% made their second payment on time. This means that only 20% of these customers deferred more than one payment, Brindamour points out. “The vast majority of people take this very seriously and have stepped up to stay on track in terms of paying their insurance,” he said.

Growing disparity

He added that “this crisis will exacerbate the income and skill disparity that exists in society. But we’re stepping up our efforts in the communities where we operate to be an agent of change and a force for good.

And we’re also ensuring that our people across North America will adapt and gain from this changing world. We’re committed to investing and adapting our people skills to our needs of tomorrow. And we’re also committed to continue to ensure that our environment is one of the most inclusive,” he said.

Measures case by case

The insurer ended its auto premium adjustment offer associated with reduced mileage on July 31. Yet Intact is continuing to offer clients adjustment measures on a case by case basis.

“Intact is still committed to providing flexible options for clients severely affected by COVID-19; including the most vulnerable, that is people who are ill, older people, or those who lost their jobs because of the crisis, as well as those who are driving less often. We will continue to offer flexibility on an individual basis. Clients can contact belairdirect or their Intact Assurance broker directly to discuss financial aid options,” Marie-Hélène Lafond, public affairs director at Intact told the Insurance Portal.