MONTREAL, June 29, 2020 /CNW Telbec/ – Today, Desjardins’s property & casualty insurance subsidiaries announced they would be issuing $100 million in premium refunds to their Canadian auto insurance clients. The refunds are for eligible personal and commercial insurance clients, who will receive a refund between 25 per cent and 40 per cent of the premium they pay for one month, depending on their market realities. The refund will apply to policies for eligible personal and commercial vehicles.
All told, 2.1 million clients will automatically receive the refund through their usual payment method, so they don’t need to do anything.
More people are working from home than ever before. Combined with the extended lockdown, this means that travel has been limited and car accident risks have been reduced. Fewer accidents mean fewer claims to pay out, so Desjardins has decided to reflect this reality by issuing this refund to its clients.
“Even though we’re beginning to reopen our provinces and cities, the pandemic will continue to affect our members and clients. We’re proud to say that we’re still here for them in these unprecedented times. Right now, we’re able to give $100 million back to our auto insurance clients. This is just one of the many ways that Desjardins has helped its members and clients deal with COVID-19 since March 16,” said Guy Cormier, President and CEO of Desjardins Group.
Today’s announcement follows an initial refund of close to $50 million to auto insurance clients, bringing the total close to $150 million.
About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada and the sixth largest cooperative financial group in the world, with assets of $326.9 billion. It has been rated one of Canada’s Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world’s strongest banks according to The Banker magazine, Desjardins has some of the highest capital ratios and credit ratings in the industry.
SOURCE Desjardins Group
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Coalition, the leading cyber insurance and security company in the US, today announced it is expanding its offering to Canada-based companies, providing proactive cybersecurity products and services and best-in-class cyber and technology error & omissions insurance to help keep businesses safe. Coalition will offer up to CAD $20 million of comprehensive insurance coverage supported by the financial strength of Swiss Re (A.M. Best A+) to companies with up to CAD $1 billion in annual revenue. Through Coalition’s online platform, licensed insurance brokers are able to generate a quote in minutes and also provide their clients with access to Coalition’s proprietary cybersecurity tools and services that are designed to detect, mitigate, and contain threats at no additional cost.
Cyber threats know no boundaries — technology has introduced a range of new threats to businesses irrespective of their location that are not well covered by traditional insurers. Coalition’s global cybersecurity platform provides businesses the risk management support they need most, including help preventing incidents in the first place, and support during and after a crisis. With this expansion, Coalition is proud to advance its mission to solve cyber risktogether with Canadian businesses by not only helping to prevent cyber attacks, but helping businesses survive them when they occur.
“Cyber risk is a global problem in need of a global solution,” said Shawn Ram, Head of Insurance at Coalition. “The future of cyber security and insurance are integrated solutions to protect against cyber incidents across all asset types. We’re excited to make this future a reality across the Canadian market.”
Coalition’s approach to cyber insurance is rooted in risk management and mitigation, bringing together cyber security expertise with the safety of insurance to provide the first truly holistic approach to solve cyber risk:
- Risk mitigation: Coalition provides free cybersecurity tools to help businesses manage and mitigate cyber risk, and comprehensive cyber insurance to help them recover after an incident. Coalition’s comprehensive solution helps companies improve their cybersecurity, mitigate incidents when they occur, and help companies recover financially in the aftermath.
- Superior claims handling and incident response: all policyholders receive 24/7/365 access to Coalition’s in-house team of security and incident response experts. Together with hand-picked partner firms (including public relations, legal, and crisis management experts), Coalition stands ready to help organizations quickly recover from a cyber incident.
- Aligned incentives: Coalition is changing the paradigm in cybersecurity by aligning economic incentives with its customers. Unlike a traditional cybersecurity company, Coalition shares its customer’s incentives to prevent and mitigate losses.
“Coalition is more than just an insurance solution,” said Joshua Motta, CEO of Coalition. “Our expansion into Canada will give us greater visibility into cyber losses, and even more resources to combat cybercrime, on a global basis.”
For more information, visit coalitioninc.ca.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across all 10 provinces in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, and now Vancouver and Toronto.
ILSTVNews Canada’s Source For Insurance Professionals is taking this summer off.
For subscribers to the ILSTV Insurance Industry Newsletter, your daily dose of Canadian insurance news returns to your inbox on Tuesday, Sept 15th.
Our Weekly News and Social Media Coverage will continue on through the summer so I know if you haven’t already you’ll want to sign up for our weekly Canadian Insurance News to stay up-to-date while you enjoy your summer. :).
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AXA XL today announced Judy Faber will join as Vice President, Business Operations and Customer Management in Canada effective June 16, 2020. In this dual role, Ms. Faber will oversee the Canadian insurance operations of AXA XL as well as strengthen our customer management strategy in Canada. Ms. Faber will join AXA XL’s Canadian leadership team, reporting directly to Urs Uhlmann, CEO & Country Manager for AXA XL, Canada.
Ms. Faber’s responsibilities include establishing and executing an operations strategy for the business units in Canada while ensuring alignment with the broader priorities of AXA XL. She is responsible for streamlining underwriting and operations to ensure the team provides industry-leading service to our clients and brokers. In this role, Ms. Faber will work with and support the distribution function in Canada by effectively leading the execution of our customer management strategy and elevating AXA XL’s market reputation in the targeted segments.
“Judy’s knowledge of the Canadian large risk markets coupled with her background in claims, underwriting and customer management in the Risk Management space will further strengthen the ability for AXA XL, Canada to deliver quality service to our customers and improve operational efficiencies,” noted Mr. Uhlmann.
Ms. Faber joins from Zurich Canada where she spent several years in customer and client management, most recently serving as Head of Customer Management. Prior to Zurich, Ms. Faber spent nearly 20 years in loss adjustment and underwriting. Ms. Faber is a member of the Insurance Institute of Canada, Ontario Independent Adjusters Association (OIAA), Toastmasters of Toronto and the Insurance Bureau of Canada. She is the Chair for speaker series at the Women’s Innovative Network. She holds a Bachelor of Arts from the University of Toronto and is a Chartered Insurance Professional.
ABOUT AXA XL
AXA XL1, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.
ABOUT AXA XL1 INSURANCE
AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.
1AXA XL is a division of AXA Group providing products and services through three business groups: AXA XL Insurance, AXA XL Reinsurance, and AXA XL Risk Consulting.
Employee and broker-driven campaign, Choose Your Charity, supports communities in need
Economical Insurance is proud to announce that it will be granting donations to 13 community-based organizations in areas neighbouring Economical offices across the country, through an employee and broker-driven Choose Your Charity.
Normal life – along with significant portions of the Canadian economy – has been significantly disrupted due to the coronavirus pandemic and a shifting societal landscape. For many Canadians, the services provided by the not-for-profit sector and community-driven organizations have become more essential than ever. The impact of COVID-19 requires additional funds to assist with health care and mental health supports. The Choose Your Charity program may also provide assistance for organizations that are furthering anti-racism causes or unique needs that have resulted from the hardships of 2020.
“Our Choose Your Charity campaign is focused on supporting registered charities whose needs have increased or been neglected, and whose mandates have a positive community impact,” said David Bradfield, Vice-President, Marketing and Communication at Economical Insurance. “This campaign empowers our employees and our broker partners to nominate and advocate for the needs they believe are the most significant in their community.”
Employees and broker partners of Economical will be able to nominate and vote for charitable organizations from coast-to-coast between now and late June to determine which final charities will receive a combined donation of $200,000.
In response to the present and growing needs of surrounding communities, Economical Insurance has already taken action to pivot its corporate social responsibility (CSR) planning for 2020. Over the last few months, Economical has:
“As the COVID-19 pandemic continues, it’s crucial to acknowledge that the world is changing in other ways. Thousands of protesters have recently taken to the streets – and to social media – in a show of solidarity with the anti-black racism movement,” said Bradfield. “Choose Your Charity is intended to provide diverse support to assist any organization in need.”
The nomination period of Choose Your Charity is now open for the employees and broker-partners of Economical. As a proud supporter of Canadian charities and causes that directly protect the safety and security, youth and education, and health and wellness of Canadians — Economical remains focused on driving true change for Canadians through community funding.
Economical will announce the selected charities in the weeks to come.
About Economical Insurance
Economical Mutual Insurance Company (“Economical” or “Economical Insurance”, which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with approximately $2.6 billion in annualized gross written premiums, based on the quarter ending March 31, 2020, and over $5.8 billion in assets as at March 31, 2020. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers.
SOURCE Economical Insurance