TORONTO, Oct. 27, 2020 /CNW/ - Intact Financial
Corporation (TSX: IFC) announced today that its brands Intact
Insurance and belairdirect will no longer offer optional automobile
coverage in British Columbia. This
decision was taken after careful consideration given the upcoming
regulatory changes in the province that will reduce competition and
limit choices for consumers.
"We believe that consumers should have choice and flexibility
when it comes to their insurance," said Louis Gagnon, President, Canadian Operations,
Intact Financial Corporation. "We have been closely assessing the
optional automobile insurance market in British Columbia for some time and made the
decision to shift focus to our other lines of business and
providing enhanced services to consumers."
As Canada's leading home and
auto insurance provider, Intact is committed to maintaining a
strong presence in the province of British Columbia. Intact will continue to
provide personal property, commercial P&C, surety and specialty
insurance to individuals and businesses in British Columbia through its brands.
Intact develops products with changing consumer expectations in
mind and offers multiple ways in which customers can purchase
insurance – from advice-based support through brokers, to
simplified, online convenience through belairdirect.
Intact is committed to working with customers and brokers to
support them through this transition. Intact Insurance and
belairdirect will stop writing new business on December 1, 2020 and renewals on January 1, 2021.
To learn more, Intact Insurance customers can work directly with
their broker. For belairdirect customers, we encourage them to
visit belairdirect.com/bcauto.
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, Intact 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 Company, a
leading MGA, distributes public entity insurance programs including
risk and claims management services in Canada.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies. Products are
underwritten by the insurance company subsidiaries of Intact
Insurance Group USA, LLC.
SOURCE Intact Financial Corporation