NOTE: This news release contains reinsurance program details
TORONTO, May 6, 2016 /CNW/ - Intact Financial Corporation has activated its catastrophe response plan and has over 1,000 claims employees ready to help customers. Intact Insurance, belairdirect and Canadian Direct Insurance are also on the ground at four locations to assist customers affected by wildfires in Fort McMurray and surrounding areas with their claims.
"Our thoughts are with the residents of the Fort McMurray and surrounding areas during this difficult time. We have been there from the outset to support our displaced customers, and will be there to help restore their lives and rebuild the community in the near future," said Charles Brindamour, Chief Executive Officer, Intact Financial Corporation.
Customers who have been affected by the fire and need to start a claim can reach us at the emergency evacuation centres in Lac La Biche (Bold Centre) and Northland Expo in Edmonton, the Intact Service Centre in Calgary (2220 32 Avenue NE) and Intact Insurance's Edmonton office at 700-10830 Jasper Avenue.
Customers can also call us 24/7. For:
- Intact Insurance: 1 (866) 464-2424. Customers can also check www.intactassist.com for Intact Insurance's updates on the situation.
- belairdirect: 1 (877) 228-2656
- Canadian Direct Insurance: 1 (888) 261-8888
The Intact Foundation has also made a $100,000 donation to the Canadian Red Cross for relief efforts related to the Fort McMurray fires. The Intact Foundation will match employee donations through its employee matching gift program to any Canadian Registered Charity providing relief efforts, on top of the $100,000 donation to the Red Cross.
Intact Financial subsidiaries insure approximately 1,500 homeowners, 1,400 condos/tenants, and 350 commercial buildings in Fort McMurray. It is too early to estimate precisely the total damages that this catastrophe will ultimately cause. In light of changes in weather patterns over the past few years, we have adapted our reinsurance program to limit the net impact of single or repeated events of such magnitude. Of the first $200 million of insured damage in a single event, we retain $140 million and above that, it is more than 92% reinsured. Our reinsurance program globally has more capacity than our total estimated exposure in the Fort McMurray region.
"The situation in Fort McMurray continues to evolve. We are monitoring the situation closely and will continue to share information with our customers, brokers, employees and the community," added Charles Brindamour.
About the Intact Foundation
Since 2004, the Intact Foundation has contributed over $26 million in charitable funding to over 1,300 organizations nationally. The Intact Foundation, governed by employees of Intact Financial Corporation, Intact Insurance, and belairdirect, focuses its resources in two arenas – climate change adaptation and supporting at-risk youth.
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty insurance in Canada with close to $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, Nova Scotia and Newfoundland & Labrador. 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.
Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to the damages caused by the Fort McMurray wildfires, terms and operation of the Company's reinsurance program as well as the Company's potential exposure in Fort McMurray region. 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 our ability to precisely assess the Company's total exposure in the Fort McMurray region in light of on-going events and those discussed in the Company'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, we do 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 the Company's most recently filed MD&A.
SOURCE Intact Financial Corporation
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