TORONTO, June 29, 2016 /CNW/ - Intact Financial Corporation (TSX:IFC) applauds the Superintendent of Insurance of Alberta's approval of a new ridesharing insurance policy, and will be providing this coverage to Uber, effective July 1, 2016. The insurance policy, designed specifically for this new transportation alternative, will provide protection to Albertans who use ridesharing platforms with coverage that is simple and seamless. Today's announcement makes Alberta the first province to approve a ridesharing insurance policy that provides coverage to all drivers and passengers while participating in ridesharing in Canada. IFC and Uber continue to work with regulators in Ontario and Quebec to provide similar products in the coming months.
"This new ridesharing insurance structure is a key step to bring Uber back to Edmonton and support our efforts to serve Albertans across the province. We look forward to our ongoing work with regulators and partners to bring ridesharing to an always growing number of cities across the country," said Ian Black, General Manager for Uber Canada.
Every ridesharing driver operating on the Uber platform in Alberta will automatically be covered under this new ridesharing policy provided by Intact Insurance Company, a subsidiary of IFC, and purchased by Uber from the instant a ride is accepted until the passengers have exited the vehicle.
"With the growing popularity of ridesharing, we are excited to offer innovative insurance products to meet the evolving needs of consumers. This coverage structure also provides an opportunity for the insurance industry to develop personal lines coverage options for the period during which drivers are available to accept a ride but have yet to do so," said Karim Hirji, Senior Vice President, International & Ventures for Intact Financial Corporation.
IFC's two largest brands, Intact Insurance and belairdirect, Canada's digitally driven insurer, will provide Uber driver-partners with personal lines coverage when they are waiting for a ride request. Customers must call their agent or broker before participating to purchase this personal lines coverage.
Aon, the leading global provider of risk management and insurance solutions, worked with IFC and Uber to bring this to market. "Aon is committed to driving innovation across the sharing economy and is proud to partner with Uber Canada and IFC to provide a dynamic insurance solution that meets the changing needs of riders and drivers," said Craig Gilmour, Executive Vice President for Aon Risk Solutions in Toronto.
About Intact Financial Corporation
Intact Financial Corporation (intactfc.com) is the largest provider of property and casualty insurance in Canada with almost $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, Newfoundland and Labrador and Nova Scotia. 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.
About Uber Canada
Co-founded by Canadian entrepreneur Garrett Camp in 2009, Uber is evolving the way the world moves. Present in over 40 communities in Canada, Uber has revolutionized transportation and offers more than 20,000 Canadian driver-partners a new way to earn income in their spare time by offering an affordable transportation alternative to hundreds of thousands of riders across the country. For more information, visit uber.com.
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. For more information, visit aon.com.
Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to new insurance products, new legislation related to the sharing economy and related insurance product evolution and the timing of governmental and regulatory implementation. 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 those discussed in IFC'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, IFC does 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 IFC's most recently filed MD&A.
SOURCE Intact Financial Corporation
For further information:
Vice President, Investor Relations, Intact Financial Corporation
1 (416) 344-8004
Manager External Communications, Intact Financial Corporation
1 (416) 341-1464 ext. 48073
Jean-Christophe de Le Rue
Senior Communications Associate, Uber Canada
Vice President, Aon Risk Solutions
1 (416) 868-5724