Archives mensuelles: April 2020
April 23 2020
P&C insurers and COVID-19 – Mixed impact of relief measures for businesses
On April 5, 2020, our president and CEO in Québec, Louis-Thomas Labbé, took position for the freeze of insurance premiums for the rest of 2020.
Highlights
- Many key players of the industry across Canada have acted upon to respond to the COVID-19 crisis. So far, most relief measures are aimed at helping individuals. Some measures are specifically targeted to businesses, with limited measures to freeze or reduce premiums.
- The most common measure displayed is an auto insurance premium reduction, ranging from 15% to 75%, depending on the situation. Other measures include flexible payment options or a case-by-case approach.
- Premium adjustments for businesses are often suggested, on a case-by-case basis.
- Some insurers have extended coverage to elements that are not usually covered under basic insurance contracts, for instance:
- Free temporary auto insurance coverage for using vehicles to make deliveries.
- Free of charge increase of amounts covered for property insurance.
What’s in it for you?
COVID-19 related relief measures are available on most P&C insurers’ website. Please consult the following pages to discover what’s in it for you.
Please note this list is non-exhaustive, and the measures displayed are evolving on an ongoing basis.
Allstate Insurance Company of Canada
- Auto insurance premium reductions
- Auto insurance premium reductions
- Waived NSF
- Personal auto insurance premium reductions
- Auto insurance premium reductions
- Auto insurance premium reductions
- Auto insurance premium reductions
- Refund of commercial vehicle insurance premiums
- Free temporary auto insurance coverage (deliveries)
- Temporary increase of insurance limit
- Auto insurance premium reductions
- Waived NSF
- Case-by-case premium adjustments for SMBs
Federated Insurance Company of Canada
- Policy change for parked vehicles
- Auto insurance premium reductions
- Personal liability and business property coverage up to $5,000 on all existing personal property policies
- Auto insurance premium reductions
- Personal auto insurance premium reductions
- Premium adjustments for SMBs
- Premium adjustments for change of use or storage of commercial vehicles
- Auto insurance premium reductions
- Auto insurance premium reductions
- Auto insurance premium reductions
- Waived NSF
…
April 05 2020
COVID-19 : What are P&C insurers currently doing to help?
“A premium freeze for 2020, why not?”
“Over the past 40 years of my career in the insurance industry, I have witnessed many situations resulting
in significant imbalances, both in terms of human lives and financial impacts. Yet, the COVID-19 crisis is
unprecedented given its global impact on human populations and the economic turmoil it has caused on
financial markets. Unfortunately, the consequences are far from over. We will feel a shock wave for many
years to come.
… Regrettably, most property and casualty insurers are simply not doing enough in the current situation.”
Louis-Thomas Labbé, MBA, FPAA, CRM
President and Chief Executive Officer
GPL assurance/Gallagher Québec
Click here to read the Opinion Letter in its entirety (PDF version)
