Co-operators General Insurance Company estimates financial cost of Fort McMurray wildfire
May 20, 2016
GUELPH, ON, May 20, 2016 /CNW/ - To date, more than 4,300 claims have been reported to Co-operators General Insurance Company (Co-operators General) by clients affected by the wildfire in the Fort McMurray area. The Co-operators Emergency Response Team has been supporting clients, including on the ground in emergency evacuation centres and temporary office locations in the area.
"This has been a devastating time for the community and residents are looking forward to returning home and starting to rebuild their lives and their community," said Kathy Bardswick, president and CEO of The Co-operators. "While the return home will mark the start of a new phase for the community, it will also be a challenging time for residents and businesses – and we will be there to help our clients through it."
To date, 4,376 claims have been reported to Co-operators General and its subsidiaries, including property, auto, commercial and farm insurance claims. While access to the area remains restricted, the company's preliminary estimate indicates that the after-tax cost of the wildfires to Co-operators General Insurance Company consolidated, net of reinsurance and inclusive of reinstatement premiums, will likely amount to between $70 million to $90 million.
To report claims or ask questions, clients are invited to call the numbers below:
Co-operators General: 1-877-682-5246
HB Group: 1-800-387-1963
Sovereign General: 1-800-410-0354
About Co-operators General Insurance Company:
With assets of more than $5.2 billion, Co-operators General is a leading Canadian multi-product insurance company. Co-operators General is part of The Co-operators Group Limited, a Canadian co-operative. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, wealth management as well as investment management products. The Co-operators is well known for its community involvement and its commitment to sustainability, and is listed among the 50 Best Employers in Canada. Co-operators General Class E, Series C Preference Shares trade under ticker symbol CCS.PR.C on the Toronto Stock Exchange (TSX). Further information can be found at www.cooperators.ca.
Caution Regarding Forward-Looking Statements
This document may contain forward-looking statements and forward-looking information, including statements regarding the operations, financial situation and performance of Co-operators General including statements about the impact of the Fort McMurray wildfires. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "plan", "would", "should", "could", "trend", "predict", "likely", "potential" or "continue" or the negative thereof and similar variations. These statements are not guarantees of future performance and involve known and unknown risk, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Although we believe that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Consequently, we make no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements and information. For further information, refer to our First Quarter 2016 MD&A or our 2015 Annual Report.
SOURCE The Co-operators
For further information: Leonard Sharman, The Co-operators, 519-767-3937