Co-operators General Insurance Company estimates financial cost of Slave Lake wildfires
May 27, 2011
GUELPH, ON, May 27, 2011 /CNW/ - The Co-operators Emergency Response Team has been on location in northern Alberta, working to serve clients affected by the devastating wildfires in the region. Staff members from other locations are working in the area, mobile offices have been established, and crisis counsellors are available to support those coping with the tragedy. To date, more than 400 cheques amounting to more than $1.8 million have been issued to Co-operators clients to help meet their immediate financial needs.
"The impact of this tragedy is being felt by Canadians right across the country, and our thoughts are with the people of Slave Lake," said Kathy Bardswick, President and CEO of The Co-operators. "The stories of loss are heartbreaking, and we are looking forward to helping our clients pick up the pieces and get some stability and normalcy back into their lives."
To date, approximately 500 homeowners' insurance claims have been reported to Co-operators General Insurance Company. In addition, slightly more than 100 auto claims and approximately 50 commercial and farm claims have been reported.
Because of the restricted access to the area, a full assessment of the damage has not been possible. However, preliminary estimates indicate that the after-tax cost of the wildfires to Co-operators General Insurance Company, net of reinsurance, will likely amount to between $30 million and $35 million.
Any clients who have not yet been in contact are asked to call 1-888-NU-CLAIM, 24 hours a day.
About The Co-operators:
Co-operators General Insurance Company is a part of The Co-operators Group Limited (CGL), a Canadian-owned co-operative with more than $40 billion in assets under administration. Through its group of companies CGL offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. CGL is well known for its community involvement and its commitment to sustainability, and is ranked #2 among the 50 Best Corporate Citizens in Canada by Corporate Knights. It is also listed among the 50 Best Employers in Canada.
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