Intact Financial Corporation (TSX: IFC) announced today that its brands Intact Insurance and belairdirect will no longer offer optional automobile coverage in British Columbia. This decision was taken after careful consideration given the upcoming regulatory changes in the province that will reduce competition and limit choices for consumers.
"We believe that consumers should have choice and flexibility when it comes to their insurance,” said Louis Gagnon, President, Canadian Operations, Intact Financial Corporation. “We have been closely assessing the optional automobile insurance market in British Columbia for some time and made the decision to shift focus to our other lines of business and providing enhanced services to consumers.”
As Canada’s leading home and auto insurance provider, Intact is committed to maintaining a strong presence in the province of British Columbia. Intact will continue to provide personal property, commercial P&C, surety and specialty insurance to individuals and businesses in British Columbia through its brands.
Intact develops products with changing consumer expectations in mind and offers multiple ways in which customers can purchase insurance – from advice-based support through brokers, to simplified, online convenience through belairdirect.
Intact is committed to working with customers and brokers to support them through this transition. Intact Insurance and belairdirect will stop writing new business on December 1, 2020 and renewals on January 1, 2021.
To learn more, Intact Insurance customers can work directly with their broker. For belairdirect customers, we encourage them to visit belairdirect.com/bcauto.