The result of the merger of Promutuel Insurance Montmagny-L’Islet and Promutuel Insurance Rive-Sud finalized on January 1, Promutuel Insurance Côte-Sud invited its insured members to its Annual Meeting, where it unveiled its excellent combined results for 2023. For the fiscal year ending December 31, 2023, the mutual company generated an insurance service result of $15.8 million, an outstanding achievement that demonstrates the engagement of its team and partners in achieving its ambitious goals.
“At Promutuel Insurance, we’re committed to creating value and insurance solutions that meet our insured members’ needs,” said Sylvain Fauchon, General Manager, Promutuel Insurance Côte-Sud. “In the face of strong competition in the damage insurance industry and a rise in major weather events, our team is proud of the robust results achieved at the end of 2023.”
Results highlights
- A premium volume of $104.5 million, for an increase of 9.6%.
- A total of $49.1 million in compensation paid to insured members, for a loss rate of 48.3%.
- An insurance service result of $15.8 million.
- Close to $300,000 in donations and sponsorships in our community.
“Guided by the mutualist principles that make us strong, our mutual company made sure every action and decision in 2023 was rooted in caring, solidarity, and cooperation. The completion of our merger project also demonstrates our organization’s boldness and proactivity in ensuring a promising future for our mutual company,” concluded Mr. Fauchon.
Giving back to insured members of Promutuel Insurance Côte-Sud
Promutuel Insurance Côte-Sud is proud of its excellent financial health, driven by the remarkable individual results of the two mutual companies combined. To mark this achievement, the mutual company will be offering a special rate* to its insured members in 2024 and 2025.
Despite an anticipated rate increase due to various factors, including inflation and the average cost of claims, the mutual company will limit the impact, reducing the expected increase by 6%. Details will be included in the documents sent to insured members when they renew their insurance policy or take out a new one.
This special pricing will come into effect in June 2024 for car and home insurance policies, and in September 2024 for business and farm insurance policies, for a period of one year.
Continued engagement in our community
The mutual company will also pay out $650,000 in community dividends within its territory. This amount, to be paid out over the coming year, will support projects that benefit our community.
*Some restrictions apply. Promutuel Insurance Côte-Sud reserves the right to make changes to this offer without prior notice.
For more information:
Sylvain Fauchon, Executive Director
418-887-6511, ext. 3100
[email protected]