Promutuel Assurance Centre-Sud will pay a $5.2 million rebate to its members

BUSINESS. At its recent virtual annual meeting, Promutuel Insurance Centre-Sud, whose head office is based in Drummondville, presented to its insured members the results of the past year, highlighting, among other things, its financial solidity, its constant efforts to achieve the objectives of its strategic planning as well as its various strategies to mitigate the impacts of the frequency and severity of claims. In addition, a rebate of $5.2 million was announced.

In 2021, Promutuel Insurance Centre-Sud was able to reconcile growth and profitability, while continuing to offer a distinctive member experience and fulfill its social mission within the communities. Thanks to the undeniable contribution of its team and sustained actions to maintain its competitiveness, it ensures the future of its mutualist model, which allows it to be close to its insured members and to better meet their expectations.

Here are the highlights of 2021:

  • A premium volume of $64,877,000, which represents a growth of 4%;
  • An insurance result of $14,082,000;
  • 8% discount paid to policyholders, for a total of $5.2 million;
  • $495,000 paid in donations and sponsorships in the region;
  • A total of $24,085,000 paid to its member-insured victims of a loss, for a loss ratio of 38%, in a context where the year 2021 was marked by a mild winter as well as by the absence of natural disasters and a low number of major losses;
  • Winner of the 2021 Consumer Choice Award in the Insurance category – home and automobile – Sherbrooke.

“Standing out in a competitive market remains a constant priority and challenge. Dealing with climate threats, the economic context and issues related to the shortage of labor is just as important. It is with diligence and pride that we will use these profits to carry out promising projects, contribute to our growth and thus offer a unique and personalized member experience,” said Guylaine Romanesky, General Manager of Promutuel Insurance Centre-Sud.

It should also be noted that the Mutual Society is continuing, together with Groupe Promutuel, to review its underwriting standards, its pricing and its operational processes.

At a time when consolidation in the industry is accentuated, which phenomenon is combined with a surge in digital technology, the scarcity of auto parts and an increase in the cost of construction materials, it is adapting its methods to meet effectively to the changing needs of insured members.

“We are making courageous choices to ensure our profitable growth, while remaining faithful to our origins and our values ​​of solidarity. This is our vision for the future! We are also proactive in terms of prevention to give sound advice to our insured members and ensure that their property is adequately protected,” added Ms. Romanesky.

Rebate

In addition to participating in the vitality of a local business, the members of Promutuel Assurance Centre-Sud benefit from a rebate when the financial results allow it. Because the year 2021 was exceptional in several respects, each member will receive, over the next few months, an 8% rebate, calculated on the basis of the premium subscribed on December 31, 2021, whether in auto, home, agriculture or business. A total of $5.2 million in dividends will be paid to insured members. (LT)

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