Intact Provides $50 Million to Small Business Customers Most Impacted by COVID-19

 The Intact Small Business Relief Program enhances the ongoing support available

TORONTO, Oct. 30, 2020 /CNW/ - Intact Financial Corporation (TSX: IFC) is providing $50 million of immediate relief to more than 100,000 of its small business customers through its Small Business Relief Program. This is in addition to over $350 million of relief that has helped more than one million personal and business customers across the country as at the end of Q2-2020.

Intact carefully considered the types of small businesses most affected by mandated shutdowns and public health restrictions due to the second wave of the COVID-19 pandemic and will be sending these Intact small business customers a cheque equivalent to 20% of their annual premium.

"Intact is committed to helping its small business customers weather this crisis," said Louis Gagnon, President, Canadian Operations, Intact Financial Corporation. "This is why we are directing $50 million in targeted relief to the most vulnerable small businesses whose owners' livelihoods depend on their doors staying open. We continue to work with brokers and our small business customers, one-on-one, to find solutions to help them through this tough period. Our message is clear: we are here to help."

Intact recognizes that COVID-19 has impacted every business differently. The Intact Small Business Relief Program is in addition to the ongoing support available since March. Even if customers have not yet reached out, with one call to their broker, impacted Intact business customers can access support now – even before their policy comes up for renewal. 

Small and medium-sized business customers who have closed due to mandated shutdowns or have been severely impacted by reduced payrolls or revenues can contact their broker to request immediate payment flexibility options and premium adjustments.

"The unique situation businesses face is an industry-wide challenge and one that requires a cross-industry solution," added Louis Gagnon. "We want to ensure more small businesses are equipped to overcome the challenges of this global pandemic. Intact is committed to working with the Insurance Bureau of Canada on a cross-industry effort to ensure small businesses across Canada can access insurance products during the pandemic."

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over CAD$11 billion in total annual premiums. The Company has approximately 16,000 employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.

In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Frank Cowan Company, a leading MGA, distributes public entity insurance programs including risk and claims management services in Canada.

In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies. Products are underwritten by the insurance company subsidiaries of Intact Insurance Group USA, LLC.

SOURCE Intact Financial Corporation