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Desjardins to give $100M back to its Canadian auto insurance clients

MONTREAL , June 29, 2020 /CNW Telbec/ - Today, Desjardins's property & casualty insurance subsidiaries announced they would be issuing $100 million in premium refunds to their Canadian auto insurance clients. The refunds are for eligible personal and commercial insurance clients, who will receive a refund between 25 per cent and 40 per cent of the premium they pay for one month, depending on their market realities. The refund will apply to policies for eligible personal and commercial vehicles.

Desjardins Group Logo (CNW Group/Desjardins Group)

All told, 2.1 million clients will automatically receive the refund through their usual payment method, so they don't need to do anything.

More people are working from home than ever before. Combined with the extended lockdown, this means that travel has been limited and car accident risks have been reduced. Fewer accidents mean fewer claims to pay out, so Desjardins has decided to reflect this reality by issuing this refund to its clients.

"Even though we're beginning to reopen our provinces and cities, the pandemic will continue to affect our members and clients. We're proud to say that we're still here for them in these unprecedented times. Right now, we're able to give $100 million back to our auto insurance clients. This is just one of the many ways that Desjardins has helped its members and clients deal with COVID-19 since March 16 ," said Guy Cormier , President and CEO of Desjardins Group.

Today's announcement follows an initial refund of close to $50 million to auto insurance clients, bringing the total close to $150 million.

About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada and the sixth largest cooperative financial group in the world, with assets of $326 .9 billion. It has been rated one of Canada's Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada . Ranked among the world's strongest banks according to The Banker magazine, Desjardins has some of the highest capital ratios and credit ratings in the industry.

SOURCE Desjardins Group


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