Promutuel Insurance 2023 Annual General Meeting

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Tashi Farmilo

Promutuel Insurance held its Annual General Meeting to provide an overview of its operations over the past year and highlight its plans for the future. The company has been around 170 years and prides itself on its values of cooperation, mutual aid, and solidarity in contributing to the vitality of the community. The insurance industry is facing rapid changes that require adaptation, including the consolidation of major players, accentuation of climate change, labor shortage, and uncertainty caused by socio-economic context.

Despite this, Promutuel is optimistic and sees these challenges as opportunities to improve and strengthen its position in certain markets while promoting its mutualist values in the community. The company has made every effort to ensure the advancement of its business plan and achieve the objectives set out in its 2020-2023 strategic plan, optimizing operational performance, reviewing underwriting standards, and adjusting pricing to ensure the financial health of the company and protect members’ assets.

Promutuel Assurance stands out in agricultural insurance in Quebec, thanks to working closely with customers. The company is proud of the results achieved in 2022, and in reducing the frequency and severity of claims and the decisions made over the past few years. This confirms that the organization is still relevant and allows it to be there for its customers.

Despite the competition in the property and casualty insurance industry, Promutuel Insurance’s premium volume continued to grow by 4% over 2021, thanks to an excellent customer retention rate and the provision of distinctive service to members. However, the increasing number of weather events is creating hardships for members; the windstorm of May 22 greatly affected the region and resulted in significant losses. The company recorded a total of $35,728,000 in claims to its policyholders, bringing its loss ratio to 66%, compared to 46% in 2021.

The company’s proximity to customers, combined with its knowledge of the territory and the needs of its inhabitants, give it unparalleled expertise and ensures personalized services. They are constantly reinventing themselves to better serve its customers, amidst the modernization of the agricultural industry, the scarcity of manpower, and the challenges of compensation.

They are looking ahead and taking important steps to ensure the profitable growth of the organization and pursue its development in a turbulent market. The company will continue to focus on providing a unique member experience to meet the needs of its members.