Promutuel records strong financial results

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Promutuel board members.

Aidan Belanger

OUTAOUAIS – In operation since 1852, Promutuel Insurance has several offices in the area, including Shawville, Fort-Coulonge, Masham, Gracefield, Gatineau, Masson-Angers, and St-André-Avellin, building their reputation for trustworthiness over the course of nearly 170 years. With a huge network of mutual associations and boasting around 100 service outlets across Quebec, Promutuel is focused on saving customers money and giving them peace of mind through free coverage, multiple vehicle discounts, student discounts and much more.

Their annual general meeting took place on March 26 and focused on what’s to come for Promutuel Insurance. The current board includes President Denis Larivière, Vice-President François Chartier, Gary Thompson, Francine Dutrisac, Jonathan Robert, Ron Hodgins, Eric Joanisse and Hélène Boulet. Board member Chris Judd left at the end of 2021. In regards to the year ahead, director general Eric Hayes told the Journal “We are targeting a 5.1% growth in business volume while maintaining a loss ratio below 60%. We are also working to maintain our profitability while limiting our operating costs.”

In recent years they’ve also seen far less damage to homes and vehicles. In regards to auto insurance, the pandemic caused an unfortunate parts shortage, increasing repair costs and wait times. It was difficult for Promutuel to provide rental cars for their insured members, but they were able to send damaged vehicles to get repaired at body shops that are part of their network. At the end of last year, their premium volume was $53,381,000, up 1% from 2020.

They recorded a total of $24,478,000 in compensation to insured members who suffered losses, holding their loss ratio steady at 46%. In the annual financial report, it states “Promutuel ended 2021 with strong financial results, thanks in large part to the strategies and actions implemented in recent years to mitigate impacts of the frequency and severity of claims.”

Promutuel’s history of mutual aid and cooperation continues to guide what they do, as their local presence has become more important than ever, due to the pandemic and the impact it has had on everyone’s daily lives. Promutuel gives back to their communities through donations and sponsorships.