Coronavirus disease (COVID-19): Supporting our policyholders and brokers

Wawanesa’s COVID-19 Policyholder Relief Measures approach $40M

As a Canadian Mutual born out of the adversity of the late 1800s, we recognize that it is in times like these that Canadians need us the most. Our history, like that of our country, has been one of working together in good times and bad.

Being a mutual means your premium dollars are pooled with other policyholders in Canada to pay for the claims made by you and them, when you need the financial protection in your insurance policy. Last year we paid out in claims and expenses $1.06 for every dollar of premium you paid us; that means we paid out more than we received. We are a Mutual. We do not have shareholders; we are here to serve our policyholders.

Recognizing that our policyholders are in need of reducing their household costs, we have worked closely with your insurance brokers to implement options to save our policyholders approximately $40 million during the crisis. 

Your insurance broker can walk you through the many options we have put in place to help you save money during this time. We will continue to communicate with your broker and on our website as more options become available. The following options are available to help you save you money today.

Policyholders who need premium relief

If you are scheduled to pay your premium in full at renewal and need more flexible payment terms, or if you’re having financial difficulty and are unable to pay your insurance premium, please contact your insurance broker. There are many ways we are working with your can help you, including the deferral of premiums, to retain your insurance protection during the crisis.

Changing vehicle use

If your personal vehicle is no longer being used, we encourage you to contact your insurance broker to discuss options to save money on your automobile coverage. Reducing coverage can generate up to 75% or $80 in savings each month for every vehicle.

If you are not currently using your vehicle  for business or commuting to work, but are continue to use it for groceries or medical appointments, we encourage you to call your broker to update your coverage to reflect your reduced vehicle usage to help you save money each month. If you are working from home, self-quarantining or following social distancing guidelines, this will allow you to only cover what you need.

We also have options for policyholders with commercial vehicles whose businesses may have slowed down. In these times of crisis, commercial policyholders can remove certain driving coverages and pay less for their business insurance.

A number of our commercial policyholders are responding to new or developing business opportunities in the COVID-19 environment. Please contact your broker to allow us to update your insurance policy to reflect this change.

Coverage allowances

If you have a claim underway and been unable to have your car or home repaired due to vendor closures or parts and materials unavailability, we will work with you directly to explore options to extend car rental and additional living expense coverage until your property is fully repaired and usable.

If you’re working remotely as a result of the COVID-19 outbreak, your personal insurance policy can provide up to $5,000 in coverage for business property on your premises. If you are working from home and have your employer’s property with you, it may be insured up to $5,000 if something happens to it in your home and it is not insured elsewhere.

Reduction in business revenues

If you have business insurance with us, and your revenues are down because of the COVID-19 crisis, please contact your broker to help you update your policy. We will be re-calculating your premiums to reflect the change to help you pay less for your coverage during the crisis.

Commercial businesses that have closed temporarily

If your business operations have been temporarily halted due to the COVID-19 pandemic, we will not consider your commercial buildings as vacant or unoccupied for coverage purposes during the crisis. If you’re unable to access your seasonal or secondary homes and are restricting your movements due to the pandemic, we are waiving the attendance requirements until the crisis has ended.

Supporting our communities

Supporting our communities is one of our defining values. Our Caring Together campaign provides financial support to those affected by COVID-19 across Canada and the US. With this campaign, we have increased our 2020 financial commitment to communities by over 40%.

Supporting our communities

Learn more about our Caring Together initiative, a $1.8 million financial commitment we’re making to communities in need.