Promutuel insurance reports growth and resilience at 2023 Annual General Meeting
Promutuel Insurance held its 2023 Annual General Meeting to provide an overview of its operations over the past year and highlight its plans for the future. The mutual company has been in existence for 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 these challenges, Promutuel Insurance is optimistic and sees these as opportunities to improve and strengthen its position in certain markets while promoting its mutualist values in the community. Promutuel Insurance has taken initiatives to meet all insurance needs and allow it to shine in the future. 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 mutual and protect members' assets.
Promutuel Assurance stands out in agricultural insurance in Quebec, thanks to the mutual aid and mutuality that characterize its relationship with customers. The mutual company is proud of the results achieved in 2022, which are a testament to the hard work of the entire team in reducing the frequency and severity of claims and the soundness of the decisions made over the past few years to shape the future of the company. The performance confirms that the mutualist model of the organization is still relevant and allows it to be there for its customers when they need it.
Despite the strong 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 ongoing efforts to provide distinctive service to members. However, the ever-increasing number of extreme weather events is creating difficult conditions for insured members.
One significant weather event, the windstorm of May 22, greatly affected the region and resulted in significant losses for the mutual society. The company recorded a total of $35,728,000 in claims to its member-policyholders who suffered a loss, bringing its loss ratio to 66%, compared to 46% in 2021.