TORONTO - One of Canada's largest auto insurance providers is working to tailor products for the Uber ridesharing service.
Intact Financial Corp. (
TSX: IFC,
Forum) says its intention is to market the products under the Intact and Belairdirect brands. The company is Canada's largest provider of property and casualty insurance, collecting $7.5 billion in premiums annually through its various subsidiaries.
It says more details of the the Uber products will be provided as the products become available.
Uber offers an alternative to conventional taxi services, causing controversy and sometimes friction in communities where it operates.
Although Uber has said its insurance policies are adequate, coverage for Uber drivers has been a contentious issue.
In July, the Insurance Bureau of Canada said drivers who work for Uber should verify their vehicles are insured for commercial use. It said some policies provide coverage for only personal automobile use and insurers could reject a claim if the vehicle is used to generate income.
The industry group, which counts Intact as a member, issued that recommendation after the Alberta government concluded that Uber's insurance policies didn't meet that province's requirements.
Uber Canada says every ride arranged with the UberX platform - which connects drivers with riders - is backed by $5 million of commercial auto insurance, which covers both bodily injuries and property damage stemming from a crash.