Travelers Canada rolls out new property insurance product

Travelers Canada rolls out new property insurance product | Insurance Business Canada

Property

Travelers Canada rolls out new property insurance product

Offering available in Ontario and Western Canada

Property

By
Terry Gangcuangco

Travelers Canada has launched OPTIMA Home, a property insurance product designed to offer flexible coverage options for homeowners, tenants, condominium, and landlord policies in Ontario and Western Canada.

The new product is available through an intuitive platform that allows brokers to efficiently quote, issue, and adjust cover.

Bob Aaron, vice president of personal insurance at Travelers Canada, noted: “We created OPTIMA Home with the needs of our customers and brokers in mind.

Key features of OPTIMA Home include scalability, allowing adjustments to standard coverage limits to better align with specific needs; specialty and supplemental coverages, offering additional packages or add-ons for risks such as debris removal, earthquake, and floodwater; new discounts, rewarding customers for their timely premium payments or their use of environmentally friendly protective devices; and simplified documents, providing clear documentation and eligibility guidelines.

Currently, OPTIMA Home is available in Ontario and Western Canada, with plans to expand to Atlantic Canada soon.

The product launch comes on the heels of the release of the quarterly financial results of Travelers Canada’s parent firm.

The wider business bounced back in the second quarter from a US$14 million net loss last year to a US$534 million net income this time around.

“We are pleased to have generated a strong bottom line result in a quarter that included a record level of severe convective storms across the United States,” Travelers chair and chief executive Alan Schnitzer said when the company’s earnings report was published.

“Core income of US$585 million, or US$2.51 per diluted share, benefited from excellent underlying results, favourable net prior year reserve development, and higher investment income.”

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