Last week, ICMIF member The Co-operators (Canada) highlighted significant challenges and opportunities presented by increasing environmental, social and economic issues and trends with the release of its 2018 Integrated Annual Report. The report was launched as representatives of the cooperative's 45 member organisations gathered from across the country in Toronto for its Annual General Meeting (AGM).
In The Co-operators 2018 Integrated Annual report, the insurance and financial services cooperative presents a comprehensive overview of its financial, governance and sustainability progress and performance alongside key world issues and trends. It outlines significant financial challenges stemming from impacts of climate-related risk and an unfavourable investment market, while underscoring the organisation's achievements in terms of leading the industry in client growth and engagement, investing in community well-being, and innovating its products and services to meet unmet needs in a world of change.
"While 2018 proved to be a challenging financial year, we're confident in the strength of our capital position, our operations, and our strategy to address the accelerating claims trends affecting the industry," said Robert Wesseling, President and CEO of The Co-operators. "Guided by our purpose to provide financial security to Canadians, we remain focused on designing solutions that meet our clients' needs, while creating more resilient, sustainable communities."
Highlights from The Co-operators 2018 Integrated Annual Report:
- Comprehensive Water was made nationally available as Canada's first and only insurance product to cover damage from storm surge and households at highest flood risk.
- Over CAD 2 billion in claims and benefits were paid to clients in 2018, with over CAD 179 million paid in claims due to major events from severe weather.
- CAD 1.2 billion was invested in impact investments that measurably address pressing environmental and social challenges, representing 13.1 per cent of the organisation's total invested assets.
- CAD 8.85 million was contributed to non-profits, cooperatives and charities throughout Canada, representing 4.3 per cent of the organisation's pre-tax profit.
- A set of Enterprise Long-term 2030 Goals were developed in alignment with the United Nations 2030 Sustainable Development Goals.
"It speaks to our cooperative identity and focus on the long-term view that we have been able to navigate challenges without sacrificing our commitment to innovate and meet the unique needs of the people we serve -- from our members and clients to our advisors and employees, in communities from coast to coast," said John Harvie, Chairperson of the Board of Directors.
To view the report and learn more about The Co-operators governance, sustainability and financial performance, visit http://integratedreport.cooperators.ca/en/.