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Gore Mutual Insurance Company has offered Canadians a stable, long‐term solution for their insurance needs since 1839. No surprise then that the company's motto is "Insurance that does good."
The company provides personal and commercial insurance through their Cambridge, Ontario and Vancouver, British Columbia offices.
Gore is a mutual insurance company. It means policyholders own the company, and profits and premiums are either retained by the company or distributed to members through reductions in premiums or dividends.
Gore doesn't have dedicated insurance agents. Instead, its products are available from insurance brokers.
Gore is a fairly small Canadian insurer. As of mid-2022, it had approximately 500 employees (compared with Intact Insurance, which has roughly 15,000 employees). It has ambitions of becoming a nationally recognizable brand, though. In 2022, it embarked on a phased brand refresh and opened a downtown Toronto office.
It also announced that it had significantly enhanced its technology and products, with more changes to come. The company intends to offer insurance products Canada-wide and become one of the top 10 insurers by 2030.
Gore Mutual has a formal Social Impact Strategy. It has pledged to support three of the 17 United Nations (UN) Sustainable Development Goals: to eliminate poverty, reduce inequality, and take action against climate change.
The Gore Mutual Foundation, established in 1998, is a private charity that provides grants to community programs that align with the foundation's goals and have a measurable impact on the neighbourhoods they serve. The foundation has donated more than $12 million over the past 20 years.
Gore Mutual operates in both B.C. and Ontario but only provides car insurance to drivers in the latter province. According to the Financial Services Regulatory Authority of Ontario (FSRA), the provincial car insurance regulator, Gore Mutual's sales represented 1.64% of the total insurance market in 2021. In 2020 and 2019, its business activities constituted 1.4% of the Ontario insurance market.
One of FSRA's primary functions is to regulate rate changes. Car insurance companies in Ontario must request permission from FSRA to change the rates they charge customers and provide a rationale for it.
Below are some recent rate changes FSRA granted for Gore Mutual (for the full list, visit FSRA's website):
Read on to learn more about what Gore Mutual auto insurance can offer you. Use our online tool to compare Gore Mutual auto insurance quotes and quotes from 50+ Canadian car insurance providers.
Right now, Gore Mutual only provides personal car insurance to Ontario drivers.
To Ontario customers, it offers standard auto insurance with the option of additional insurance products on top to enhance coverage.
Standard auto insurance policy from Gore includes:
Optional coverages that are available from Gore Mutual include:
Gore Mutual also offers discounts to customers who purchase home and auto insurance.
Gore Mutual's promise to customers who need to file a claim is that you'll only have to deal with a single point of contact from beginning to end of the claims process. Your claims agent will provide regular updates, so you're never left wondering about the status of your claim. You can use your auto repair shop or go through Gore's ClaimCare Network, which comes with a workmanship guarantee. Claims agents can be reached 24/7.
Need to contact Gore Mutual Insurance with general inquiries about their company or insurance products? Gore Mutual offers a number of ways to get in touch. Reach out to the appropriate contact through one of the following ways:
Head office
252 Dundas St PO Box 70
Cambridge, ON, N1R 5T3
Toll free: 1-844-974-GORE (4673)
Local: 519-623-1910
http://www.goremutual.ca/
Toronto
320 Bay St, ON M5H 4A6,
Vancouver
505 Burrard St, BC V7X 1M6.
Claims
You can contact your broker or contact Gore Mutual directly at 1-844-974-GORE(4673)
Gore Mutual pledges to start the claims process the same day, even during extreme weather events, so expect to hear from a claims agent the same day. Gore Mutual also promises that policyholders will not be routed through a call centre. Instead, policyholders will be assigned a claim handler that will be dedicated to the case until the claim is settled.
Yes, Gore Mutual is a Canadian company. It was founded nearly 200 years ago (which means it predates Confederation) in Brantford, On., and was one of Canada's first property and casualty insurance companies.
It provides auto, home, tenant, and commercial insurance to individuals and businesses in Ontario and B.C. (auto insurance coverage is only available in Ontario).
In 2022, the company stated its mission is to expand across Canada and become one of the top 10 insurers by 2030.
No, Gore Mutual is not a publicly traded company. It is a mutual insurance company, meaning it is owned by policyholders rather than shareholders.
Gore Mutual has not publicly disclosed how many customers it has.
In Ontario, Gore Mutual captures about 1.6% of the insurance market, according to the Financial Services Regulation Authority of Ontario (FSRA).
As of 2021, Gore Mutual had roughly $50 million in gross written premiums (GWP). This metric represents the total amount it receives in premiums from policyholders before deductions.
It reported a combined operating ratio of 92% in 2021. This ratio compares claims and costs to premiums and indicates whether an insurance company is profitable. If the ratio exceeds 100%, the insurance company isn't profitable.
Gore Mutual has $1.1 billion in assets.
In 2021, Gore Mutual had about 500 employees, and in 2019, it announced plans to expand its workforce by 25%.
A mutual insurance company is owned by policyholders rather than shareholders. In fact, you're not just a policyholder, you're also considered a "member" of the company.
Profits are either held by the company or redistributed amongst members in the form of dividends or discounted premiums.
The process of transforming a mutual company into a public one is called demutualization.
Demutualization usually occurs when a company is looking to raise money from investors.
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