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Summer travel spending is on the rise for 2024: Deloitte 0

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Summer travel spending is on the rise for 2024: Deloitte

According to Deloitte Canada’s first Summer Travel Outlook, 77 per cent of Canadians will spend more compared to last year New York, NY (May 30, 2024) – Sky-high costs and ongoing economic pressures are not dampening the mood this summer season. According to the 2024 summer travel outlook: Canadian destinations in the spotlight, Canadians are eagerly making travel plans and are ready to get away and make up for missed travel time. Overall, consumers plan to spend an average of $2,405 on transportation and lodging costs for their major summer trip, with three in four (74%) planning to stay in the country and experience the very best it has to offer. “The evolving landscape of summer and leisure travel presents significant growth opportunities to the travel and hospitality industry stakeholders as they prepare for the increasing demand in Canadian tourism, keeping in mind that travellers will still be price-sensitive,” says Leslie Peterson, National Transportation, Hospitality, and Services industry leader at Deloitte Canada. “Despite an unpredictable economic climate, Canadians still value their travel plans for the upcoming summer season and are more eager than ever to make the most of their time off. From lakeside getaways to big city escapes, Canadians...

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Aon/NFP’s Lenox Advisors Acquires Maryland Benefits Firm Serving Medical Pros

Article 0 Comments Lenox Advisors, Inc., an affiliate of NFP, an Aon company, reports it has acquired Martin/Wight & Co., a Maryland-based insurance and financial services firm that specializes in serving medical professionals. Founders Brian Martin and Ted Wight will join Lenox as partners. Based in the Baltimore area, M&W primarily serves physicians, dentists, and medical centers, providing executive benefits as well as wealth management, financial planning, disability insurance, voluntary benefits, ancillary benefits, individual and group life insurance, and long-term care. Aon Completes $13B Acquisition of Middle-Market Broker NFP New York-based Lenox Advisors is a wholly owned subsidiary of NFP Corp., a financial services holding company. Lenox offers securities and investment advisory services. NFP was acquired by global insurance broker Aon for $13 billion in April. Earlier this month, NFP acquired HELPGB, a human resources and health and safety consulting business in England. Topics Mergers & Acquisitions Maryland Aon Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Mergers? Get...

Simplifying Risk Analysis with VIN Data 0

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Simplifying Risk Analysis with VIN Data

By Jim Vecchio, Head of VIN Products, Autodata Division, J.D. Power — The insurance industry needs dynamic auto pricing symbols. At the 2024 Casualty Actuarial Society’s (CAS) Ratemaking, Product & Modeling (RPM) seminar last month, I had the opportunity to join Martin Ellingsworth from Salt Creek Analytics and Liam McGrath and Clayton Spinner from WTW for a panel discussion around how insurance carriers can simplify their risk analysis using VIN-specific, as-built data. VIN level data has been used in ratemaking for decades. As vehicles get less homogeneous at the make and model level, there is more opportunity to add precision to rating not just using the first 8 digits of the VIN, but the entire 17-digit VIN. Our session dove into the ways auto insurers look at vehicle data and confronted some of the challenges associated with using a one-size-fits-all approach. We also explored examples using insurance loss data to show how using changes in used car prices can enhance pricing algorithms.For those who were unable to catch our panel, below is a recap of our discussion. Martin cautioned insurers to be ready to explain why the same base rate increases were being applied across the board despite every car...

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Irish Court Case on Russia Jet Insurance Claims to Begin on June 11

Article 0 Comments Ireland’s High Court is to begin hearing a dispute around insurance claims for aircraft stuck in Russia on June 11, a week later than scheduled, after parties in the case asked for additional time to prepare, a court spokesman said on Thursday. Lessors are suing dozens of insurers around the world for billions of dollars after more than 400 planes were unable to leave Russia due to Western sanctions in response to Moscow’s invasion of Ukraine that forced the termination of their leases. The world’s number two and three lessors, SMBC and Avolon, as well as BOC Aviation, CDB Aviation, Nordic Aviation Capital and Carlyle Aviation Partners are pursuing their claims in Ireland, where more than 60% of the world’s leased aircraft are owned or managed. The world’s biggest aircraft lessor, Irish-based AerCap, is pursuing its insurance claims through London’s High Court. The Irish case is to be held at a special venue as no court in Ireland is large enough to accommodate the 180 lawyers involved, Justice Denis McDonald told a hearing last year. The case had been due to begin on June 4. (Reporting by Conor Humphries; editing by Kirsten Donovan) Related: Topics Claims Russia...

8 Generational Differences in Americans’ Retirement Planning Worries 0

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8 Generational Differences in Americans’ Retirement Planning Worries

Start Slideshow Following the COVID-19 pandemic, workers’ attitudes may have permanently shifted regarding work-life flexibility, part-time or gig work, and shared caregiving responsibilities, according to a new survey report supplement published by Goldman Sachs. Similarly, the survey results suggest that Americans’ stated concerns about their current financial lives and their prospects for preparing adequately for retirement have also evolved, and there are clear differences across the generations with their biggest perceived hurdles to achieving financial security now and in the future. The new crop of data offers additional insights drawn from Goldman Sachs’ annual Retirement Survey & Insights Report, which focused this year on the concept of the “financial vortex” and the way that countervailing personal and economic challenges can leave even affluent Americans struggling to make ends meet. Specifically, the supplement evaluates the distinct retirement planning challenges faced by baby boomers, Generation X, millennials and Gen Z. By appreciating the needs of each generation, the authors argue, key stakeholders can better see the macro changes happening across Social Security, longevity, caregiving, education costs and general views on retirement that are affecting how people save and prepare. Ultimately, the authors conclude, the financial vortex necessitates that retirement savers create a...

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Man Accused of Starting Wildfire Near Arizona-California Border

Article 0 Comments A Yuma man has been arrested for allegedly starting a wildfire in a national wildlife preserve in southwest Arizona near the California border, according to authorities. Yuma County Sheriff’s officials said 47-year-old Jason Bradley Martin remains jailed on suspicion of arson, criminal damage and other charges. The wildfire was reported around 2 p.m. Saturday in the Imperial National Wildlife Refuge, which was established in 1941 to protect 30 miles (of mostly wetland habitat along the Lower Colorado River. Authorities said the blaze was 20% contained after burning nearly 2 square miles of vegetation along the Arizona side of the Colorado River in Yuma County. Multiple agencies, including the U.S. Fish and Wildlife Service and federal Bureau of Land Management, responded to the scene to assist firefighting crews. Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Topics California Catastrophe Natural Disasters Wildfire Arizona Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may...

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The Perils of Self-Funding Long-Term Care

What You Need to Know Some clients have the self-discipline to lock cash away in ordinary investments. The portfolio could crash at the worst time. The need for care could come earlier than expected. Should my client Bob self-fund the long-term care risk or select a hybrid long-term care policy? He’s 67 and does have some health issues. Since he’s an engineer and an accountant, and he’s pursuing his doctorate in AI, I definitely expected insightful questions from him. Sure enough, Bob sent this thought-provoking email: “Using the $6,500 benefit for four years and assuming the guaranteed rate, my maximum benefit is $563,053. If I invest the one-time premium at 5.59% for 20 years in a high-grade bond, I can get the same amount.” My Initial Thoughts As long-term care advisors, we know that in a perfect world — with an accurate crystal ball to predict the future — it would be great if a client could predict when they will need care. Unfortunately, we cannot depend on that happening. The way I see it, the “self-funding” strategy is susceptible to three big risks: A lower-than-expected rate of return. Higher-than-expected tax rates at claim time. The inability to attain the...

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Suit by Estate of Dancer Who Died From Peanut Allergy Blames Mislabeled Cookie

Article 0 Comments WATERBURY, Conn. (AP) — The estate of a young dancer who died after eating a mislabeled cookie containing peanuts has filed a wrongful death lawsuit, claiming the failure to properly label the package was grossly negligent. Órla Ruth Baxendale, 25, died Jan. 11 after eating a Florentine cookie sold by grocery retailer Stew Leonard’s and suffering an anaphylactic reaction, according to the lawsuit. Baxendale, who had a severe peanut allergy, had moved to New York City from England to pursue a career as a dancer and was in “the prime of her life,” according to the lawsuit filed last Thursday in Superior Court in Waterbury. The batch of holiday cookies sold at Stew Leonard’s stores in Danbury and Newington in Connecticut late last year were later recalled. The cookies were produced by the Long Island-based wholesaler Cookies United and labeled with the Stew Leonard’s brand name, state officials said. Both companies are named in the lawsuit, along with several Stew Leonard’s employees. Failure to properly label the cookie package prior to sale “was grossly negligent, intentional, reckless, callous, indifferent to human life, and a wanton violation as the manufacturer and seller were required under the law to...

GMS chooses CoverGo as its new core health insurance platform to enable digital transformation 0

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GMS chooses CoverGo as its new core health insurance platform to enable digital transformation

Regina, SK (May 27, 2024) – Group Medical Services (GMS), a leading health insurance company in Canada, and CoverGo, a leading global no-code insurance SaaS platform for health, life, and P&C, are joining forces to digitize GMS’s entire health insurance ecosystem. GMS adopts CoverGo as its end-to-end modular core insurance platform for employee benefits providing comprehensive health, dental, and life coverage, as well as for individual health and travel insurance across Canada. Leveraging CoverGo’s patented no-code product builder and advanced policy and claims management capabilities, GMS is able to launch customized products at record speed, increase sales through digital distribution, lower operating costs, and provide a better customer experience. Mark MacLeod, President and CEO of GMS said, “We are excited to partner with CoverGo to accelerate our digital transformation, futureproof our business, and provide an exceptional experience for our customers. CoverGo’s innovative platform coupled with health insurance expertise of the team has made our collaboration with CoverGo efficient and smooth since 2023.” Tomas Holub, Founder & CEO of CoverGo said, “We are delighted to assist GMS on their journey towards digital transformation. GMS has shown a clear commitment to digitize and streamline their health insurance ecosystem in an efficient and...

CSIO Welcomes New Insurance Provider Allianz Global Assistance 0

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CSIO Welcomes New Insurance Provider Allianz Global Assistance

Toronto, ON (May 27, 2024) – CSIO is pleased to welcome leading travel insurance provider Allianz Global Assistance (Allianz) as a new insurer member. Allianz provides its customers and partners with value-added travel insurance and assistance services, including licensed consumer sales, 24/7 emergency assistance, medical case management, claims adjudication, and medical provider network management. Allianz will be using the CSIOnet platform to quickly deliver electronic documents (eDocs) and messages to its broker partners across Canada. This will enable brokers to receive Allianz policy documents and information directly in their Broker Management Systems. CSIOnet is an established, widely adopted platform on which data and documents are exchanged between insurers and brokers in the Canadian property & casualty insurance industry. Allianz will also be employing CSIO’s My Proof of Insurance (MPOI) solution to email customers their travel policy documents and digital travel cards. MPOI is Canada’s leading solution for securely sending digital policy documents including proof of auto insurance (eSlips) to customers. “Allianz Global Assistance is thrilled to announce our new partnership with CSIO,” said Chris Van Kooten, CEO, Allianz Global Assistance, “This collaboration allows us to integrate technology solutions to better serve both our broker partners and their customers – making...