Insurable Interest Canadian Insurance Blog

State Farm continues to innovate for homeowners as it expands its free offer of Ting sensor technology, helping to protect families and homes from electrical hazards that could cause a fire Bloomington, IL (Apr. 2, 2024) – State Farm is pleased to announce the expansion of the Ting fire safety program as part of its longstanding commitment to fostering safer homes and communities, offering eligible customers more than 2 million smart sensors for free. With this program expansion, State Farm continues to lead the industry with the largest free distribution of smart home technology to help predict and prevent losses and ultimately save lives. With increasing reliance on electronics, devices, and the power grid at large, the occurrence of electrical fires has steadily risen, according to national data from FEMA,[1] resulting in a fire in a U.S. home every ten minutes.[2] Since 2020, State Farm has collaborated with Whisker Labs to combat this risk with a simple, plug-in sensor that monitors a home for dangerous arcing, the precursor to most electrical fires. Beyond its ability to detect and therefore help prevent electrical fires, Ting also offers additional benefits like power outage and dangerous utility power notifications, frozen pipe prevention, and...

CAA launches first ever Travel Wise Week to address urgent concerns Thornhill, ON (Mar. 27, 2024) – Tired of swerving around potholes? Are you worried about your safety as a cyclist or pedestrian? Voting is now open in Ontario for the annual CAA Worst Roads campaign, and CAA South Central Ontario (CAA SCO) is giving citizens the opportunity to voice their concerns about the bad roads in their communities Our research shows that 65% of members don’t feel enough is being done to fix the roads,” says Teresa Di Felice, assistant vice president government and community relations, CAA SCO. “This is causing a variety of concerning driving behaviours, including swerving to avoid potholes, slowing down for bad spots, and some even changing their route altogether to avoid a bad road. We encourage all Ontarians to vote for their Worst Roads and join the community of drivers, cyclists, transit riders and pedestrians committed to improving and actively working to help make our roads safer for all.” Those surveyed say they spent $852 on average to repair their vehicle. According to a survey conducted by CAA SCO, 84 per cent of members worry about the state of our roads, with 42 per cent experiencing vehicle...

Global insured losses from natural catastrophes in 2023 exceeded USD 100 billion for fourth consecutive year with earthquake in Turkey and Syria being the costliest catastrophe (estimated insured losses of USD 6.2 billion) Frequency of events is main driver of insured loss accumulation, with severe convective storms (SCS) accounting for record high USD 64 billion in 2023; 85% of SCS-losses in 2023 originated in the US, while growing the fastest in Europe With climate change-induced hazard intensification likely increasing losses in the future, adaptation measures become key to reduce loss potential Armonk, NY (Mar. 26, 2024) – A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to USD 108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994. Swiss Re Institute estimates that insured losses could double within the next ten years as temperatures rise and extreme weather events become more frequent and intense. Therefore, mitigation and adaptation measures are key to reduce natural catastrophe risk. Global insured losses from natural catastrophes outpaced global economic growth over the past 30 years: From 1994 to 2023, inflation-adjusted insured losses from natural catastrophes averaged 5.9%...

32% of Canadian Gig Workers Willing to Risk Not Declaring ‘Any’ Income; 43% Willing to Risk Not Declaring ‘All’ Income, Despite Evolving Tax Reporting Requirements for Digital Labour Platforms, Reveals New H&R Block Survey Around 9 million (28% of Canadians) report being part of the gig economy – H&R Block highlights tax considerations and benefits for gig workers 73% of Canadians say increased living costs make it hard to afford everyday expenses 24% struggle to make ends meet 58% of gig workers took on gig work due to increased cost-of-living 74% of gig workers say it’s a side hustle in addition to their primary employment 25% don’t have a clear understanding of the tax implications of gig work Calgary, AB (Mar. 20, 2024) – Whether it’s freelance or contract work, delivery or transportation services, homestay rentals, dog walking, home repair services, or selling products on marketplace platforms, a huge contingent of Canadians report taking on gig work to boost their income. In a recent survey, 28% or nearly 9 million Canadians said they’ve taken on a side hustle, up from just 13% reported in 2022, and a further 12% are currently considering it, to help make ends meet in these...