Insurable Interest Canadian Insurance Blog

By integrating nature into financial reporting, local governments in Canada can plan for sustainable growth and get ahead of new accounting standards that are on the horizon Waterloo, ON (Jan. 29, 2025) – The new guide, Getting Nature into Financial Reporting, authored by the University of Waterloo’s Intact Centre on Climate Adaptation, and supported by the Standards Council of Canada, KPMG LLP and Natural Assets Initiative, was developed with over 120 experts across the country. The guide outlines how local governments of all sizes can start integrating nature into their financial reports today. Natural assets – such as wetlands, rivers, forests, and coastal dunes – are not just decoration. They are increasingly recognized as infrastructure that provides financially valuable services to Canadian communities. These services include absorbing and storing water to limit floods, reducing temperature to shelter communities from heat waves, and storing carbon to slow climate change. The absence of natural assets from financial reporting often results in undocumented loss and degradation of their critical services. Natural assets remain excluded from financial statements in Canada. However, nature can, and should, be integrated into other sections of financial reports that accompany the financial statements, to avoid costly “surprises” down the...

Whether generative AI is your wildest dream or your worst nightmare depends on how your organization reacts today and prepares for tomorrow — By Christian Bieck, IBM Institute for Business Value, et al — Generative AI has the potential to shake up the way your business has always worked, driving unprecedented productivity and revealing new avenues for growth. But those tremors could also crack the foundation—and send everything you’ve built crashing to the floor. The risk is real, but sticking to the status quo isn’t any safer. As generative AI throws everything into question, CEOs understand that they can’t stay the course and stay in the race. More than two-thirds say the potential productivity gains from automation are so great that they must accept significant risk to remain competitive—and 62% say they’ll take more risk than the competition to maintain their competitive edge. In this high-stakes environment, CEOs must strike the right balance between caution and courage—while moving faster than ever before. 43% say they’ll increase the tempo of their organization’s transformational change in 2024, compared to just 19% that expect to slow down. As CEOs pick up the pace, they need to unite disparate teams to deliver growth while...

TD Insurance Successfully Sponsors $150 Million Cat Bond with Closing of MMIFS Re Ltd. Series 2025-1 Toronto, ON (Jan. 23, 2025) – TD Insurance (TDI) is pleased to announce that it has successfully sponsored its new catastrophe bond (Series 2025-1), which will provide TDI additional reinsurance capacity through a multi-year risk transfer of C$150 million in protection against earthquakes and severe connective storms. The proceeds are invested in CAD denominated European Bank for Reconstruction and Development (EBRD) notes. The bond represents the first of its kind in Canada. TD Insurance is the first Canadian insurer to sponsor a bond solely focused on catastrophe perils in Canada, which continue to increase across the country. According to the Insurance Bureau of Canada, last year was Canada’s most-destructive season on record for insured losses due to severe weather. “At TD Insurance, being there for our customers during their time of need remains our most important focus, and the issuance of a cat bond helps ensure we can continue to protect them when it matters most,” said James Russell, President and CEO, TD Insurance. “At a time of increasing costs, we’re always looking for ways to provide the best possible pricing to our customers,...

Toronto, ON (Jan. 20, 2025) – Navacord Corp., one of Canada’s largest and fastest-growing insurance brokerages, is pleased to announce its new strategic partnership with Citistar Financial, a leading Canadian life insurance MGA (Managing General Agent). This partnership underscores Navacord’s ongoing expansion into financial services and specialty lines, reinforcing its commitment to delivering tailored solutions for diverse markets. Founded with a focus on entrepreneurial spirit and innovative leadership, Citistar Financial has experienced remarkable growth since its inception. Citistar has established itself as a leader in its highly defined business segment. Known for delivering customized life insurance solutions, the company has earned the trust of clients and advisors alike, building a loyal customer base through dedication and expertise. “Our partnership with Citistar Financial is a pivotal move for Navacord as we continue to expand and diversify our offerings within the financial services sector,” says Shawn DeSantis, President and CEO of Navacord. “Citistar’s strong leadership team and entrepreneurial culture align with our goals of driving growth and offering niche, specialty services. Together, we’ll continue to meet the evolving needs of clients across Canada.” “We are excited to partner with Navacord as this collaboration opens up tremendous growth opportunities for Citistar Financial,” says...