Insurable Interest Canadian Insurance Blog

Toronto, ON (Oct. 3, 2024) – CSIO commends Travelers Canada on achieving CSIO’s eDocs Certification, confirming that they have deployed the updated eDocs codes and descriptions into production for personal and commercial lines. Travelers has achieved this important industry milestone by programming the updated eDocs Standards, and as a result, all their eDocs reflect the updated codes and descriptions. CSIO’s eDocs Standards enable documents to be delivered to Broker Management Systems (BMS) directly from an insurer’s system via CSIOnet. eDocs streamline broker workflows by eliminating the need for paper and portals, saving time and money. Despite this, brokers reported that they were receiving documents from insurers that were not clearly labelled, resulting in the need to open individual eDocs to determine the nature of the document. To resolve this pain point associated with mislabeled documents, CSIO and its members developed 40 updated eDocs codes and descriptions. Travelers is the first insurer to be awarded eDocs Certification for the updated eDocs, a significant accomplishment that reflects their dedication to delivering an enhanced experience for their broker network. As all BMS vendors have successfully deployed the updated eDocs Standards, brokers working with Travelers will be able to receive the updated eDocs in...

Whitby, ON (Oct. 2, 2024) – Quotey is thrilled to announce the integration of Coalition’s Active Cyber Insurance product into its commercial and specialty insurer marketplace. Effective immediately, Canadian insurance brokers leveraging the Quotey platform can access quick cyber insurance quotes from Coalition, a leading cyber insurance provider designed to help prevent digital risk before it strikes. With broad coverages available, including costs related to data breaches, cyber extortion, and business interruption, Coalition is dedicated to providing robust protection against the growing threat of cyber attacks. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate potential cyber attacks. Policyholders can receive automated cyber alerts and access expert advice and global third-party risk management tools through Coalition’s holistic cyber risk management platform, Coalition Control®. “Coalition’s inclusion in the Quotey marketplace marks a significant enhancement to the cyber insurance options available to Canadian brokers,” said Nick Kidd, CEO and Co-Founder of Quotey. “Cyber insurance is a critical yet often misunderstood product. By partnering with Coalition, we aim to demystify cyber insurance and offer brokers a reliable solution they can confidently recommend to their clients.” Quotey launched in late 2022 and is now available in all provinces except...

Insurance Bureau of Canada calls on governments to collaborate on reducing disaster risk Toronto, ON (Oct. 1, 2024) – Four catastrophic weather events this summer caused a combined total of over $7 billion in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Summer of 2024 now ranks as the most-destructive season in Canadian history for insured losses due to severe weather. In only two months, July and August, this summer eclipsed the worst year on record and has pushed the 2024 year-to-date tally to over $7.7 billion. Insurers paid out $701 million annually, on average, for severe weather losses from 2001-2010; 2024 losses to date are over ten times that number. Summer 2024 vs. Canada’s previous top 5 costliest years for insured severe-weather losses on record: Rank Year Total loss($ billions*) Notable severe weather events 1 Summer 2024* 7.1 Toronto and Southern Ontario floods; Jasper, Alberta wildfire;Calgary, Alberta hailstorm; Quebec floods 2 2016 6.2 Fort McMurray, Alberta, wildfire 3 2013 4.0 Alberta floods; Greater Toronto Area (GTA) floods; GTA ice storm 4 2022 3.6 Multiple events throughout the country 5 2023 3.6 Okanagan and Shuswap, BC, area wildfires; Nova Scotia floods 6 1998 2.9 Quebec...

Toronto, ON (Sept. 24, 2024) – Canada now has the highest household debt-to-income ratio among G7 countries, reaching over 180%. This debt burden is particularly alarming in the context of rising costs of living and high interest rates, with nearly half of all mortgages in Canada due for renewal in 2024 and 2025. In light of these financial realities, more and more Canadians turn to life insurance as a tool of financial protection. According to the most recent report by the Canadian Life and Health Insurance Association (CLHIA), 22 million Canadians currently own life insurance policies amounting to $5.5 trillion in coverage. While the average household life insurance protection in Canada is $474,000, the question remains: is that enough to cover one’s debts and financial obligations? To address this critical issue, MyChoice, a leading insurance comparison platform in Canada, conducted a study to analyze the adequacy of life insurance coverage across Canadian provinces. To provide a comprehensive estimate of the life insurance coverage required for Canadian households, the team at MyChoice analyzed both household income and financial asset data across all the provinces. The team then compared the “recommended coverage” amount with the average coverage per insured household in each...

Toronto, ON (Sept. 24, 2024) – Canada’s life and health insurers paid-out a record $128 billion in benefit claims last year, money that helped keep Canadian families healthy and make their lives more affordable. Total benefits, from health insurance and life insurance claims as well as insurance-based retirement products increased 13 per cent which represents over $350 million paid-out each day. “The benefits that life and health insurers provide through workplace plans and individual policies contributed significantly to Canadians’ health and financial security,” Stephen Frank, President and CEO of the Canadian Life and Health Insurance Association said. “To put this into context, the amount insurers paid-out last year to Canadians is greater than what the federal government provided in old age benefits, child benefits and employment insurance combined.” Among the other findings in the 2024 edition of Canadian Life & Health Insurance Facts are that last year, life and health insurers: Provided coverage for nearly 30 million – or 75 per cent of Canadians; Paid a record $36.6 billion in claims for health, drugs and dental care – up 13 per cent from last year; Provided nearly $10 billion in disability benefits, helping 12 million replace wages while they were...