Insurable Interest Canadian Insurance Blog

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...

New partnership will help pave the way for the introduction of new or improved products and services to the financial services market in Ontario Toronto, ON (Oct. 1, 2024) – Ontario’s financial services regulator (FSRA) and Fintech Cadence have announced a new partnership to foster fintech innovation in Ontario. This one-year partnership is supported through FSRA’s Innovation Office. It will empower and support fintech startups to identify opportunities and address barriers to help them bring innovative financial products and services to the province while maintaining consumer protection. “We are here to help foster responsible innovation in Ontario’s financial services sector. In this highly competitive global economy, it is essential for regulators, like FSRA, to understand regulatory barriers and challenges to innovation that are being faced,” said Stephanie Appave, Director of FSRA’s Innovation Office. “This partnership is a step forward in ensuring that we remain accessible and connected to the innovation ecosystem.” The collaborative efforts between FSRA and Fintech Cadence bring together FSRA’s unique vision as a regulator supporting innovation and Fintech Cadence’s financial technology sector-specific expertise. “It has long been in Fintech Cadence’s DNA to work with regulators to support innovation and provide connectivity between regulators and founders looking to...

Start Slideshow My insurance agent loves the Panera Bread restaurant chain. Since we are friends, we meet for lunch once a month. This time, he brought our files under his arm. It was time for our annual policy review. Giving this kind of attention to clients delivers many positive benefits.  Meeting in person from time to time solidifies relationships and can help you grow your business. For nine ways in-person meetings can help you bond with clients, see the gallery above. Credit: Charnchai saeheng/Adobe Stock Start Slideshow

National study reveals that perceived limitations and barriers are preventing 48 per cent of Canadians from seeking care Saskatoon, SK (Sept. 28, 2024) – A new study from Blue Cross suggests that Canadians are making lifestyle changes to better their health and have a solid understanding of the importance of preventative health strategies. But there is also a catch – nearly half (48 per cent) are not seeking the help they need from health professionals due to perceived limitations or barriers. “Canadians understand the benefits of preventative care, namely for improving their quality of life, and acknowledge that daily habits play a critical role in supporting health,” says Tim Bishop, Managing Director, Blue Cross of Canada. “However, many Canadians are not taking advantage of the available health services to complement their healthy habits.” According to the study, most Canadians (72 per cent) have tried to improve their health or fitness in the past 12 months by taking their health into their owns hands: eating a nutritious and balanced diet (69 per cent) and exercising regularly (67 per cent) were listed as the two most important preventative health measures. Younger generations are also particularly committed to improving their health: 84 per...

By Corvus Insurance — Based on Corvus’s Threat Intel team data, the frequency of ransomware attacks on the construction industry increased 48% from 2022 to 2023. Encryption software firm NordLocker, in its latest report on cyber attacks, ranked construction as the number-one most-targeted industry. This post will spotlight why construction firms are especially vulnerable and what they face today based on data from our Threat Intel findings. We’ll also look at what construction firms are doing right and how they can further safeguard against cyber risks. Technological progress fans cyber flames The construction sector, essential to the growth and maintenance of global infrastructure, is facing urgent cybersecurity challenges. Much is at risk: Financial accounts, business-sensitive information, and the intellectual property and data of employees and projects. At the crossroads of cybersecurity risk and technological progress, the industry is experiencing sophisticated ransomware assaults interrupting operations and data breaches compromising critical project information. The increasing use of Internet of Things (IoT) devices, such as connected sensors, drones, and wearable technology, introduces new cybersecurity threats. Many construction businesses have also adopted operational technologies such as supervisory control and data acquisition (SCADA) networks, building information modeling systems (BIMs), machine learning, and robotics, further expanding...