Insurable Interest Canadian Insurance Blog

Financial Services Regulatory Authority of Ontario (FSRA) launches Check Credentials Tool Toronto, ON (Mar. 1, 2024 – Ontario’s financial services regulator (FSRA) is launching an education campaign encouraging all consumers to check the credentials of the person they are getting financial advice from. FSRA is making it easy for consumers to do this through a new online tool. The Check Credentials Tool will help individuals verify whether their financial professional holds the necessary credentials to use the Financial Planner or Financial Advisor (or similar) title in Ontario. These titles indicate that the professional has met minimum education standards, is supervised, and adheres to a code of conduct. “In many cases people are entrusting their life savings to financial professionals and they expect that these people are properly trained and supervised,” said Huston Loke, Executive Vice President of Market Conduct, FSRA. “We encourage consumers to check credentials and we are making it easy through our new Check Credentials Tool.” Research conducted by FSRA suggests consumers may not be spending enough time seeking out a qualified financial professional and verifying their credentials. Fifty per cent of respondents spent more time researching their last cellphone purchase than they did their financial professional. In less...

CAA launches first ever Travel Wise Week to address urgent concerns Thornhill, ON (Feb. 26, 2024) – A recent member survey conducted by CAA South Central Ontario (CAA SCO) has unveiled concerning statistics regarding the lack of travel insurance awareness and preparedness. Despite the financial risks associated with travelling unprotected, the survey found that 40 per cent of members in Ontario who travel don’t always purchase emergency medical travel insurance, highlighting a potential vulnerability. “In a world of uncertainties, our survey highlights a critical gap in travel preparedness among Ontarians,” says Kaitlynn Furse, director of corporate communications at CAA SCO. “At CAA, we believe in empowering travellers with knowledge so they can explore confidently and securely.” The survey also discovered that almost a quarter of respondents (23 per cent) ventured on their last trip outside the province without any form of travel insurance, exposing themselves to potential financial burdens in case of emergencies. Additionally, 33 per cent of people who travel with travel insurance relied on the coverage provided by their credit cards, raising concerns about coverage limitations, especially for those over 65. CAA SCO is launching its inaugural CAA Travel Wise Week In response to these findings, CAA SCO...

CLHIA’s latest consumer guide has answers to help Toronto, ON (Feb. 22, 2024) – A brand new guide from the Canadian Life and Health Insurance Association (CLHIA) is helping Canadian consumers better understand the benefits of critical illness insurance, how it works, and the financial security that it offers. “Over 2 million Canadians have critical illness protection through individual or group plans,” Stephen Frank, president and CEO of CLHIA said. “This new guide explains the important role this type of insurance plays in giving people greater financial choices in the event they are diagnosed with a serious condition.” This kind of insurance pays out a non-taxable lump sum if a policyholder is diagnosed with a life-altering condition like cancer, heart attack, stroke, multiple sclerosis or Parkinson’s disease. The lump sum can be used for personal expenses related to the illness or for anything the policyholder chooses. Critical illness insurance was first sold in Canada 30 years ago and is less well known than other kinds of insurance. A Guide to Critical Illness Insurance helps to fill in the blanks with answers to questions Canadians commonly ask about the product like: How does critical illness insurance differ from life insurance or...

belairdirect survey reveals 41 per cent of Canadians feel they are financially savvy and 65 per cent want to eliminate non-essential purchases Toronto, ON (Feb. 22, 2024) – Canadians are looking for savings anywhere they can find them. Seventy per cent of Canadians are looking to cut household expenses with 31 per cent saying they’ve given advice to family and friends, including finding small ways to save money, building a budget, using their cars less and finding the best deal on insurance. Canadians are looking to lower their housing (74%) and car costs (69%), and many are keeping their vehicles longer and using them less. Canadians also say they are thinking about buying a used car instead of a new car, going from a multi-car household to a single-car household, and taking public transit more often. A recent belairdirect survey shows the top five ways Canadians are cutting their spending: Cutting down on non-essentials including dining out less and waiting for sales (65%) Using coupons, discount codes, and loyalty programs (52%) Cutting down on grocery spending (41%) Cancelling unused memberships (39%) Adhering to a household budget that includes savings (32%) Seventy-three per cent of Canadians know exactly how much they spend...

Start Slideshow As Tax Day — April 15 — draws closer, WalletHub, a personal finance website, looked at what percentage of income that high, medium and low earners across the country spend on sales and excise taxes, property taxes and income taxes. WalletHub generated estimates of the state-specific tax burden on residents at three income levels — low ($25,000), medium ($50,000) and high ($150,000) — in each of the 50 U.S. states and the District of Columbia. Researchers used data from the Institute on Taxation and Economic Policy’s 2024 report, which published tax burden estimates at seven points in the state-specific income distribution.  In order to compare tax burdens for households at the same income level across states, the researchers fit a regression model to estimate the relationship between income and tax burden for each state and the District of Columbia. They used log transformations to improve model fit and deployed this model to generate predicted tax burdens at the income levels they examined. The share of income that taxpayers contribute toward tax obligations varies by state. In most states, low- and middle-income families pay a greater share of income than do wealthy families. This regressive effect owes in part...

Toronto, ON (Feb. 28, 2024) – CSIO is pleased to announce its 2024 Members’ Meeting and Reception will feature a keynote address by Andrew Kirsch, Founder and CEO of Kirsch Group. The annual meeting takes place on April 18 at the One King West Hotel in Toronto. Andrew Kirsch, a graduate of Brown University in Public Policy, has almost 20 years of experience in security, having worked in both public and private sectors. He founded Kirsch Group, a risk consultancy firm helping government, corporate and private clients identify and mitigate security threats. Additionally, Mr. Kirsch was the first Department Security Officer of Ontario’s Office of the Provincial Security Advisor with a mandate to enhance information and network security across the Ontario Public Service. Prior to this, he served as an intelligence officer with the Canadian Security Intelligence Service, where he held roles as a policy analyst and a field investigator ultimately leading teams on covert warranted special operations. Mr. Kirsch speaks regularly on the growing cybersecurity threats in Canada and what we can do to better protect ourselves. “CSIO looks forward to celebrating our achievements together with members at our 2024 Members’ Meeting and Reception,” said Catherine Smola, President &...