Insurable Interest Canadian Insurance Blog

Start Slideshow President Joe Biden’s budget proposal — which calls for sweeping tax increases on corporations and the wealthy — is the opening round of a looming tax fight set to consume Washington next year. Congress will be forced into tough negotiations over the future of the tax code, with large portions of former President Donald Trump’s 2017 cuts set to expire at the end of 2025. Many lower- and middle-income households will see a tax increase if lawmakers don’t act, providing motivation for both Democrats and Republicans. Trump has vowed to push for the “biggest tax cuts” ever if returned to power. Biden, meanwhile, is seeking higher levies on large businesses and investors, while preserving some of his rival’s cuts. See the gallery for details on the tax proposals in Biden’s budget request released Monday. (Credit: Shutterstock) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Start Slideshow

Hub strengthens employee benefits services with acquisition of Zavitz Insurance And Wealth, Inc. in Ontario Chicago, IL (Mar. 6, 2024) – Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired Zavitz Insurance and Wealth, Inc. Terms of the transaction were not disclosed. Located in London, Ontario, Canada, Zavitz Insurance and Wealth provides group employee benefits, living benefits and life insurance services, and financial and retirement planning to clients in the region and across the country. President Terry Zavitz, Vice President Justine Zavitz and the Zavitz Insurance and Wealth team will join Hub Ontario. Zavitz Insurance and Wealth will be referred to as Zavitz Insurance and Wealth, a Hub International company. About Hub’s M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience. For more information on the Hub M&A experience, visit WeAreHub.com. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With...

Toronto, ON (Mar. 11, 2024) – To mark Fraud Prevention Month, CISRO is encouraging consumers to do their due diligence when shopping for insurance. Fraud Prevention Month is a national awareness initiative held each March that aims to empower Canadians by providing information they need to recognize, reject, and report fraud. In 2022, the Canadian Anti-Fraud Centre (CAFC) received more than 50,000 fraud reports involving over $400 million in reported losses. “When it comes to detecting fraud, the old adage ‘if it sounds too good to be true, it probably is,’ can be a guiding principle. It can also apply to shopping for insurance” says Patrick Ballantyne, CISRO Chair. “Licensing adds a layer of protection by requiring applicants to meet certain education requirements and provide criminal background checks. Checking whether your agent and broker are licensed is a simple first step you can take to protect yourself” adds Ballantyne. Some red flags to be aware of when comparing insurance providers are significant discounts on insurance premiums and requests to pay premiums by alternative payment methods such as cryptocurrency, money wiring, or gift cards, and unlicensed providers. Insurance policies should only be purchased through licensed agents or brokers or directly from...

Start Slideshow In 2023, America’s biggest donors gave $11.9 billion to their favorite causes, down by 27.8% from the previous year, according to the Chronicle of Philanthropy’s Philanthropy 50, released this week. Only 23 families, individuals and couples on the 2023 Forbes 400 list of the richest Americans made it onto this year’s Philanthropy 50. That doesn’t necessarily mean that some of the country’s wealthiest people are not big givers. The Chronicle noted that some billionaires regularly fail to make the Philanthropy 50 because, despite giving very large amounts, they do not make gifts every year. Others give anonymously or decline to publicize their charitable giving or disclose details about it to the Chronicle — and are not legally required to do so. Consider MacKenzie Scott, perhaps the most notable absence on the Philanthropy 50 list. The Chronicle said that she may have made gifts to her donor-advised fund that could have earned her a spot on this year’s list, but she and her representatives declined to provide the Chronicle with such information.  The Chronicle reported that Scott gave more than $2.1 billion to charities in 2023 through her Yield Giving fund, but she will not provide details about how...

Ottawa, ON (Feb. 28, 2024) – The Canadian Automobile Association (CAA) has launched an easy-to-use guide to help air travellers navigate the rules when they run into some of the most common problems, such as flight delays, cancellations, lost bags, and getting bumped from a flight. “Travelling can be complex, and the rules protecting air travellers are complicated. CAA is stepping up by providing Canadians with the information they need when things go wrong,” says Ian Jack, vice-president, public affairs for CAA National. Canada has had federal rules governing air passenger rights for several years now, but they are complicated and long, running to over 60 pages. CAA’s Air Passenger Help Guide provides a plain-language guide that answers questions about the most common flight disruptions in five clicks or less. Air travellers wondering what, if anything, the airlines owe them can consult our guide for help. “CAA runs one of Canada’s largest leisure-travel agencies and has been a strong advocate of strengthening passenger protections. CAA has been pushing the federal government to simplify the rules to make them easier to use,” says Jack. “But until then, CAA’s Air Passenger Help Guide will be there to help air travellers when something...

Toronto, ON (Feb. 28, 2024) – TruShield Insurance, Canada’s first direct-to-consumer small business insurance provider, is proud to announce their new collaboration with Visa, a leader in digital payments. The collaboration gives eligible Visa business cardholders access to TruShield’s commercial insurance policies at a preferred rate and aims to help ensure their customers are more aware of cybersecurity threats and protected against them. A study conducted by TruShield Insurance with Leger in November 2022 found that 46 per cent of small businesses believed they faced little to no cybersecurity risks. When asked why cybersecurity was not considered a big risk, 48 per cent of the 400 Canadian small businesses that were surveyed said it was because they were a very small business, and 32 per cent said it was because they have never been targeted by a cyber-attack. While cybersecurity can be perceived as something only needed by larger companies or those that have been exposed to cyberattacks in the past, every company – no matter the size – should be aware of the risks and take preventative measures. Not having adequate protection against cyberattacks could leave business owners at a disadvantage and, in the event of a major loss,...