Insurable Interest Canadian Insurance Blog

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,...

Start Slideshow I recently presented at the T3 conference in Las Vegas. The title of my presentation, “Hot takes! All the ways you’re doing portfolio management wrong” was meant to be humorous, but the content was entirely serious. It’s not a shocking observation that most advisory firms aren’t especially good at rebalancing portfolios. What’s shocking is just how bad most firms are. According to an analysis from my firm, Smartleaf, when firms implement a more systematic approach to tax management, they see reductions of over 60% in their clients’ capital gains tax bills. More surprising is that they also see a 60% reduction in the return dispersion of accounts with similar risk objectives. This shouldn’t be possible. It makes sense that portfolios would have a trade off between taxes and dispersion. The fact that advisors can simultaneously improve tax outcomes and dispersion has a sobering implication: most return dispersion is not caused by customization or tax management. It’s just noise. An indicator of just how bad the industry is at the basics of portfolio management. How do you know if your portfolio management practices are up to standard? Here’s one test. You should be able to document that for most clients, you...

Collaboration will leverage UVeye’s computer vision technology to streamline Acadia’s claims processes, setting a new standard for efficiency and accuracy in the automotive insurance industry New York, NY (Mar. 5, 2024) – UVeye, creator of the AI-driven automated vehicle inspection platform, is pleased to announce a strategic collaboration with Acadia Insurance, a leader in the insurance industry. The companies will reshape the automotive insurance claim landscape by enhancing efficiency and accuracy in Acadia’s appraisal process, leveraging UVeye’s AI-powered computer vision inspection systems to streamline claims for vehicles involved in accidents. UVeye’s drive-thru systems enable appraisers to conduct comprehensive, instantaneous assessments of vehicle damage with an unprecedented level of precision and granularity, overhauling the traditional, manual inspection process and streamlining claims management. The AI-driven systems elevate the overall customer experience by slashing wait times and ensuring total transparency throughout the appraisal process. The collaboration is a milestone in the integration of AI in the insurance industry, ushering in a faster, more reliable claims process that benefits both insurance companies and policyholders. “Insurance has long been characterized by traditional, manual processes, but this boost of computer vision gives us a glimpse into the future,” said Keith Gleason, Chief Claims Officer at Acadia...

Toronto, ON (Mar. 5, 2024) – BrokerLink, one of Canada’s largest property and casualty insurance brokerages, is excited to announce the acquisition of Ontario-based Hanbidge & Bowman Ltd. Insurance Professionals (Hanbidge and Bowman Insurance), effective March 1, 2024. Growing BrokerLink’s Owen Sound team Established in 1947, Hanbidge and Bowman Insurance has been a fixture on Owen Sound’s main street, offering its customers insurance solutions for home, auto, business and farm insurance. The brokerage has demonstrated its commitment to the community for over 70 years by proudly sponsoring local sports teams, contributing to meaningful foundations and participating in town events. “We pride ourselves on living in the community we serve and helping customers find the right insurance using our local expertise,” says Dave McNeill, President of Hanbidge and Bowman Insurance. “BrokerLink is well-known for its knowledgeable team, and our customers and employees will benefit from its sizable network, specialized insurance offerings and technology capabilities.” Hanbidge and Bowman Insurance team members will continue helping Owen Sound residents as part of the BrokerLink team. “We extend a warm welcome to our new employees from Hanbidge and Bowman Insurance,” says Lindsay Loughridge, BrokerLink’s Vice President of Ontario and Digital Distribution. “At BrokerLink, we’re here...