Insurable Interest Canadian Insurance Blog

Wishlist for a holiday season free of impaired driving Regina, SK (Dec. 2, 2020) – With the holiday season upon us, December’s Traffic Safety Spotlight is focused on impaired driving. SGI asked some of our friends what they are asking Santa for. “Dear Santa: This year, I wish no one would drive impaired. And if they’re planning to consume alcohol or drugs, I hope they also plan for a safe ride home.” – Penny McCune, Chief Operating Officer of the Auto Fund. “Dear Santa: I wish every vehicle we pull over at our checkstops has a sober driver behind the wheel, so we can wish them ‘Happy Holidays’ and send them on their way.” – Cpl. Andree Sieber, Regina Police Service. “Dear Santa: This year I hope that people will remember that impaired driving charges come with vehicle impoundments, licence suspensions, and there are stiff fines and possible jail time upon conviction.”- Community Safety Officer Lisa Robertson, Weyburn Police Service. “Dear Santa: This year, I wish friends don’t let their friends drive after having a few of those boozy eggnogs.” – Cst. Harlovepreet Gahrha, Prince Albert Police Service. “Dear Santa: This year, I hope that someone decides to be a...

The winter season is likely to be even bleaker than usual this year as the dragging pandemic eats away at Canadians’ mental well-being. Drawing from a survey of 3,000 adult Canadians, the Canadian Mental Health Association (CMHA) in partnership with UBC researchers found 71% worried about the second wave of the virus, including 58% who were concerned about a loved one or family member dying. As winter season gets under way, only 21% of Canadian respondents said they felt hopeful, and 40% said their mental health has declined since March. The deterioration was reportedly worse among the unemployed (61%), those with pre-existing mental health issues (61%), and younger people between 18 and 24 years old (60%). Minorities including Indigenous peoples (54%), LGBTQ2+ individuals (54%), and those with a disability (50%) were similarly hard-hit. “Cold weather, uncertainty, eroded social networks and restrictions on holiday gatherings are hitting at a time when people are already anxious, hopeless and fearful that things are going to get worse,” said Margaret Eaton, national CEO of CMHA. The survey, conducted in fall, found 10% of Canadians had recent thoughts or feelings of suicide, compared to 6% in the spring. Suicidal thoughts and feelings were especially elevated...

When the turn of the decade took a turn for the worse in February, many companies across different segments of the financial services space were caught wrong-footed. Lockdown and social-distancing measures to curb the COVID-19 pandemic made in-person meetings with clients all but impossible, and insurers who had been reluctant to invest in digital technology suddenly found themselves scrambling. Canada Protection Plan also had to work double-time, but they had the luxury of a head start. Having already made its name in the no-medical and simplified-issue life insurance space, the company was well-placed to move quickly into a fully remote service model. “Our I.T. departments and technology team have worked really hard to make sure that we had all the technological support for our advisor base,” said Michael Aziz, co-president at Canada Protection Plan. “They got us up and running through COVID without any hiccups with respect to applications, e-policy issuance, and access to information.” As Aziz described it, those efforts were instrumental in mobilizing the company’s entire staff to work from home; within a week, everyone was ready to operate with a remote-work setup without impacting service to advisors. The salespeople stepped up with soft skills, staying in contact...

Karley Middleton | November 24, 2020 In an art gallery, people often recognize and appreciate the arrangement of the pieces as much as the works of art themselves. When employers offer voluntary benefits, they’re hoping that employees appreciate the offering. Above and beyond that, if plan members recognize the program as a customized suite of benefits that supports their unique needs, even better. Another conclusion drawn by employees is the implication that the employer, in choosing each particular benefit, also endorses the provider and offer — whether that’s true or not. It’s for these reasons that employers should be very careful about which options they select to make up their organization’s suite of voluntary benefits. The language describing the benefits can be adjusted to be optimally perceived by employees, but it’s still best to design the program to include benefits that inspire confidence — or at least not controversy. Read: Voluntary benefits an emerging option for employers An excellent place to start would be conducting a confidential survey of employees to find out about their needs and wants in supplementary benefits. The results of these surveys can eliminate certain options right away and can also highlight new areas of interest. Begin with insured options — a group plan can...

Staff | November 23, 2020 The Public Sector Pension Investment Board and Aviva Investors are jointly funding a new office building in Cambridge, England. The six-storey building has been fully pre-let to a flexible workspace provider, according to a press release that noted construction is expected to be completed in 2023. It’s the latest investment in Cambridge real estate by the partnership, which agreed in November 2019 to invest up to £250 million in commercial property across the 26-acre CB1 Estate. Read: PSP investing in U.K. real estate; Caisse in medical startup fund, Indian infrastructure “The continuation of our partnership with Aviva Investors in Cambridge reflects our confidence in the city’s long-term performance potential as a centre of innovation,” said Stéphane Jalbert, managing director for Europe and Asia Pacific real estate investments at the PSP, in the release. “Cambridge’s world-leading education and research institutions act as a hub and anchor for the artificial intelligence and life science disciplines, making the region a key knowledge cluster driving future performance.” In other investment news, the Ontario Teachers’ Pension Plan’s finance trust is issuing a €750 million 10-year green bond. An amount equal to the net proceeds from this issuance will be allocated to assets...

The Canadian Press, with files from staff | November 23, 2020 Men are picking up jobs at more than three-times the rate that women are leaving the workforce amid the coronavirus pandemic, according to a new report by the Royal Bank of Canada. The report found more than 20,000 women left the workforce between February and October, while about 68,000 men joined it, with the pandemic and the demands of raising children likely to blame for the first finding. Meanwhile, men are benefiting from growth in the science, technology, engineering and math fields. “We need to see women come back into the labour market in order to ensure that our economy can hit the stronger growth rates as we go forward,” said Dawn Desjardins, deputy chief economist at RBC and the report’s co-author. Read: Men offered flexible working options more often than women: survey Desjardins and co-author Carrie Freestone, an economist at RBC, said they’re seeing women between ages 20 and 24 and those between 35 and 39 abandon work faster than most other cohorts. Some of these workers are returning to school to pick up new careers and skills, while others are raising children. The report said mothers with children under six only made...

Study finds 44% of Ontarians with home or auto insurance believe driving under the influence of alcohol more likely this holiday season, 41% for cannabis Toronto, ON (Nov. 18, 2020) – As Ontarians prepare for the holidays amidst the new reality of COVID-19, many feel a false sense of security both on the road and at home. Driving under the influence and “porch piracy” were cited as concerns in a newly released study hosted on the Angus Reid Forum, titled Onlia Winter Safety Index. With lower public transit and ride sharing use due to social distancing protocols and fear of transmitting/catching the COVID-19 virus, more than 40% of Ontarians with home or auto insurance expect increases in impaired driving behaviour (44% alcohol, 41% cannabis). “We know that alcohol and cannabis use affect your ability to drive safely and increases your risk of getting into a crash,” said Alex Kelly, Onlia’s safety ambassador. “As a result of social distancing and provincially mandated restrictions, motorists and hosts celebrating at home need a reminder that a relaxed attitude about driving impaired, as an alternative to taking public transportation, is not an option.” Social host liability Only two-thirds of Ontarians with are aware that...

Driven by strong growth in whole life and term products, total individual life insurance new annualized premium increased 2% and the number of policies sold jumped 7% in the third quarter, according to LIMRA’s Third Quarter 2020 U.S. Individual Life Insurance Sales Survey. “Insurers and agents have begun to overcome the operational challenges presented in the second quarter by the pandemic. While direct-to-consumer channels are propelling growth in both term and whole life policy sales we are seeing even stronger results from the independent and affiliated agent channels,” said Elaine Tumicki, corporate vice president, LIMRA Insurance Research. Year-to-date, total life insurance new premium growth fell 1% percent yet policy count increased 2%, compared with year-to-date third quarter 2019. LIMRA is forecasting life insurance premium to fall 3% – 7% in 2020, compared with 2019 results. Whole life (WL) new premium surged 7% and policy count rose 7% in the third quarter. Seven of the top ten carriers reported positive growth. In the first three quarters of 2020, WL premium remains 1% below 2019 levels. WL premium represented 35% of the total life insurance market in the third quarter. “Due to increased consumer interest, growth in direct channels, and sales incentive...

Gearing up for winter? belairdirect survey reveals that only 38 per cent of Canadians carry all components of a winter driving kit Toronto, ON (Nov. 23, 2020) – With winter weather creating unpredictable driving conditions across the country each year, coming to grips with the colder weather can often be a cause for concern, even for the most experienced of drivers. In a new survey released by belairdirect today, it was revealed that most Canadians are not fully prepared for the colder months that lie ahead. Driving on icy or snowy roads during a Canadian winter is all but guaranteed, yet only 45 per cent of respondents say they feel prepared for winter driving. When it comes to evaluating the skills of those they share the road with, Canadians feel even less confident, with 34 per cent rating the winter driving abilities of other drivers in their province as less than average. Alberta seems to be the least-trusting province with 37% rating the driving ability of those in their province as poor or very poor, compared to 32% in Ontario and 24% in Quebec. Even though 44 per cent of respondents admit to feeling nervous or anxious, only 38 per...

Business Insurance Action Team to address commercial insurance challenges facing bars, restaurants, pubs and event halls Toronto, ON (Nov. 23, 2020) – Insurance Bureau of Canada (IBC) has announced that its Business Insurance Action Team (BIAT) has launched and is ready to help to find viable insurance for small businesses in Ontario’s hospitality sector struggling to find insurance because of the COVID-19 pandemic. IBC announced the creation of BIAT in late October. This industry-driven solution brings insurers and their representatives together to help struggling small businesses in Ontario’s hospitality sector – specifically restaurants, bars, pubs and banquet halls – secure insurance amid the economic challenges the COVID-19 pandemic has created. “Small and family-run businesses in Ontario’s hospitality sector are facing extraordinary challenges, and its incumbent upon all of us to try and do what we can to help,” said IBC President and CEO Don Forgeron. “The hospitality industry is a major contributor to the Ontario economy, and we recognize that current pandemic-related restrictions are creating difficult economic conditions. That’s why IBC and a group of insurers in Canada have come together to deploy an innovative solution to assist small businesses struggling to find insurance.” A recent analysis from Deloitte shows...