Insurable Interest Canadian Insurance Blog

Over the first half of a multi-year agreement struck between the pan-Canadian Pharmaceutical Alliance (pCPA) and the Canadian Generic Pharmaceutical Association (CGPA) has helped Canadians save nearly $2 billion in prescription drug costs – but the industry is sounding the alarm on risks to the sustainability of Canada’s drug supply. In a statement, the CGPA noted that under the five-year agreement that took effect on April 1, 2018, the prices of nearly 70 of the most commonly prescribed drugs in Canada were slashed by anywhere between 25% and 50%. The price cuts were applied across all federal government drug plans, as well as all Canadian provinces and territories except for Quebec. Because of those price reductions, the CGPA said, Canadians have been able to benefit from drugs with overall discounts of up to 90% compared to the price of their brand-name equivalents. Citing data from the Patented Medicine Prices Review Board (PMPRB), the CGPA said the average price of generic prescription medicines in Canada has declined by nearly 60% since 2007, and the prices of certain top-selling generics have dropped by 80% on average. “Canada’s generic pharmaceutical industry continues to make an essential contribution to affordable patient care in Canada,”...

Leader-Telegram (Eau Claire, WI) Oct. 13–EAU CLAIRE — An Eau Claire man will spend four years on probation for emptying a 13-year-old girl’s bank account as a guardian and exposing his three children to methamphetamine. Thaopao Vang, 35, 606 Marshall St., pleaded no contest this week in Eau Claire County Court to a felony count of theft, three misdemeanor counts of neglecting a child, and unrelated felony counts of bail jumping, possession of methamphetamine and methamphetamine delivery. As conditions of probation, Judge Emily Long ordered Vang to undergo an alcohol and drug assessment and any programming or treatment recommended by his probation agent, and paying an undetermined amount of restitution. Vang cannot have contact with Associated Bank, the Eau Claire County Clerk of Juvenile Court and Register in Probate, and his children — unless approved by the Eau Claire County Department of Human Services. According to the criminal complaint in the theft case: Advertisement Eau Claire police were sent to the Eau Claire County Register in Probate and Juvenile Court office Nov. 13 on a report that Vang fraudulently withdrew nearly $37,000 from a Bank Mutual, now Associated Bank, account. Vang was established as the guardian of the estate for...

The virtual desk solution is powered by Crawford’s full suite of services Atlanta, GA (Oct. 8, 2020) – Crawford & Company®, the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, is pleased to announce the launch of Virtual Assist, an online marketplace that empowers adjusters to request individual services that support desk adjusting operations. The virtual assist portal provides access to the full suite of Crawford offerings, ranging from digital tools like Crawford’s YouGoLook self-service app to traditional field services like appraisal. “Crawford is a recognized industry leader in innovation, and we are thrilled to bring this platform to our clients. Virtual Assist® incorporates our cutting-edge technology and services to streamline the claims handling process for adjusters. Claims can now be resolved faster while lowering overall costs,” commented Larry Thomas, global president, Crawford Specialty Solutions. Adjusters will be able to log on the Crawford’s Virtual Assist platform and quickly select the services that best fit to their needs. The list of offerings includes digital tools (self-service app, 3D scan), on-demand services (roof inspection, property inspection, auto inspection), contractor services (managed repair, emergency services), field services (appraisal, adjustment, content) and expert services...

Movinx is a 50/50 joint venture of Swiss Re and Daimler Insurance Services Partners aim to transform and innovate automotive and mobility insurance with fully digital business model and focus on flexible and customer-centric products Movinx is located in Berlin and set up as insurance intermediary and service provider Zurich, Switzerland (Oct. 12, 2020) – Swiss Re and Daimler Insurance Services have entered into a strategic partnership for automotive and mobility insurance and launched a new company called Movinx. Both shareholders of the 50/50 joint venture will leverage their complementary expertise to establish a new business model. The aim is to develop fully digital automotive and mobility insurance products that both fulfill changing customer needs and offer best-in-class service quality. Movinx has received all necessary competition clearances. Pravina Ladva, Swiss Re’s Digital Transformation Officer, said: “We believe that partnering with Daimler Insurance Services and establishing Movinx will take us to the next level in innovating mobility insurance. Our joint long-term ambition is to unlock an ecosystem interplay where insurance supports the introduction of new technologies such as advanced driving assistance systems and autonomous cars as well as new business models in the mobility area.” Ingo Telschow, CEO Daimler Insurance Services,...

Yaelle Gang, the Canadian Investment Review | October 13, 2020 For the first time, organizations are publicly endorsing the Canadian Coalition for Good Governance’s stewardship principles. To date, the endorsers include the Alberta Investment Management Corp., the Caisse de dépôt et placement du Québec, the Canada Post Corp. pension plan, the Colleges of Applied Arts and Technology pension plan, the Healthcare of Ontario Pension Plan, the Ontario Teachers’ Pension Plan, the OPSEU Pension Trust, the Public Sector Pension Investment Board, University of Toronto Asset Management Corp. and Vestcor Inc. The seven stewardship principles include: developing an approach to stewardship, monitoring companies, reporting on voting activities, engaging with companies, collaborating with other institutional investors, working with policy-makers and focusing on long-term sustainable value. Read: Governance coalition publishes guidebook on environmental, social issues The stewardship principles were first introduced by the coalition in 2005, with significant updates in 2017 and further minor wording updates this year. Although the principles have existed for years, the organization only began engaging with members about publicly endorsing the principles in June. Institutional investors that endorse the principles don’t need to publicly disclose how they comply and compliance isn’t monitored. However, by providing endorsements, they can showcase their commitment and bring...

Staff  | October 13, 2020 Mercer Canada is appointing Kimm Maugeri as its new human resources leader. With over 20 years of experience in HR, with a focus on diversity and inclusion, learning, performance management, assessment and engagement, Maugeri was previously a principal and relationship manager in Mercer’s global talent and inclusion of expertise. Read more People Watch news In the new role, she’ll deliver local, regional and global projects that are focused on employee well-being and development, as well as in the attraction, retention and engagement the company’s diverse workforce. Read the full article at BenefitsCanada.com

A new Lloyd’s Emerging Risks report focusing on cities & trends Toronto, ON (Oct. 8, 2020) – Cities are now the most important entities in society. More than half the world’s population now lives in urban areas and this is projected to reach two-thirds by 2050, and they are the engines of the global economy. Yet cities all over the world are facing multiple challenges, such as climate change, cyber risks and pandemics, and are looking to strengthen their resilience. This new Lloyd’s report, commissioned before COVID-19 and published in collaboration with Urban Foresight and Newcastle University, provides a comprehensive analysis of the risks’ cities are facing and will face in the future. It looks at their impacts and how urban areas can protect themselves from these threats. It also suggests ways in which insurers and the relevant authorities could work together to build resilience, reduce risks and develop new insurance products and services that meet cities’ risk needs. This study helps city administrators and risk managers, as well as Lloyd’s market insurers and brokers, understand the risks that will influence the design and function of cities in the coming decade, and how insurance product development could respond to these...

Staff | October 13, 2020 The Canada Pension Plan Investment Board is selling its 50 per cent interest in the first phase of a real estate development in London, England. Phase one of Nova Victoria, a five-building, mixed-use development adjacent to London’s Victoria mainline and underground stations, was finished in April 2017. The sale, to  Singapore’s Suntec Real Estate Investment Trust, is expected to net the pension fund about $720 million. “The sale of Nova phase one is the culmination of a long-term and highly successful joint venture development project with Landsec, who remain a valued and trusted partner of CPP Investments,” said Tom Jackson, managing director and head of U.K. real estate at the CPPIB, in a press release. Read: CPPIB sees 5.6% return for first fiscal quarter “The project has been a huge success, as a large and high quality mixed-use development scheme that has significantly revitalized the area around Victoria station. It represents one of the most successful developments in London in recent times and has delivered solid returns for the more than 20 million contributors and beneficiaries of the fund.” In other investment news, the Caisse de dépôt et placement du Québec is buying a portfolio of 73 photovoltaic plants...

PR Newswire American Council of Life Insurers (ACLI) President and CEO Susan Neely announced today the launch of a new initiative to advance economic empowerment and racial equity. “Life insurers believe that all Americans should have access to tools and resources that will help them thrive and succeed,” Neely said. “ACLI and its members are asserting their commitment to this goal and presenting concrete, outcome-changing steps for economic empowerment in financially underserved communities throughout the nation.” Presenting the initiative at the ACLI Annual Conference 2020, Neely said the kick-off of this work is marked by ACLI’s Board of Directors being among the first association boards to have all its members sign the Pledge for CEO Action for Diversity and Inclusion. Life insurance industry leaders were among the founders and original signers of the Pledge, which aims to expand diversity in corporate leadership. ACLI’s Economic Empowerment and Racial Equity Initiative focuses on four key areas: Expanding access to affordable financial security in underserved markets. The life insurance industry is committed to building a more culturally diverse advisor community through recruitment, education and training. In addition, ACLI is working with regulators to break down unnecessary impediments to agent licensing so that more local advisors/financial...

Advisors are spending less time meeting with clients face to face, but advisors also are helping clients with COVID-19 concerns, according to a National Association of Insurance and Financial Advisors survey. More than 1,000 advisors responded to the 2020 NAIFA Experience Survey. Advisors said that in light of COVID-19 health concerns and restrictions, face-to-face meetings have fallen off dramatically, with 84.1% they are meeting with clients in-person less frequently. Communications via telephone, email and video conferencing have increased significantly. Insurance and financial professionals have been an important source of information and reassurance during the pandemic. A majority of those surveyed have helped clients with questions and concerns about insurance coverage (63.3%), retirement planning (55.4%) and investments (56.1%). They have also heard from clients facing a loss of employment (46.9%) or reduced income (48.6%). Other issues agents and advisors have helped clients with include the federal Paycheck Protection Program, long-term care insurance and health insurance. The survey provides insights into respondents’ professional experience, client characteristics, products and services, compensation models, social media usage and group demographics. A series of survey questions also explored how the COVID-19 pandemic has affected these financial professionals and their interactions with clients. Advertisement Prior to March...