Insurable Interest Canadian Insurance Blog

Staff | September 25, 2020 The Chartered Financial Analyst Institute is looking to more deeply examine the financial industry’s role in mitigating climate change. In a new report, the CFA Institute examined how investors can engage with the issue of climate change. It noted a recent survey of its members found 40 per cent of respondents incorporate climate change information into the investment process. In past research, the institute found 75 per cent of a select group of C-suite executives believe climate change is an important issue. The disparity between these two percentages would suggest there’s an appetite for more data and disclosure on issues of climate risk from issuer companies, according to the report. As for tools the financial sector can use to improve the situation, the institute said it supports carbon pricing. “Putting a price on carbon emissions that considers the negative externality of climate change creates an incentive for the invisible hand of the market to move economies away from burning fossil fuels.” Read: UTAM joins institutional investors calling on aviation sector to address climate change The report also noted that carbon price expectations should be included in analyst reports. “A realistic market price on carbon will send a price signal that analysts need in order to properly...

Staff  | September 25, 2020 Johnston Group Inc. and the Empire Life Insurance Co. are introducing a benefits program designed for employers with 25 to 200 employees. The product, which includes the essentials of a benefits plan, can be integrated with Payworks Inc.’s payroll services and offers bundled pricing on additional human resources tools. It also includes offerings from Teladoc Telemedicine Services. “At Johnston Group, it isn’t just about being trendy with technology and innovation, it’s about how we can provide better and increasing value to our customers,” said Dave Angus, president of Johnston Group, in a press release. Read: Empire Life adding telemedicine to group benefits plans Under the product, Johnston Group will process member information, adjudicate and process health and dental claims and provide customer service, while Empire Life will insure life, disability, extended health care and dental benefits. “Empire Life is on a mission to make group benefits simple, fast and easy for Canadians,” said Michael Perry, senior vice-president of group solutions at Empire Life. “We’re honoured to be chosen by Johnston Group and confident that together, this new program will allow for the provision of flexible and value-added benefits solutions, specifically developed for medium-sized businesses.” Read: Teladoc, Johnston Group...

Toronto, ON (Sept. 24, 2020) – The Canadian Snowbird Association (CSA) applauds the September 23 unanimous decision of the Ontario Divisional Court in Canadian Snowbirds Association Inc. v. Attorney General of Ontario to strike down part of Ontario Regulation 259 which terminated OHIP’s Out-of-Country Travellers Program (OOCTP). In that decision, the Court found that, under the Ontario Health Insurance Act, the Lieutenant Governor in Council does not have the legal authority to enact regulations which would revoke the OOCTP. On January 1, 2020, in an unprecedented move, the Ontario Government proceeded with their plans to eliminate the Out-of-Country Travellers Program, which provided reimbursement for Ontario residents who faced medical emergencies while travelling outside of the country. This policy change made Ontario the only jurisdiction in Canada to cut all emergency medical coverage for residents travelling abroad. The Court’s ruling reinstates this important coverage for travelling Ontarians, restoring reimbursement rates to $200 and $400 per day for emergency inpatient services and up to $50 per day for emergency outpatient services. While the CSA continues to advise travellers to obtain adequate travel medical insurance prior to all trips abroad, re-establishing coverage will lower insurance premiums, making travel more affordable, particularly for seniors...

“May I have your attention, please?” Focusing on the road will keep you and others safe – and save you money Regina, SK (Sept. 25, 2020) – This October, whether you’re driving to your favourite pumpkin patch, heading out to pick up a Thanksgiving turkey or just out for a drive to see the changing leaves, make sure your focus is on the road. Driver inattention and distraction is the subject of this month’s Traffic Safety Spotlight for SGI and Saskatchewan law enforcement. Police will be looking for drivers using mobile devices or just not paying enough attention to the road. Distracted driving is a top traffic safety concern, contributing to 16 deaths and more than 4,500 collisions in Saskatchewan in 2019. “The February increase in distracted driving penalties caught a lot of people’s attention,” said Penny McCune, Chief Operating Officer of the Auto Fund. “But despite those harsher consequences, it’s still not hard to spot drivers conspicuously staring down at their laps.” Distracted driving results in a $580 ticket and four demerit points for a first offence; penalties increase in severity for repeat offences. Police across Saskatchewan have caught, on average, more than 500 distracted drivers every month this...

Staff | September 25, 2020 Images of parents trying to shush their kids during work Zoom meetings are now as commonplace as, well, Zoom meetings. With many people six months into working from home due to the ongoing coronavirus pandemic, employers can often literally see employees with kids trying to juggle it all. A new survey by Willis Towers Watson found the three-quarters (74 per cent) of employers believe supporting working parents is a top priority, but only 39 per cent agreed that current programs and policies to support these employees are effective.  Read: How can employers support staff with children during pandemic schooling? However, the survey, which polled more than 550 U.S. employers earlier this month, found more companies are planning, or considering, a bevy of benefits to help working parents. Three in 10 employers said they currently offer access to backup childcare services, while another 30 per cent said they’re planning or considering doing so. More than a quarter (27 per cent) of respondents said they provide discounts or subsidies for childcare centres, tutoring or other educational resources and another 22 per cent said they’re planning or considering offering these discounts and services. Meanwhile, 22 per cent of employers said they offer company-subsidized backup childcare days and another...

CHATTANOOGA, Tenn. (Sept. 24, 2020) – The coronavirus pandemic gives millions of Americans—especially younger adults, those with children at home, and minorities—an opportunity to reconsider how they manage their finances. According to a new Unum survey,* 41% of adults said the pandemic has changed how their family handles finances. And nearly one in four (22%) will consider increasing their life insurance coverage this year. Most Americans don’t understand how much life insurance they need—and 45% don’t have or know if they have life insurance—according to the survey. “The pandemic changed our lives, and it’s not a surprise more people are thinking about how they are protecting their families with life insurance,” said Chris Pyne, executive vice president of Group Benefits at Unum. “For most people, the ability to earn an income throughout their life is the biggest asset they have.” In nearly half (48%) of households, the death of a family’s primary wage-earner would cause financial strain in less than three months. Advertisement While 22% said the pandemic caused them to consider adding additional life insurance coverage, the numbers are even higher among several groups, including: households with children (34%), Black adults (36%), Hispanic adults (38%), Generation Z’ers (38%) and...

CINCINNATI – Sept. 25, 2020 – Western & Southern Financial Group has named John H. Bultema III president and chief executive officer of Columbus Life Insurance Company. Bultema will succeed J.J. Miller, who is retiring effective October 2, 2020. In addition to his new role, Bultema will continue to serve as president and chief executive officer of The Lafayette Life Insurance Company, a position he has held since November 2019. Bultema and Miller are working closely together to ensure a smooth transition.  As part of his new role, Bultema is also working to craft an enterprise strategy for independent agent distribution. The strategy will be designed to preserve the distinct brands, solutions and distribution relationships of Columbus Life and Lafayette Life, while simultaneously gaining operating efficiencies for the companies that rely on independent agent distribution for all or a portion of their revenue. This will include the collaboration already underway to fully leverage opportunities created by Western & Southern’s 2018 acquisition of Gerber Life Insurance Company. Bultema will continue to report directly to Jill T. McGruder, Western & Southern senior vice president and chief marketing officer. J.J. Miller joined the company in 1970 as an actuarial student. He was promoted to director of...

BMO Insurance is offering its whole-life policyholders a new option to get access to capital while still having life insurance to protect their business or estate. Under the newly announced Wealth Accelerator option, clients have the opportunity to access more liquidity in the early years following their purchase of an insurance policy. It complements the existing Estate Protector option, which places an emphasis on superior long-term death benefit and cash values. “Since the initial launch of BMO Insurance Whole Life in 2017, advisors and their clients have focused on the simple, flexible and guaranteed elements of this product,” Daniel Walsh, vice-president for Business Development, BMO Insurance, said in a statement. “With the addition of the Wealth Accelerator, Canadians now have another option when considering strategies for financial protection of their estate or business.” Clients can select either option when they apply for a BMO Insurance whole life policy. According to the firm, both the Wealth Accelerator and Estate Protector options on BMO Insurance Whole Life Insurance policies come with the same promise of simple product design, built-in flexibility, guarantees, premium payment options, performance bonus, and riders. However, each option has its own premium rates, guaranteed cash values, and death benefit...

PR Newswire The coronavirus pandemic gives millions of Americans—especially younger adults, those with children at home, and minorities—an opportunity to reconsider how they manage their finances. According to a new Unum (NYSE:UNM) survey,* 41% of adults said the pandemic has changed how their family handles finances. And nearly one in four (22%) will consider increasing their life insurance coverage this year. Most Americans don’t understand how much life insurance they need—and 45% don’t have or know if they have life insurance—according to the survey. “The pandemic changed our lives, and it’s not a surprise more people are thinking about how they are protecting their families with life insurance,” said Chris Pyne, executive vice president of Group Benefits at Unum. “For most people, the ability to earn an income throughout their life is the biggest asset they have.” In nearly half (48%) of households, the death of a family’s primary wage-earner would cause financial strain in less than three months. Advertisement While 22% said the pandemic caused them to consider adding additional life insurance coverage, the numbers are even higher among several groups, including: households with children (34%), Black adults (36%), Hispanic adults (38%), Generation Z’ers (38%) and Millennials (30%). When...

Staff  | September 24, 2020 While the coronavirus pandemic is increasing employee burnout globally, the impact differs across countries, according to a new work trends index by Microsoft Corp. The survey, which polled more than 6,000 information and frontline workers in eight countries, including Australia, Brazil, Germany, Japan, India, Singapore, the U.K. and the U.S., found more than 30 per cent of respondents said the pandemic has increased their feelings of burnout at work. That figure rises to 44 per cent in Brazil and drops to 10 per cent in Germany. The causes of workplace stress also differed, with survey respondents asked to rank their top contributors from a list of 12 options. Globally, the top stressor was worry about getting the virus, followed by lack of separation between work and life, feeling disconnected from co-workers and unmanageable workloads or hours. Read: How can employers manage work-from-home burnout? Digging deeper into into the lack of separation between work and life, the survey found people are in significantly more meetings, taking more ad-hoc calls and managing more incoming chats than they did before the pandemic. Unfortunately, after-hours chats, between 5 p.m. and midnight, have also increased. In addition, it found the lack of a commute may be hurting,...