Insurable Interest Canadian Insurance Blog

Port Perry ON (July 15, 2020) – Novinsoft is pleased to announce it is rolling out a new class of illustrators developed with the new Novinsoft Application Architecture. All-new Novinsoft Illustrator applications are now available as a web-delivered application running in the local browser. One single application for all target platforms – Windows, MacOS, iOs and Android; run locally in a disconnected state, like our current desktop applications, but on any device. Features include: Hybrid Online/Offline allows instant version/rate upgrade with offline illustration capability. Best of both world for advisors and Insurance Provider tech support. New illustrator’s cross platform capability which runs in local browsers (Chrome, Edge, Safari…Mac, PC, Android) via the web assembly approach. Advisor just needs a URL to access the new illustrator. Traditional “installation” is not required. Its like downloading an app to your device from an App Store. UI will auto-scale to optimize the screen size and UI controls in different platforms and devices Does not require hosting or to run within the Insurer’s web infrastructure. No need for a separate desktop system and on-line system. Novinsoft is now offering one system that’s good for all platforms. This is major new application architecture, with significant benefits....

Montreal, QC (July 14, 2020) – Apollo Insurance Solutions Ltd. (“Apollo”), Canada’s largest online insurance marketplace, are partnering with Berkley Canada to host a free educational webinar for brokers on the topic of Tech E&O. The webinar will take place on Tuesday, July 21, and offers one hour of CE accreditation for BC, Alberta, and Ontario. Berkley Canada has offered their Tech E&O package product on the Exchange since November 2019, but has recently relaunched it with additional features and capabilities. The package product covers technology companies with revenues up to $2M, and provides up to $2M in Professional Liability, $5M in General Liability, and it can also include Contents, Cyber, and Business Interruption add ons. In addition, consumers have the option to pay for the policy in 12 equal monthly payments. “Knowledge sharing with the broker community is extremely important to us, especially with emerging markets such as technology companies,” said Alexandra Spence, Berkley Canada’s Director of Marketing. “Berkley Canada believes in empowering the broker channel and customer. Offering our technology package product through Apollo increases our distribution capabilities and makes it available online and in real time — in line with how these clients are used to doing...

After pandemic-related declines in March thru April, U.S. life insurance application activity rose for the second consecutive month, up 1.2% in June year over year, according to the MIB Life Index. Despite the initial quarantine period straddling both the first and second quarters of 2020, the second quarter finished up 1% YOY, with the first quarter showing 1.8% YOY gains. At the close of the second quarter, the composite MIB Life Index is up 1.5% for the year. June’s application activity was off -1.7% from that of May, a time period where gains and losses have been historically mixed, MIB reported. Below age 60 life insurance buyers led once again but at a slowing pace compared to May. June’s application activity: ages 0-44 were up 3.7%; ages 45-59 were up 1.3%; and ages 60+ were off -5.5% year over year. At the close of the second quarter, year-to-date application activity for ages 0-44 remained consistent from last month, up 3.4%; ages 45-59 were up 0.5%; and ages 60+ were off -2.3%. Advertisement Read the original article at insurancenewsnet.com

Martha Porado | July 15, 2020 Debates are roiling across Canada as many grocery retailers pull back on so-called hero pay for workers who’ve had to face risky conditions during the pandemic. Empire Co. Ltd., the parent company of Sobeys, Freshco and some Safeway stores, ended its premium-pay period in June. But that wasn’t the only issue unionized workers at the company’s Alberta Safeway locations considered when they voted to strike in late June. A majority (79 per cent) of members voted in favour of strike action because of benefits concessions the company asked the union to make in its latest collective agreement offer. “It’s a curious time and the spotlight is at least in part on benefits in a global pandemic,” says Thomas Hesse, president of United Food and Commercial Workers Local 401, which represents the employees. “These workers work in public places and there’s a whole bunch of variables that are driving an augmented interest in benefits. Read: Uber Black drivers fight for unionization at labour board hearing “There have been 10 Safeway stores in Alberta that have had COVID diagnoses and investigations. They’re unionized so they have a full-time benefits plan. But the majority of employees are subject to a part-time benefits...

The fact that life insurance offers potential tax-planning benefits is no secret to Canadian wealth professionals, but even the most seasoned veteran may sometimes struggle to determine how and when it should be used. For those who regularly face such thorny questions, one time-tested reference has long served as the definitive go-to guide. “My team calls it The Book, and I think everyone in the industry calls it that,” said Florence Marino, assistant vice president of the Tax & Estate Planning Group at Manulife, who is also one of the editors of Canadian Taxation of Life Insurance. First launched 20 years ago, it’s now recognized as an authoritative text across the industry, and even has pride of place in the library of the Supreme Court. Growing the pie“Most of us on Manulife’s Tax, Retirement, and Estate Planning Team came from external accounting and legal practices,” Marino said, recalling her early years working at the company. “We knew about tax-free death benefits and tax-exempt growth inside an exempt policy, but we didn’t necessarily know all the ins and outs of the taxation of the product.” As novices to Canadian life insurance, they had to work and study diligently before finally getting...

After seeing a 3.6% decline in 2018, private drug plans in Canada saw eligible monthly cost across all individuals rise by 7.6%, according to a new report from TELUS Health. “Overall eligible costs saw their biggest increase in the past five years, for multiple reasons,” said the 2020 Telus Health Drug Data Trends & National Benchmarks report. While a regional breakdown revealed notable increases across all regions, Ontario was revealed as an outlier due to the province’s discontinuation of its OHIP+ program for insureds below the age of 25 in April 2019. But even after discounting all insureds under 25 from the analysis, other factors caused a 5.1% rise in eligible costs for 2019, in contrast to a dip of 0.8% in 2018. Stripping away the effects of that event in Ontario also showed that the eligible costs for private drug plans in the province were still found to have risen by 5.4% last year, compared to the 2.4% decline in 2018. “Quebec is also at the forefront, with a 5.8% increase across all age groups, compared to an increase of 3% in 2018,” the report said. While the under-25 cohort showed the biggest jump in costs last year, it...

Staff  | July 14, 2020 The Halifax Port ILA/HEA pension plan has appointed Blair Richards as its chief investment officer. After more than 20 years as chief executive officer, he started the new role on July 1 and is under contract until Dec. 31, 2023. David Cranston, an internal hire, took over as CEO. Richards began working on the Halifax waterfront more than 40 years ago in 1979. He joined Local 1341 of the International Longshoremen’s Association and is still a member today. Read: Inspiration: Blair Richards on pension education He worked on behalf of his local and the ILA in labour and industrial relations as an executive member for approximately 15 years. In 1992, he became the first chairman of a newly formed board of trustees responsible for pensions and benefits on a mandate between the employers’ association and the union. He served in the chair position from inception in September 1992 until Dec. 31, 1999. On Jan. 1, 2000, he became chief executive officer of the organization. In addition to Richard’s new role as CIO, he’s currently a director at the Workers’ Compensation Board of Nova Scotia, a role he’s held since May 30, 2019. He’s also a board member and treasurer...

Staff  | July 14, 2020 The British Columbia Investment Management Corp. has released its environmental, social and governance strategy, which outlines its beliefs, principles, governance and how its investment strategies consider ESG factors. The strategy includes four components: integrate, influence, invest and insight. In particular, the BCI is focused on integrating ESG analysis and risk management into investment processes, influencing others through engagement and advocacy, seeking opportunities to invest in ESG-themed investments and using learnings to generate insights to adapt strategies and approaches. Read: BCI touts ESG successes in 2019 report “Our updated ESG strategy marks the culmination of a collaborative effort across the corporation and builds upon BCI’s long-standing commitment to ESG,” said Jennifer Coulson, the BCI’s vice-president of ESG for public markets, in a press release. “It strengthens our approach to mitigating the long-term risks and opportunities that ESG matters present as part of the prudent investment management of our clients’ funds.” Read the full article at BenefitsCanada.com

Jordan Press, The Canadian Press | July 14, 2020 The federal government is for the second time extending its program to subsidize wages in companies hit hard by the COVID-19 pandemic, this time until at least December. But the government is being warned it may have to move the end date into 2021. The program is the heart of the Liberals’ promise to help Canadians get back to work, even if has to be at a slower pace, as the pandemic wanes. Speaking outside his Ottawa residence, Prime Minister Justin Trudeau announced the extension to give “greater certainty and support to businesses as we restart the economy.” While Trudeau didn’t say how the government will reshape the eligibility rules for the program that critics have said stop some employers from getting aid they need, he promised more details in the coming days. Read: Feds introduce 75% wage subsidy to help employers keep staff during coronavirus The wage subsidy program was previously set to expire the first week of June but the Liberals announced an extension to the end of August in mid-May. The government has yet to share eligibility requirements for July. Dan Kelly, president of the Canadian Federation of Independent Business, said the extension...

Novarica profiles 12 solutions in new report Boston, MA (July 14, 2020) – While many (re)insurers today use some combination of Excel and legacy systems to manage reinsurance business, there are other options available for those who want to invest in a more automated, efficient process. In Reinsurance Management, research and advisory services firm Novarica provides an overview of the current solution provider marketplace for reinsurance management solutions currently available to US insurers, as well as profiles of 12 vendor solutions. “A simpler insurance product means that the reinsurance stage will need to handle more risk calculations,” said Chuck Gomez, Vice President of Research and Consulting, and co-author of Novarica’s new report. “It’s much more common now for reinsurers to negotiate individual treaty terms. Insurers will only drive further contract complexity as reinsurers adopt third-party data sources and better predictive analytics.” As growth in the reinsurance marketplace remains small, Novarica has determined no vendor can be said to have a dominant position in the space. “Dominant providers have large client bases and large new client growth year-over-year,” said Jeff Goldberg, Executive Vice President of Research and Consulting. “It is possible in the coming years that one or two vendors will...