Insurable Interest Canadian Insurance Blog

IBC Collaboration with Police Leads to Charges Vancouver, BC (June 23, 2020) – The Government of British Columbia (BC) has introduced legislation that would bring about significant reforms to how stratas in the province are managed. Insurance Bureau of Canada (IBC) congratulates the government and believes the measures introduced today are an important first step to help improve the insurance market for strata corporations in BC. If passed, Bill 14, Municipal Affairs and Housing Statutes Amendment Act (No.2) would allow for the creation of clear guidelines for strata corporations and unit owners of what they are responsible to insure, strengthen requirements around strata corporation reserve funds and depreciation reports, and cap the maximum amount that can be assessed towards a single unit owner. It would also allow the government to strengthen requirements for insurers and brokers to inform strata corporations of changes to their insurance coverage and costs. “IBC applauds government for introducing these reforms, many of which mirror recommendations IBC and others have provided to help improve the risks facing strata corporations in BC,” said Aaron Sutherland, Vice-President, Pacific, IBC. “This is an important first step to bring stronger governance to BC’s strata corporations, increased transparency in the market,...

Québec, QC (June 22, 2020) – SSQ Insurance proudly expands its product offering to include new simplified and guaranteed issue life insurance products and in doing so, is positioning itself quite favourably in this promising and fast-growing sector. The three new life insurance options provided by SSQ Insurance let customers apply for and get coverage in under 60 minutes – a process that is 100% electronic. “The launch of these products is part of our strategy to continually innovate our digital offering in line with market needs. In a competitive environment where insurers are quickly going digital, we want to make our advisors’ work easier by providing them with products that are simple, quick and that ensure peace of mind,” said Éric Trudel, Senior Vice-President Strategy and Product Management, SSQ Insurance. These new life insurance options are in line with the customers’ most common needs: Simplified Term Life Simplified Whole Life Guaranteed Issue Whole Life No medical exam is required for these products. In addition to being paperless, these products stand out by the speed at which they can be issued. By using a secure electronic application and e-signature, and by emailing the digital contract to customers, an advisor can...

Toronto, ON (June 25, 2020) – CSIO is pleased to announce that its Commercial Lines (CL) Working Group has finalized a standard set of questions required for underwriting small retail business submissions. Standardizing the questions helps support workflow efficiencies between brokers and insurers by improving the speed of information exchange, and strengthens the value proposition of the broker channel. The finalized questions further support real-time quoting for nearly 90% of the Insurance Bureau of Canada’s (IBC) retail industry codes. This includes retail services such as florists, bakeries, drug stores, hardware stores, and electronics shops. The questions for retail, and small contractors which was completed in November 2019, are built using the foundational minimum data set that consists of common data elements used by insurers to underwrite commercial risks. These finalized questions are critical for insurers to determine the appropriate industry group classification required to quote a risk. Once programmed in the broker management system (BMS), brokers can approach multiple markets using the same information. This results in more accurate quotes provided in real-time and while also reducing double work, less paperwork, and improves customer service. “In an increasingly competitive marketplace, these technology advancements using data standards allow us to provide...

Susan Neely, CEO of the American Council of Life Insurers How Susan Neely and ACLI are keeping the industry at the table during this crisis This year has been the worst of all possible worlds for life insurance, an industry that depends on predictability. Historically low interest rates are making it painful even to attempt projecting returns that will support products and sustain remotely attractive crediting rates. Meanwhile, the COVID-19 pandemic is hitting the primary age demographic that the industry serves, upsetting mortality tables. To top it all off, the face-to-face meetings that drive the industry’s sales are either banned or unwanted. Pack all of that into a locked-down national capital filled with constant knock-down partisan battles and you have a good idea of what the American Council of Life Insurers is dealing with these days. But ACLI has a seasoned pro as its president and chief executive officer, Susan Neely, who has been working in government and trade associations for nearly four decades. Neely was one of the architects of the Department of Homeland Security in the George W. Bush administration. Although she started with ACLI just about two years ago, she had been involved with health insurance in...

Staff | June 25, 2020 While benefits plan members are experiencing levels of stress that impact their productivity at work, a growing number feel their employer is supporting their mental health, according to the 2020 Sanofi Canada health-care survey. The survey found 37 per cent of employees said they’ve felt physically ill due to overwhelming workplace stress in the last year. That number was even higher among respondents who said they’re dissatisfied with their job (63 per cent) and those who felt their interactions at work were a main source of stress (52 per cent). Employees between the ages of 18 and 34 were much more likely (42 per cent) to say they’ve felt physically ill from stress than those 55 and older (23 per cent). Read: Employers, employees both play a role in battle against stress Thirty per cent of plan members said they experienced high levels of stress on a typical workday in the past three months, rising to 52 per cent for plan members who said they aren’t satisfied with their job and 48 per cent for those who said they’re in poor personal health. Again, plan members age 18 to 34 were more likely (34 per cent) to report high levels of stress...

Staff | June 25, 2020 The federal government is introducing new regulations to protect employees from harassment and violence in the workplace. The regulations, which take effect on Jan. 1, 2021, outline the necessary elements of a workplace harassment and violence prevention policy and the procedures employers are required to have in place to respond to any incidents. They apply to federally regulated workplaces, falling under Bill C-65, which is aimed at strengthening workplace harassment and violence prevention efforts. The bill, which went into effect last year, also brought political employees under the cover of the Canada Labour Code’s occupational health and safety and harassment and sexual violence protections for the first time. Read: Federal government introduces bill to address workplace harassment, violence According to the regulations, employers’ policies should include timelines for complaint resolution that support both the victim and alleged perpetrator, requirements for confidentiality for all parties throughout the process and protections for employees who’ve been victimized by a third party, such as a client. The policies should also specify qualifications of a person considered competent to investigate incidents and provide recommendations, lay out the employer’s obligations in administering corrective measures following an investigation and outline the support employees should be given if they’ve experienced workplace harassment and violence. “Today, we’re taking an...

Staff | June 25, 2020 The Canada Pension Plan Investment Board and the Public Sector Pension Investment Board are participating in the initial round of financing for Seattle-based Sana Biotechnology Inc. With the help of other investors, the initial financing comes to more than US$700 million. The financing is aimed at helping the company bolster its core platforms — gene delivery, immunology, stem cell biology and gene modification and control. “The commitment from this group of long-term investors enables us to concentrate on making discoveries that overcome the most important challenges to making gene and cell therapies that improve the lives of a broad swath of patients,” said Steve Harr, the company’s president and chief executive officer, in a press release. “I am proud of our progress to date in turning our technologies into potential therapies for serious diseases such as cancer, central nervous system diseases, heart disease and various genetic disorders.” Read: Tech, health care set to be winning sectors for institutional investors during, after pandemic In other investment news, OMERS Ventures, the venture capital arm of the Ontario Municipal Employees Retirement System, led a US$10.5-million series A extension funding round for U.S. residential real estate firm Landed. As part of the deal, Michael Yang, managing partner...

EDITOR’S NOTE: This is Part 2 of an interview featured in the July edition of InsuranceNewsNet Magazine between InsuranceNewsNet Publisher Paul Feldman and American Council of Life Insurers CEO Susan Neely. This year has been the worst of all possible worlds for life insurance, an industry that depends on predictability. Historically low interest rates are making it painful even to attempt projecting returns that will support products and sustain remotely attractive crediting rates. Meanwhile, the COVID-19 pandemic is hitting the primary age demographic that the industry serves, upsetting mortality tables. To top it all off, the face-to-face meetings that drive the industry’s sales are either banned or unwanted. Pack all that into a locked-down national capital filled with constant knock-down partisan battles and you have a good idea of what the American Council of Life Insurers (ACLI) is dealing with these days. But ACLI has a seasoned pro, Susan Neely, as its president and chief executive officer. She has been working in government and trade associations for nearly four decades. Neely was one of the architects of the Department of Homeland Security in the George W. Bush administration. Although she started with ACLI just about two years ago, she had...

Staff | June 24, 2020 The Ontario Pension Board has released a statement addressing the role it plays in standing against anti-Black and anti-Indigenous racism. “I know some of you may be wondering why we didn’t share a message of support sooner,” read the letter from Mark Fuller, the OPB’s president and chief executive officer. “While statements of support matter, with an issue this important, we recognize that what’s really needed is meaningful action. Over the past month, we have been focused on listening, learning and having in-depth discussions about what we need to do.” Read: TSX-listed companies making little progress raising diversity on boards, executive teams: study The OPB has a diverse staff-level workforce, he noted, but the organization needs to do more at the leadership level. “I also recognize that real change will require taking a systemic view of our organization, programs and processes and challenging our current thinking, biases and ways of doing things. I have declared my commitment to further diversity and inclusion in a meaningful way to the board and our employees and the entire leadership team stands with me in this commitment.” Once the organization has had ample opportunity to listen to voices and experiences of Black, Indigenous and other racialized...

Staff | June 24, 2020 The Ontario Teachers’ Pension Plan is appointing Karen Frank as senior managing director of equities. Based in the pension fund’s London office, she’ll take on the new role in fall of 2020. “Equities is an integral part of Ontario Teachers’ asset mix, contributing significantly to our ability to deliver on the pension promise to our members,” said Ziad Hindo, chief investment officer, in a press release. “Karen brings to the role significant leadership skills, diverse thinking and in-depth knowledge of global markets that will help us continue to scale our business internationally and build on our track record of success.” Read: Ontario Teachers’ investing in UAE-based gas pipeline infrastructure Frank joins the Ontario Teachers’ from Barclays, where she’s been chief executive officer at Barclays Private Bank since 2016. She was previously a managing director of investment banking at Goldman Sachs. In the new role, Frank will succeed the pension fund’s current head of equities Jane Rowe, who will take on the new role of vice-chair of investments as of Oct. 1, 2020. Read the full article at BenefitsCanada.com