Insurable Interest Canadian Insurance Blog

Kelsey Rolfe | June 19, 2020 More than three-quarters (77 per cent) of Canadian benefits plan members agree their workplace culture or environment encourages health and wellness, according to the 2020 Sanofi Canada health-care survey. “We want to maintain and build on that,” said Andrea Frankel, national private payer lead at Sanofi Canada, during a webinar highlighting the annual survey on Thursday. “For the first time this year, we asked what comprises a wellness culture in their own workplace, based on a list of 13 possible factors. The top three factors are safety, good relationships with co-workers and a good relationship with the immediate supervisor.” Indeed, plan sponsors and members were mostly aligned on how their workplaces encourage wellness. A safe work environment came out on top for both plan members (55 per cent) and plan sponsors (67 per cent), followed by good relationships with co-workers (54 per cent and 56 per cent, respectively) and immediate supervisors or managers (44 per cent and 54 per cent, respectively). Read: Fewer workplace cultures encouraging health and wellness: Sanofi survey “One thing to highlight is that, although both groups were aligned in their rankings, plan members were less likely to indicate certain factors were evident in their workplace,” noted Frankel....

Kelsey Rolfe | June 19, 2020 Alberta’s Fair Deal panel is recommending that the provincial government withdraws from the Canada Pension Plan and creates its own, subject to a referendum. “The panel recommends vigorously exploring this option and conducting the due diligence needed to assure Albertans that benefits and risks are understood and can be positively managed,” wrote the panel. “Albertans will want to be assured that the [Alberta Pension Plan] would be managed independently in an arms-length manner by an experienced manager using best governance and practices for pension plan management.” The panel was launched by Premier Jason Kenney to consult with Albertans on how to advance the province’s economic interests and increase provincial powers. It came in the wake of a federal election that saw the Liberal party fail to capture any seats in the province, highlighting Albertans’ frustration with Prime Minister Justin Trudeau’s government. Read: Alberta will study already ‘compelling case’ for its exit from CPP: Kenney In its response to the panel, the provincial government said it would conduct further analysis on the proposal. “If that analysis concludes that an Alberta Pension Plan would be a net benefit to Albertans, we would then proceed to give Alberta voters the final say on the proposal in a...

Martha Porado | June 19, 2020 Canadian institutional investors are operating in a landscape that has changed dramatically since the initial market and policy reactions to the coronavirus pandemic. “A lot has changed over the last five to six months,” said Michael Sager, vice-president and client portfolio manager for multi-asset and currency management at CIBC Asset Management Inc., during a webinar hosted by the Association of Canadian Pension Management on Wednesday. “We had that period when COVID-19 really intensified in North America at the end of February/ beginning of March, when the primary focus was on the dislocation of markets and really a focus on extreme downside scenarios of how bad it could get. And I think we’ve now pivoted over the last month or so . . . to a much more balanced focus, including on recovery and on opportunity.” Read: How are global retirement systems faring in the wake of coronavirus? A never-before-seen shift in monetary and fiscal policy around the world has been a key driver for markets, he said. “We’re seeing unprecedented policy initiatives, not just in the U.S. and Canada, but in emerging markets, which usually respond to crises by maintaining interest rates to protect currencies and minimize inflation...

Staff | June 19, 2020 More than half (55 per cent) of Canadians said they don’t know how to find virtual-care services, according to a survey by Sun Life Canada’s online health network Lumino Health. Half (49 per cent) of survey respondents reported the coronavirus pandemic is having negative effects on their physical health and nearly 60 per cent reported mental-health impacts. Despite these findings, only 21 per cent said they’ve sought professional care. Read: Canadians cite 91% satisfaction rate with virtual health care “The need for Canadians to connect virtually with health-care professionals has never been more important,” said Chris Denys, senior vice-president of possibilities at Lumino Health, in a press release. “As physical distancing continues, it’s our goal to bring Canadians the tools and resources they need to manage their health from home.” Although many Canadians are unsure where to access virtual care, awareness is high, at 72 per cent. And, when asked what they believe are the main benefits of virtual care, survey respondents listed convenience (54 per cent); no waiting rooms (50 per cent); and speed to connect with a health-care professional (40 per cent). Read: Walmart Canada rolls out free virtual health care to all staff Read the full article at BenefitsCanada.com

While we still asked our annual questions about capital accumulation plan members’ retirement readiness, we also wanted to find out how they were managing their investments and their financial well-being in this time of uncertainty. During the subsequent webinar, sponsored by Actuarial Solutions Inc. and Morneau Shepell Ltd., I hosted an insightful discussion about the findings with a panel of industry experts. Read: 2020 CAP Member Survey: Challenges ahead The cover story attempts to condense this one-hour discussion, but I urge anyone who didn’t tune in at the end of April to visit BenefitsCanada.com/webinars to watch the whole webinar on-demand. In the second half, I veered away from the survey results to ask the experts about some of the hot topics we’ve been hearing from pension plan sponsors during the crisis, including considerations around temporarily reducing contribution levels, whether decumulation is still on the agenda and how they can continue to highlight their employees’ retirement savings and financial well-being. During the webinar, Orla Cousineau, director of pensions at the University of British Columbia, said her organization isn’t making any changes to its defined contribution plan, though she acknowledged some employers are considering their options. “I worry about that kind of...

Green Shield Canada is boosting its emphasis on mental healthcare via a digital enhancement to its individually purchased health and dental benefit plans. Effective July 1, GSC individual plans – including SureHealth and Health Assist – will include BEACON’s standard digital mental health program. GSC individual planholders will have access to personalized cognitive behavioural therapy administered by an experienced, regulated mental health professional at no extra cost. “COVID-19 has brought significant financial and emotional hardships for many Canadians, and our mental resilience is being tested on a daily basis,” said Joe Blomeley, GSC’s EVP, Individual, Public Sector and Mental Health. “We see the BEACON program as a high-value enhancement that will benefit anyone feeling depressed or anxious, or having difficulty sleeping, especially in these challenging times” Other upcoming enhancements for individual customers, to be communicated under the new YourAccess2 banner, include access to other digital services including the PocketPills digital pharmacy and discounted rates on telemedicine consultations via Maple. “In our conversations with customers, we have seen growing confidence in all types of digital health care, and we have structured our plan enhancements with this in mind,” Blomeley said. GSC has taken other steps during the pandemic to make accessing...

Staff | June 18, 2020 The Caisse de dépôt et placement du Québec is introducing a new structure to maximize its impact in technology. The integrated approach aims to leverage technology for performance, both in investment and risk management activities, as well as in transforming the organization. “For many years now, CDPQ has made the integration of disruptive technology a strategic priority,” said Charles Emond, president and chief executive officer of the Caisse, in a press release. “With this new integrated approach, we will be even better positioned to seize investment opportunities and strengthen our business practices. Technology will play a central role in all of our activities going forward. The current crisis, which is accelerating the adoption of new technological solutions in every industry, has strengthened our conviction.” Read: Caisse participating in financing round for Quebec payment-tech provider To pilot the new strategy, Alexandre Synnett has been appointed executive vice-president and chief technology officer. He was previously the organization’s executive vice-president of digital technology and operations. The new approach is based on three pillars. The first aims to anticipate and capitalize on investment opportunities created by disruptive technology and models. Led by Tom Birch, the Caisse’s global managing director of venture capital and technology, the...

Staff | June 18, 2020 Three-quarters (75 per cent) of global employees said they feel their employers have been taking care of their well-being during the coronavirus pandemic, according to a new survey by human resources organization Randstad. Among Canadian survey respondents, this figure increased to 77 per cent. Around the same percentage (76 per cent) of global workers said their employers have been accommodating around shifting work hours to balance work and family responsibilities. The majority (90 per cent) of Canadians said they’ve adapted to their new working situation. Indeed, the global average was relatively high, at 83 per cent, with Japan the lowest at just 65 per cent. Read: Coronavirus pandemic means ‘new normal’ for employers, employees However, the survey also found 64 per cent of global employees said they believe the coronavirus has negatively impacted their job security. In Canada, the news is slightly better, with only 55 per cent of workers sharing this fear. Slightly more than half (52 per cent) of all respondents said they believe their employer would help them find a new job if they were furloughed, while only 67 per cent said they expect they could rely on government support if they became unemployed. Significantly, 86 per cent of...

Business Wire NEW YORK–(BUSINESS WIRE)– Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc. (“MetLife”), announced today its first United Kingdom longevity reinsurance transaction with Pension Insurance Corporation plc (“PIC”). “This transaction marks an important milestone in MetLife’s strategy and gives us the opportunity to apply our experience managing risk to a new market,” said Graham Cox, executive vice president and head of Retirement & Income Solutions at MetLife. “With this transaction, MetLife is establishing itself as a reinsurance solution for direct insurers in the U.K. While this is MetLife’s initial step into the U.K. longevity reinsurance market, our long history and mortality expertise position us well for the future.” Under the terms of agreement, Metropolitan Tower Life Insurance Company will provide reinsurance to PIC for longevity risk associated with approximately £280 million of pension liabilities. “In 2019, there were more than £40 billion of U.K. pension risk transfer transactions completed — this robust market presents an opportunity for reinsurers to support direct insurers by managing their longevity risk,” said Cox. “We are pleased to be working with PIC and look forward to building on this relationship.” “It’s great to see another well-rated, global corporation complete a debut transaction...

Montreal, QC (June 18, 2020) – Apollo Insurance Solutions Ltd., (“Apollo”) Canada’s largest online insurance marketplace, has partnered with Great American Insurance Group to offer an entirely digital Builder’s Risk insurance product on the Apollo Exchange platform. This Builder’s Risk program offers limits up to $2 million and covers residential and commercial structures while they are under construction, or being remodeled or renovated. The product is live and available to APOLLO’s network of over 160 Canadian property and casualty brokerages. Canadian insurance brokers are able to access all of the products on the Apollo Exchange by registering for free. This Builder’s Risk product pays 20% commission to the broker. “We pride ourselves on driving innovation from broker partner feedback. We have had many requests for this product so the team and our brokers are really excited for this launch,” said Apollo CEO Jeff McCann. “Credit to Great American, and specifically Michelle Morin, for coordinating their team across North America to test and deploy this product during COVID.” As with every Apollo Exchange product, the entire process, from quoting, binding coverage, and issuing policy documents is immediate, online, and paper free. Great American is one of several carriers that offer their...