Insurable Interest Canadian Insurance Blog

Chicago, IL (Dec. 10, 2019) – FRISS, a company dedicated to combating insurance fraud using innovative IT software and the National Insurance Crime Bureau (NICB), the United States’ premier not-for-profit organization dedicated exclusively to fight insurance fraud and theft, are pleased to announce the two organizations have entered a strategic partnership. NICB gathers, analyzes, and disseminates information to support its member companies in detecting fraud. This partnership provides yet another innovative way for mutual members of NICB and customers of FRISS to access and incorporate NICB information to detect fraud. “We see this partnership as a positive step in making sure our members and FRISS customers have the tools needed to combat the challenges associated with insurance fraud,” said Joe Wehrle, NICB President and CEO. “Building strategic partnerships like this reinforces our commitment to helping our members with cutting edge technology. It’s another example of why NICB continues to be the insurance industry thought leader in the fight against insurance crime.” FRISS was founded in 2006 when co-founders Jeroen Morrenhof and Christian Van Leeuwen decided it was possible for technology to help combat insurance fraud. Since then the solution has been implemented over 175 times at carriers worldwide. The FRISS...

Telematics bring rating and claims systems in line with technology and prepare carriers for the future of auto insurance Boston, MA (Dec. 11, 2019) –  Technology developments in the last few years have led to new types of devices generating more telematics data and at a lower price point. Carriers have focused mainly on the underwriting implications of this technology, but the uses extend beyond rating and into claims and customer engagement. Carriers not taking advantage of all that this technology has to offer will quickly fall behind their competition. Aite Group’s latest report, The Future of Personal Lines Auto Insurance Through Telematics, explores the major telematics features affecting the underwriting and claims process. “Carriers must focus on how to integrate telematics systems into their underwriting and claims processes first, and then focus on customer buy-in to accelerate the adoption of this technology,” explains Greg Donaldson, senior analyst at Aite Group. This report helps executives from property and casualty insurance carriers evaluate the major telematics features affecting the underwriting and claims process, understand the marketing methods to best position these devices with their customers, and identify the different types of telematics devices that are currently available. It is based on...

Muhammad Bajwa and Husain Trunkwala are not licensed to conduct insurance business in Ontario Toronto, ON (Dec. 10, 2019) – The Financial Services Regulatory Authority of Ontario (FSRA) is protecting consumers and ensuring public trust in Ontario’s financial services. We are warning consumers that the individuals and company below are not licensed to conduct insurance or mortgage business in Ontario. Muhammad Bajwa Muhammad Bajwa appears to be soliciting auto insurance through Sonnet Insurance. He appears to be operating out of 1280 Finch Ave W, Suite 407, North York, Ontario, M3J 3K6 using the telephone number 647-894-5526, and the email address [email protected]. However, Mr. Bajwa is not licensed with FSRA and is not affiliated or associated with Sonnet Insurance, which is licensed by FSRA. FSRA encourages consumers to exercise caution if they are contacted by Mr. Bajwa or anyone else from these coordinates. Consumers are also advised not to obtain insurance products, including auto insurance, arranged through him. FSRA licenses insurance agents and brokers to safeguard public confidence and trust in Ontario’s financial services. A licensed insurance agent or broker can provide information and advice on the benefits and risks involved with purchasing different insurance products. Consumers who purchase items or...

By Jason MacDonald, FoxQuilt — Whether or not you wanted them to, family and friends often use the holiday season as a way to express their care for you with gifts and presents! And although it’s really the thought that counts when it comes to gifts, sometimes you may receive an expensive and special item as a present – let’s say, the vintage fur coat you’ve had your eye on since the beginning of the year, or a brand-new, lightweight, top-of-the-line bicycle. It’s easy to forget this important next step during the holidays when there’s so many plans and events but you should look into contents insurance and the special limits in your policy. Contents Insurance Chances are, you probably already have contents insurance as part of your home insurance policy package – especially if you’re renting as a tenant or own a condo as this is the main property coverage in those policies – since it covers your belongings that aren’t part of the actual home. Think: clothing, TVs, furniture and so on. However, a common home insurance myth is that your contents insurance will cover and fully pay out for everything you own if something were to happen....

Canada’s life insurance industry faces several challenges, but those aren’t stopping it from moving forward in the new decade. In its latest insurance outlook focused on Canada’s insurance space, EY noted the continuing difficulties represented by regulatory pressures, InsurTech disruption, increasingly demanding customers, and rising operating and claims costs. Slowing premiums were another issue. Citing Swiss Re Sigma, the report said that from 2013 to 2018, the compound annual growth rate in gross written premiums experienced by the life sector was just 5.1% from a Canadian-dollar basis, and 0.4% from a US-dollar basis. “In spite, or because, of all of these factors, insurers in Canada continue to innovate and adapt,” the report’s authors said. One notable trend in life insurance is a shift from product-centricity to customer-centricity. As consumers come to expect greater choice, personalization, simplicity, and ease from their interactions, insurers and brokers are using technology to enhance front-office applications, as well as automating sales and marketing processes. The need to engage consumers better is clear as 40% of Canadians have no life insurance, while 30% have no health insurance, the report said. “Greater adoption of cloud computing, connected smart devices, new protocols and easy-to-scale platforms are driven by...

While life settlement transactions are generally associated with universal life insurance policies, there are certain cases where they can also make sense for term life policy holders, particularly those who have moved past the need for coverage. “Term policies make great life settlement candidates because of their very nature. They are typically bought for an insurance need that is temporary,” noted Robin Weinberger and Peter Katz of Life Insurance Settlements Inc. in a piece published by ThinkAdvisor. As the duo noted, term life insurance holders should also be more eager to unload their policies as they would have no cash value once they lapse. However, there are certain considerations to determine whether a term insurance policy can be sold as part of a life settlement. “Most life settlement buyers will only consider term policies that are convertible to some form of universal life,” they said, explaining that premiums of term policies typically skyrocket once they go past their initial premium guarantee. Conversion privileges vary from company to company, with some limiting it to a certain number of years and others imposing a maximum age. “The variability of conversion periods is a significant factor in missed term life settlements,” they said,...

The story behind a widespread shortage of Tamoxifen, a drug that helps prevent breast-cancer from resurfacing after initial treatment, might offer a lesson on the unintended consequences of drug-price regulation. The supply hiccup affected Carmela Bocale, a retired human-resources professional from Regina, who was recently told by her pharmacist that she could pick up only a fraction of her usual supply because of the shortage. “I was surprised, because you … always think there’s going to be a supply,” she said in a piece published by the Financial Post. As reported by the Post, the brand-name version of Tamoxifen was available in 1985 for $2.88 per 10 mg tablet in current dollars, according to a 2018 healthcare policy report published by the CD Howe Institute. But price cuts have allowed patients today to get the drug for 17 cents a pill. After the patent on the drug lapsed, the number of companies producing it swelled to as many as 11. But because of price reductions, most of those companies have exited the market, leaving only three Canadian suppliers. Jordan Berman, a spokesman for generic drug company Apotex, said the company recently decided to change its manufacturing and formulation process at...

The Canassurance Hospital Service Association (Blue Cross Canassurance) has unveiled plans for a new Canada-wide alliance. Blue Cross Canassurance and Blue Cross Life Insurance Company of Canada are set to enter into a countrywide alliance as of January 2, 2020. In alignment with other members of the Canadian Association of Blue Cross Plans, Blue Cross Canassurance will become a shareholder of Blue Cross Life. “Blue Cross Canassurance is very pleased to join Blue Cross Life together with the other Blue Cross member plans,” said Blue Cross Canassurance President and CEO Sylvain Charbonneau. “Blue Cross Canassurance is very pleased to join Blue Cross Life together with the other Blue Cross member plans.” In a statement, Blue Cross Canassurance stressed the collaborative approach followed by Blue Cross Plans to use their individual and shared strengths in support of customers’ evolving health and wellness needs. “This alliance marks an important step in achieving our strategy of operating on a truly national level; it strengthens our business while improving our capacity to work with the Blue Cross plans throughout Canada,” said Blue Cross Life President and CEO Marie-Josée Martin. A submission has been filed with the Office of the Superintendent of Financial Institutions (OSFI),...

Staff | December 10, 2019 Two-thirds (66 per cent) of working Canadians said they expect to do extra work either before or after their vacation, according to a survey by ADP Canada Co. The survey, which polled more than 1,500 Canadians, found employees who put in extra time said they expect to spend an average of 16 additional hours before vacation and 17 hours after, for a total of 33 extra working hours. Last year, by comparison, employees expected to work a total of 23 additional hours before and after vacation. “It’s troubling more Canadians are putting in extra hours and increasing the number of extra hours worked in order to take a vacation,” said Hendrik Steenkamp, ADP Canada’s director of human resources operations and advisory services, in a press release. “To avoid the effects of the time-off tax, employers should ensure their teams are properly resourced during vacation times.” Read: Canadian workers want vacation, benefits plans and to work from home: survey According to the survey, millennial and generation Z employees were slightly more likely (67 per cent) to spend extra time working before and after their vacation, compared to 63 per cent for people aged 35 and older. It also found employees are increasingly failing...

Staff | December 10, 2019 H2O Power, in which the Public Sector Pension Investment Board is a shareholder, is selling its Canadian hydroelectric generation assets to TCorp. Through the transaction, the investment and financial management partner of the New South Wales public sector will hold a 49 per cent interest in H2O Power’s eight Canadian assets. Read: PSP Investments sells off Paris office building “We look forward to the next phase of H2O Power’s development alongside TCorp,” said Patrick Samson, managing director and head of infrastructure investments at the PSP, in a press release. “TCorp is a responsible investor, fully committed to stewardship and aligned with our long-term investment horizon and commitment to upholding high environmental, social and governance standards.” Stewart Brentnall, chief investment officer at TCorp, said his organization and the PSP share common objectives, values and investment horizons. “This renewable energy infrastructure investment allows us to expand our global investments, further diversify risk and provide positive, sustainable returns over the long term.” Read the full article at BenefitsCanada.com