Insurable Interest Canadian Insurance Blog

Canada Protection Plan, a leading provider of no-medical and simplified life insurance, has established a physical foothold in Quebec with a new office in Montreal. The company said its new office, its first outside Ontario, will provide the same quality offerings and industry-leading customer service as its Ontario-based operations. By expanding its existing presence in the Quebec market, Canada Protection Plan expects to strengthen its relationships within the province. “We are excited to open Canada Protection Plan’s first office in Quebec,” said Michael Aziz, co-president at Canada Protection Plan,” said co-president Michael Aziz in a statement. “The province is an important and growing segment of our business, and our Montreal office will allow us to better connect with both our clients and brokers, as well as more easily access Quebec’s significant pool of talent.” Aside from providing easier access to the company’s life insurance solutions and advice, the company said its latest location will open rewarding career opportunities to residents. “We plan to continue to grow our presence in Quebec over the coming 12 months, including hiring additional high-quality employees,” Aziz said. Canada Protection Plan’s announcement of its new office came several weeks after it announced increased coverage amounts on...

GDPR v CCPA regulatory spotlight London, UK (Nov. 20, 2019) – Aon has published a new edition of its Cyber Insights for Insurers newsletter. The November 2019 issue equips readers with the details of relevant trends in cyber underwriting and portfolio management, based on the latest developments in the threat and claims/regulatory landscape. The passage of GDPR was a watershed event and has inspired new regulation in other jurisdictions. Mostly notably, businesses in the US are now contemplating their compliance requirements under the California Consumer Privacy Act. Given this recent activity, we explore latest information on data privacy laws and what they mean for insurers. “Under CCPA, statutory damages eliminate the difficult task of calculating actual damages caused by a breach, which could encourage an uptick in lawsuits by data breach plaintiffs,” said Dawn Kristy, cyber expert for Aon’s Reinsurance Solutions business. “Cyber claim frequency is likely to increase due to the expanded definition of personal information. Moreover, the private right of action also paves the way for greater litigation, if the courts do in fact tamp down on the ongoing ambiguity in the Article III standing to sue rulings. Cyber claim severity is also likely to increase due to...

Staff | November 26, 2019 More than half (54 per cent) of global generation Z employees ranked pay as the most important consideration when applying for their first full-time job, according to a new survey by the Workforce Institute at Kronos Inc. and Future Workplace. The survey, which polled 3,400 gen Zers in Australia, Belgium, Canada, China, France, Germany, India, Mexico, the Netherlands, New Zealand, the U.K. and the U.S., also found they value good managers, interesting work and flexibility. “No matter how successful an employer is in developing and motivating their workforce, working at the same company for your entire career is conceptually a thing of the past,” said Joyce Maroney, executive director of the Workforce Institute at Kronos, in a press release. Read: Gen Z expects fast promotions, diversity and inclusion initiatives: study “Gen Z is just starting out professionally and feel they have much to gain from testing the waters at multiple companies and different industries. . . . By creating a working culture where employees feel supported, inspired and equally empowered to enjoy life in and outside of work, employers can encourage their best people to ‘boomerang’ back or otherwise create brand ambassadors for the future.” The survey also found gen Zers want a consistent and...

Toronto, ON (Nov. 6, 2019) – Aviva is pleased to announce it has launched an integrated package of insurance designed specifically to support large companies in the complex market of renewable energy, including onshore windfarms, solar power and battery storage. Aviva Renewable Energy covers all the insurance needs of renewable energy companies globally which have operations in their home and overseas markets. Insurance is a key requirement for lenders in the renewables market. It provides Aviva’s commercial customers with a single package of insurance available through one underwriting team to cover the whole life cycle in the following areas: Marine project cargo Construction and operational Third party liability Terrorism cover Designed for global renewable energy brokers and their commercial clients, Aviva Renewable Energy signals the insurer’s recognition of the specific needs of this growing market, and the important role renewable energy plays in the fight against climate change. The launch of Aviva Renewable Energy is the latest initiative by the insurer to support action to tackle climate change following its role in July 2019 as a founding signatory to the Finance Principles of the Powering Past Coal Alliance Finance Principles. Aviva was also the first global insurer to become carbon-neutral...

Travel protection has never been this easy Paris, France (Nov. 18, 2019) – As the first company to launch full-service online travel insurance claims, Allianz Partners is becoming a true travel protector, and it redefines industry standards in the digital age. To anticipate the needs of travelers, and thanks to advanced technology, Allianz Partners is disrupting the role of an insurer. A series of new features, already available in some countries and being implemented around the world, are now completely overhauling the end-to-end travel experience. These features ensure travelers can get the right support at the right time, at key moments on their trips, all in a seamless experience, and sometimes without even having to file a claim. Streamlined digitization Digitizing the customer journey doesn’t solely mean mobile app development; it means bringing simplicity and convenience for the customer. For instance, knowing that filing a claim can be a painful and frustrating experience, Allianz Partners has streamlined the process: customers can file a claim via a redesigned mobile friendly Portal – enriched with dedicated features for Business partners – and then follow their claim status in real time and receive almost immediate direct reimbursement. All-in-one protection Seamless, intuitive, and meant...

Hartford, CT (Nov. 25, 2019) – The Hartford is expanding its Internet of Things (IoT) Innovation Lab and capabilities, bringing together the latest network-connected technology with the company’s expertise, data and risk management to improve workplace safety and help prevent or reduce property damage for its customers. “Connected devices represent an opportunity for insurers to help their customers proactively prevent claims and also develop unique, real-time insights into risk,” said John Wilcox, head of Strategy and Ventures at The Hartford. “The pace of change has never been faster and the need to innovate never more critical to sustained growth and profitability. Companies that harness the collective power of digital data, cloud computing, predictive analytics, and digital technology to transform the way they do business, and deliver value to customers, will have a competitive advantage. We are, and intend to continue to be, one of them.” Businesses and homes are increasingly equipped with network-connected devices that provide real-time data, which The Hartford can analyze to reduce and mitigate hazards such as unsafe working conditions or water damage from a broken pipe. For example, the Internet of Things Innovation Lab works with businesses to monitor the pressure in water pipes using sensors,...

Windsor, CT (Nov. 19, 2019) – A new LIMRA study has revealed that 12.6 million Canadian households own life insurance coverage, an increase of 3.4 million over the past six years. This marks the highest level of ownership to date in Canada. Over the past 37 years, the number of Canadian households with life insurance coverage grew from 7 million to 12.6 million, an increase of 81%. These are some of the key findings from the 2019 Canadian Life Insurance Ownership Study—Household Trends Report, which monitors long-term patterns in life insurance ownership, adequacy of coverage and consumers’ attitudes about life insurance. In the latest study, 1 in 4 Canadian households own both individual and group life. This level is the same as in the 2013 study, but down 11 points from the 2006 study period. “If a household owns more than one type of life insurance, it is usually better protected than other insured households,” said Jim Scanlon, senior research director for LIMRA. “In addition, households with overlapping coverage aren’t at risk of losing all protection due to a change in employment.” Three quarters of the Canadian households that own life insurance purchased it from an insurance advisor, agent, broker...

Concord, ON (Nov. 20, 2019) – Oracle RMS has announced it will offer a digital insurance buying experience, using Apollo’s Exchange technology. Apollo digitizes insurance products from leading carriers and makes them available to forward-thinking brokerages such as Oracle RMS via the Exchange. Oracle RMS is proud to now be able to assist their commercial clients digitally, from quoting insurance, to binding coverage, and delivering policy documents directly to their email inbox, in line with modern consumer expectations. “We’re excited to be partnering with Apollo Exchange and looking forward to actively using their online insurance marketplace,” says Oracle RMS Founder, John Ferraro. “The commercial insurance products offered through the exchange are easy to bind, fully digital and streamline the consumer buying experience.” At launch, all products on the Apollo Exchange will be offered through Oracle RMS’ network of producers and branches. We encourage prospects as well as clients to connect with their trusted Oracle RMS broker to find out more. In the months ahead Oracle RMS will also have certain classes/lines of business from the Exchange available to commercial prospects online for direct quote and bind, further simplifying the insurance buying process. “Apollo believes in the broker channel,” said Apollo...

Québec, QC (Nov. 25, 2019) – La Capitale Insurance and Financial Services is launching an integrated disability claims management process that is based on a comprehensive approach to mental health. Three innovative solutions have now been made available to insureds under a La Capitale group insurance plan, enabling them to optimize their treatment and improve their well-being. The continually rising costs associated with disability related to mental health pose a challenge for employers wishing to offer affordable, quality coverage to their employees. In order to promote a faster return to health and thus shorten disability periods, La Capitale will use: Internet-based cognitive behavioural therapy (CBT), pharmacogenetics, and medication use optimization. This innovative approach to mental health stems from partnerships with firms specializing in healthcare. “Knowing that psychological illnesses represent approximately 70% of disability benefit costs and that 70% of patients in Canada do not take their medication as instructed by their physician, we considered it necessary to offer complementary disability management services in a mental health context. Each of these services individually has a positive impact on recovery. We are confident that, when combined, they will have an even stronger impact,” said Mario Albert, Executive Vice-President of Group Insurance at...

New program offers minimum rebate of $1,000 for small businesses, part of premium rate overhaul designed to incentivize health and safety improvements Toronto, ON (Nov. 22, 2019) – The Workplace Safety and Insurance Board (WSIB) has announced its new Health and Safety Excellence program. The program, which is now open for registration, provides a clear roadmap to help Ontario businesses improve workplace health and safety. “Keeping people healthy and safe at work is the right thing to do, and it’s also good for business,” said Elizabeth Witmer, Chair of the WSIB. “Our new program helps show businesses what health and safety excellence looks like and how they can take steps to achieve it.” The program offers a comprehensive approach to workplace health and safety that makes it easy for businesses of all sizes to improve health and safety in their workplaces, whether they’re just starting out or want to optimize processes that are already in place. Consisting of 36 topics, businesses can proceed at their own pace, earning rebates and other recognition as they go. Concluding the Health and Safety Excellence program also makes businesses eligible for the Ontario government’s new Supporting Ontario’s Safe Employers accreditation program. The Health and...