Insurable Interest Canadian Insurance Blog

Cyber insurance policy endorsements for manufacturers target a growing, strategic threat facing U.S. industrial firms of all sizes Chicago, IL (Nov. 7, 2019) – Zurich Insurance has announced the rollout of new, industry-specific endorsements to its cyber insurance policy designed to expand coverages provided to the manufacturing industry. The endorsements were created in response to the growing threats posed to U.S. industrial firms by data breaches, ransomware and other cyber events. Prompting Zurich’s move is the fact that many manufacturers, especially midsized firms, have been largely unaware of the growing cyber risks they face as new digital technologies connect with and replace legacy systems, presenting new vulnerabilities that can be exploited by cyber criminals. A cyber hack, malware, miscode or virus can severely impact a production line, supply chain and company reputation. Cyber exposures covered by Zurich’s manufacturing- specific endorsements include: Any components that are part of supervisory control and data acquisition systems (SCADA), programmable logic controllers (PLC) or other industrial control systems; Computer hardware, firmware, software and electronic data, as well as associated input and output devices utilized in manufacturers’ operational technology strategy; Computer peripheral devices, including wireless and mobile devices, which comprise a growing segment of manufacturers’ overall...

Seven-month implementation the first phase of a multi-phased enterprise strategic initiative to replace multiple legacy billing solutions that will help deliver superior customer service and growth Morristown, NJ (Nov. 6, 2019) – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that Arch Insurance Group, Inc. (Arch Insurance) implemented Majesco Billing for P&C on Majesco CloudInsurer™ in seven months. Arch Insurance is part of Arch Capital Group Ltd., a Bermuda-based company that provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries. Arch Insurance aims to provide its customers with superb coverage and service through business-friendly solutions. “Insurance customers are demanding new levels of billing service, and Arch’s commitment to a superior client experience requires supporting a variety of payment options, customizable bill plans and access to real-time billing information. Our strategic partnership with Majesco and this initial implementation enable Arch to meet those needs.” stated Tom Ahern, EVP & Chief Financial Officer for Arch Insurance. Arch’s implementation is the first phase of a multi-phased enterprise initiative that will replace multiple legacy billing solutions. “We are thrilled to be partnering with Arch Insurance to deliver on their strong commitment...

Staff | November 11, 2019 The Caisse de dépôt et placement du Québec is investing a further US$75 million in Azure Power Global Ltd., an independent solar power developer in India. Once the deal is approved by Azure shareholders, the investment will raise the Caisse’s stake in the company, from 41.4 per cent to 49.4 per cent. In October 2018, the firm made a US$100-million contribution to the company’s capital raising round, which brought its stake up to 40 per cent. At the time, the Caisse had invested a total of US$240 million in Azure. Read: Caisse ups stake in Indian solar company The Azure deal is part of the Caisse’s strategy to increase its carbon-neutral assets under management to $32 billion by 2020, noted a press release. In other investment news, the Canada Pension Plan Investment Board is teaming up with Brazilian residential property developer Cyrela Brazil Realty in a joint venture to develop a portfolio of residential real estate in São Paulo. The joint venture is targeting a $358-million investment between the two entities, with the CPPIB taking on an 80 per cent stake and Cyrela taking the remaining 20 per cent. Read: CPPIB sustainability report shows increased investments in renewable energy The venture plans to target...

Median annual return on investment more than double for every dollar spent by companies with programs in place for more than three years Toronto, ON (Nov. 4, 2019) – First-of-its-kind Canadian research has found that positive returns on investment (ROI) of workplace mental health initiatives are within reach for Canadian businesses, according to a report released today by Deloitte Canada. Analysis reveals that companies with mental health programs in place for one year had a median annual ROI of $1.62 for every dollar invested. For companies with programs in place for three or more years, the median annual ROI is more than double—valued at $2.18 for every dollar spent. The report, The ROI in workplace mental health programs: Good for people, good for business, explores historical investment and savings data from seven large Canadian companies at various stages of rolling out mental health programs and supports. It also includes interviews with these seven business leaders and three others, including Air Canada, ATB Financial, Bell, Canada Life, CIBC, Desjardins Group, Enbridge Inc., Energir, Husky Energy, and Morneau Shepell. “There’s both an economic and moral imperative for Canadian employers to take action, recognizing that the cost to the Canadian economy of poor...

Top insurance company continues optimizing already-stellar experiences Thornhill, ON (Nov. 7, 2019) – As winter quickly approaches, it is time to think about heavy snowfalls, slippery road conditions, frigid weather and dead car batteries. With temperatures starting to dip and flurries in the forecast, CAA South Central Ontario (CAA SCO) is reminding motorists to get their vehicles ready before wintry weather strikes in earnest. Whether we like it or not, unpredictable driving conditions are just around the corner and preparing now means fewer surprises during cold temperatures and bad weather, ” said Kaitlynn Furse, director, corporate communications, CAA SCO. “Now is the time to get your car battery checked, stock up your emergency kit and to do a quick refresher on what to do if you find yourself in a collision or stranded on the side of the road.” CAA SCO winter checklist: Test your battery and replace it before it fails. Have your brakes checked and/or serviced. Install a set of four matching winter tires for better traction. Check your lights to ensure they are working properly. Replace worn or torn windshield wipers. Pack a winter emergency kit. A fully stocked emergency kit should contain a first aid kit,...

Partnership demonstrates increased broker demand for integrated in-house premium financing Mississauga, ON (Nov. 6, 2019) – Applied Systems® has announced that Red Planet Software, the leading provider of complete payment solutions for Insurance Premium Financing, has become an Applied System’s Integration Partner. Red Planet’s partnership reflects the increase in broker adoption of its Premium Finance Solution integrated with Applied Epic® in Canada. Red Planet Software’s solutions manage quotes and loans administration for brokerages that wish to offer in-house premium financing options to their customers. The Applied Epic integrated solution further automates workflows to enable seamless loan payment fulfillment for brokerages and their clients. “Red Planet Software’s solution manages over $5 billion of insurance payments annually,” said Peter Williams, managing director, Red Planet Software. “We thrive on implementing effective loans and payment management to help clients unlock profits and improve efficiencies within their organizations.” The Applied Partner Program is a technology and industry partnership program focused on increasing the availability of best-in-class software and enhancing automation and connectivity across the independent insurance distribution channel. The Applied Partner Program is open to leading technology providers and organizations across the industry and advances Applied’s strategic focus on partnerships to deliver value-added capabilities that...

Customized cash flow management program to help Canadians become mindful spenders and savers Winnipeg, MB (Nov. 7, 2019) –  In recognition of Financial Literacy Month (#FLM2019), Great-West Life today announced the addition of KOHO’s no-fee, full-service spending account to select group retirement savings plans. KOHO accounts are paired with a prepaid, reloadable VISA 0.5% cashback card and an integrated mobile app that gives users real-time insights into their spending habits, prompting real behavioural changes. KOHO reports that within the first three weeks of using the app and card, the average user reduces their spending by 15% and saves nearly $500.[1] Great-West Life anticipates similar results for its group customers. “We know saving for retirement is tough for many people and we want to help Canadians find new ways to achieve this goal,” explains Ryan Weiss, Vice-President, Group Customer Product & Experience, Great-West Life. “What’s really unique about our collaboration with KOHO is that members using the prepaid Visa spending card will be able to sweep their 0.5% cashback rewards into their employer-sponsored retirement savings account. They can also choose to round-up every purchase to the next dollar and save the difference. It’s a great way to make saving for retirement...

Julius Melnitzer | November 11, 2019 An arbitrator has ruled that part-time employees who have returned to work after retiring and are receiving pension benefits from the Healthcare of Ontario Pension Plan aren’t “members” of the plan for the purpose of calculating their benefit entitlements if they choose not to re-enrol in the HOOPP on resuming service. The upshot of arbitrator Christine Schmidt’s decision is that these employees were entitled to 14 per cent of their straight-time hourly rate for all straight-time hours worked in lieu of benefits, as opposed to the 10 per cent to which “members” were entitled under article 32.01 of the collective agreement. “The decision reflects a case of simplistic drafting that didn’t fit the facts in the case at all,” says Jordan Fremont, a partner and pensions lawyer at Bennett Jones LLP. Read: Pension industry welcomes clarity around electronic communications The case originated when a part-time employee of Norfolk General Hospital in Simcoe, Ont. — and a member of the Service Employees International Union Local 1 — retired but then returned to the hospital as a part-time employee. On retirement, the employee, who had enrolled voluntarily in the HOOPP during her initial tenure, began receiving pension benefits and continued...

Staff | November 11, 2019 The Government of Quebec is planning to introduce a bill in the spring of 2020 that would allow employers in the province to implement target-benefit pension plans. The provincial government has already given a mandate to Retraite Québec to develop a regulatory framework for the plans, said Minister of Finance Éric Girard at an event in Quebec City last week. “This bill is intended to provide Quebecers with an additional savings option and responds to the demands of employers and unions in a context of declining defined benefit pension plans.”  Read: Federal target-benefit conversions face an uphill battle In Quebec, only certain companies in the pulp and paper sector are currently permitted to offer target-benefit plans to their employees. In 2016, Ottawa introduced Bill C-27 to allow the plan for employers under federal jurisdiction, but it was suspended. However, in last month’s election campaign, federal Finance Minister Bill Morneau suggested a Liberal government could put target-benefit plans back on track. During the speech, Girard also said Quebec residents retire too early and that the workforce participation rate of people over 60 in the province is too low. He said he wants to encourage people to work longer to boost the province’s economy and ease labour shortages. Tax measures, such as the tax credit for experienced workers...

Staff | November 8, 2019 Police in Kingston, Ont. are warning the public about a new email phishing scam that uses employee benefits enrolments and annual pay raises as bait. Posing as representatives from company human resources departments, the scammers are sending emails about topics such as employee benefits surveys and salary increases. The emails include dangerous attachments or links that bring people to fake login pages where their credentials could be stolen. Read: Toronto hospital dismisses 150 staff for alleged benefits fraud “The scammers know that annual pay raises and employee benefits enrolments often happen at the end of the year, or at the beginning of a new year,” the Kingston police said in a news release. “That’s why they take this time to send phishing emails related to these types of communication.” Police are asking anyone who receives emails about employee benefits or pay raises not to click on links or open attachments, and to instead call their HR departments to confirm the message’s legitimacy. Read the full article at BenefitsCanada.com