Insurable Interest Canadian Insurance Blog

Hong Kong (Sept. 25, 2019) – Ping An Insurance (Group) Company of China, Ltd. has been selected for the 2019 Dow Jones Sustainability Emerging Markets Index (DJSI) for the first time. Ping An is the first insurance company from mainland China to be selected in the Emerging Markets Index. The latest review of the DJSI was officially released on 23 September. DJSI, launched in 1999, was the first index to track the sustainability of global listed companies. It is widely respected in the capital market and is a leading sustainability index for large international institutional investors. This year, only two companies from mainland China were selected for the DJSI. Ping An actively practices corporate social responsibility and has established an environmental, social and governance (ESG) management system that takes into account both overseas and Chinese standards. It has been recognized by the world’s most authoritative rating agencies. Last month, Ping An became a signatory of the United Nations-supported Principles for Responsible Investment (PRI), the first asset owner in China to join. Richard Sheng, Board Secretary and Brand Director of Ping An, said: “Ping An aims to achieve mutual sustainable development with all of its stakeholders. We want to be a...

Insurers identify 17 cybersecurity solutions they consider effective in reducing cyber risk New York, NY (Sept. 24, 2019) – Marsh, the world’s leading insurance broker and risk adviser, has announced the inaugural class of cybersecurity solutions receiving a Cyber CatalystSM designation as part of a first-of-its-kind evaluation program designed to bring organizations greater clarity in the crowded cybersecurity marketplace. Cyber Catalyst by MarshSM, launched earlier this year, convened leading cyber insurers Allianz; AXIS; AXA XL, a division of AXA; Beazley; CFC; Munich Re; Sompo International; and Zurich North America to identify products and services they consider effective in reducing cyber risk. More than 150 cybersecurity offerings, spanning a broad range of categories from hardware to messaging security to IoT security, were submitted for evaluation. Ultimately, 17 solutions were selected for the Cyber Catalyst designation: Aruba Policy Enforcement Firewall BigID Data Privacy Protection and Automated Compliance CrowdStrike Adversary Emulation Penetration Testing Crowdstrike Falcon Complete™ Digital Guardian Data Protection Platform FireEye Email Security FireEye Endpoint Security Forescout Device Visibility and Control Platform HackerOne Bounty HPE Silicon Root of Trust KnowBe4 Security Awareness Training and Simulated Phishing Platform Mimecast Secure Email Gateway with Targeted Threat Protection Perspecta Labs SecureSmart™ critical infrastructure monitoring solution...

Jennifer Paterson | September 26, 2019 As membership in traditional defined benefit pension plans continues to decline, it’s becoming more common to see “contingent” plans — including target-benefit, shared-risk, multi-employer and jointly sponsored — which require members to take on at least some of the risk that benefits may or may not meet expectations. At the same time, the term “sustainability” is front and centre in pension discussions, but what does it mean in the new context for pensions? How can it be achieved? What are the implications for regulatory policy? Read: Top 50 DC Plans Report: How plan sponsors can blend DB features into their DC pension plans A new report by the C.D. Howe Institute explored these questions through interviews with 30 experts, drawing conclusions about how regulatory policy can best adapt to these changes. “We tend to be very narrowly focused when we look at legislative change,” says Barry Gros, a retired actuary, chair of the pension board for the University of British Columbia Staff Pension Plan and co-author of the report. “Once you start going across all these different types of contingent plans, you start to see some themes that you might not notice if you just focus on one type of...

Alethea Spiridon | September 26, 2019 Office workers in Vancouver are increasingly placing high value on workplace amenities that influence healthy and eco-friendly choices, according to a tenant satisfaction study by GWL Realty Advisors Inc.  The survey examined office design and building amenity preferences along with the commuting methods of 573 office workers at three Vancouver GWLRA-managed office buildings. In total, it canvassed 3,701 office employees in six metropolitan regions. More than half (57 per cent) of Vancouver respondents said they commute mostly via public transit, while 20 per cent said they typically drive to work. Some 18 per cent said they cycle or walk to work. In addition, three in 10 respondents who said they don’t currently cycle would be more likely to do so if they had access to end-of-trip facilities, such as showers, personal lockers and secure bicycle storage. Read: What are the benefits of offering commuting perks to employees? The survey also probed employee interest in employee events, finding 55 per cent of Vancouver office workers expressed interest in participating in a workplace yoga class; 46 per cent were interested in attending health and wellness presentations related to nutrition, exercise, alternative health options, mental health and parenting; and 37 per cent...

PR Newswire Employee benefits solutions company, Clarity Benefit Solutions, explains why millennials are the most at-risk generation when it comes to life insurance. Young adults that range in age from 23 to 38, also known as millennials, face a unique set of financial challenges. First of all, many are burdened with overwhelming student loan debt. Factor in deciding on how to save for retirement, and it’s no surprise that this generation is stressed when it comes to finances. This is also why they may not even be thinking about obtaining life insurance. After all, they have their entire life ahead of them and they are not thinking about unexpected life events that could change their situation. However, this doesn’t mean they should put a life insurance policy on the back burner. This is the time to purchase one since life insurance premiums are based on factors such as overall health and age. Millennials who do not smoke or have preexisting health conditions are even less of a liability. Delaying the purchase of life insurance could result in the rates rising significantly. Millennials should lock in a good rate while they are in the prime of their lives. Unfortunately, no one...

iA Financial Group announced today that it is merging two of its companies: the Excellence Life Insurance Company and Industrial Alliance Insurance and Financial Services (iA Insurance), effective Jan. 1, 2020. iA Insurance acquired Excellence in 2008, a move that allowed the company to enter the individual disability and health insurance market. At that time, Excellence did business exclusively in Quebec, posting gross premiums in the amount of $90-million. Today the company says Excellence operates across Canada with 173 employees, posting gross premiums of $135-million. iA Financial says the announced merger will have little to no direct impact on jobs. “We are bringing the operations of Excellence and iA Insurance together under the iA Financial Group brand,” says Renee Laflamme, executive vice president of individual insurance, savings and retirement at iA Financial Group. “The integration of the companies’ operations will provide gains in operational efficiency and facilitate continuous improvement in favour of a simpler client experience and a more fluid advisor experience by proposing a single way of doing business with iA Financial Group.” Read the original article at insurance-journal.ca

Sonnet Insurance reveals top seller scams and what Canadians need to know to stay safe Toronto, ON (Sept. 23, 2019) – Sonnet Insurance, Canada’s digital insurance company, combats home and auto insurance fraud daily using sophisticated predictive data models, AI tools and analytics, and ongoing monitoring of behavioural patterns. Now, Sonnet wants to empower Canadians to recognize and prevent potentially harmful scams. Home and auto insurance seller fraud is common in all regions of Canada, especially the GTA,[1] where victims who don’t understand the process for purchasing home and auto insurance are targeted. “Sonnet is committed to making insurance easier for Canadians to understand,” said Roger Dunbar, SVP, Sonnet. “Fraud impacts all Canadians and especially those who don’t understand local insurance regulations, so we want to educate the public on seller fraud.” Seller fraud takes place when insurance policies are being sold to customers by fraudulent actors. Unlike claims fraud (using fake accidents or reports to cash in on real insurance policies), seller fraud leaves its victims open to a high degree of personal risk. A fraudster will offer discounted insurance and take the victims’ money in return for home and auto insurance pink slips that are invalid or forged....

76% say growth will depend on navigating the shift to a low-carbon economy: KPMG 2019 Global CEO Outlook Toronto, ON (Sept. 23, 2019) – CEOs name climate change the top risk to organizational growth in 2019, ahead of technological disruption, return to territorialism, cyber security and operational risk, according to the findings from KPMG’s 2019 Global CEO Outlook. This marks the first time in the five-year history of the survey that climate change ranked top of the list. The study, which surveyed 1,300 CEOs across 11 key markets and 11 key industry sectors, indicated that more than three-quarters (76%) of those surveyed said that their organization’s growth will depend on their ability to navigate the shift to a low-carbon, clean-technology economy. “Climate change has evolved beyond just an environmental issue to a pressing financial one as CEOs are feeling investor and stakeholder pressure to move the world away from a sole reliance on fossil fuels,” said Regina Mayor, Global and U.S. Sector Leader for Energy and Natural Resources at KPMG. “As we continue to consume energy at a record pace, organizations are thinking about ways to incorporate a mix of energy sources, made up of both fossil fuels and renewables.”...

Toronto, ON (Sept. 10, 2019) – October is both Cyber Awareness and Small Business Month and Insurance Bureau of Canada has completed new polling on these topics. We are used to seeing media headlines about cyber attacks on huge corporations, but what about small businesses? The threat of cyber attacks on small businesses may not garner the same attention, but this type of attack can severely damage or end the business operations of a small shop. “Cyber attacks are real threats to small businesses that sell products via e-commerce or maintain electronic data about their customers,” said Ryan Stein, Executive Director, Policy, with IBC. “A technology-system breach containing this information can cripple or ruin a business.” A new Leger poll, commissioned by IBC, of 300 owners of small and medium-sized businesses with fewer than 500 employees, showed that 44% of small businesses do not have any defences against possible cyber attacks, and 60% have no insurance to help them recover if an attack occurs. Key facts from the IBC Leger poll: Nearly one in five businesses (18%) polled have been affected by a cyber attack or data breach in the last two years. 37% of businesses hit by a data...

Staff | September 25, 2019 Mercer Canada has appointed Rachel Volynsky as its new chief investment officer. In the new role, Volynsky will be leading Mercer’s outsourced chief investment officer team in Canada. With more than 20 years of capital allocation experience, she has held several senior roles with major investment firms in Canada and the United States, including SEI Investments and Invesco. She was also a senior investment analyst at the Ontario Teachers’ Pension Plan. Read: Mercer Canada appoints new wealth practice heads “The complexities and nuances that factor into every investment decision change with each year, requiring a high level of rigor and specialization to effectively manage and grow investments,” said Yvan Breton, partner and head of OCIO services at Mercer Canada, in a press release. “Rachel’s depth of knowledge about portfolio construction and investment management firms in the institutional and retail markets will be a tremendous strength as we look to drive better outcomes for our clients, for people and for society.” This article originally appeared on Benefits Canada‘s companion site, the Canadian Investment Review. Read the full article at BenefitsCanada.com