Insurable Interest Canadian Insurance Blog

Nearly six in ten consumers would be willing to share significant personal information, such as location data and lifestyle information, with their bank and insurer in exchange for lower pricing on products and services, according to a new report from Accenture. (Graphic: Business Wire) Accenture’s global Financial Services Consumer Study, based on a survey of 47,000 consumers in 28 markets, found that more than half of consumers would share that data for benefits including more-rapid loan approvals, discounts on gym memberships and personalized offers based on current location. At the same time, however, consumers believe that privacy is paramount, with three quarters (75 percent) saying they are very cautious about the privacy of their personal data. In fact, data security breaches were the second-biggest concern for consumers, behind only increasing costs, when asked what would make them leave their bank or insurer. “Consumers share personal data to make their lives easier, or more interconnected, and this is extending to how we manage our personal finances,” said Piercarlo Gera, a senior managing director in Accenture’s Financial Services practice. “Although consumers want banks and insurers to use their data to play an active role in improving their lives, banks should tread cautiously,...

A Republic woman charged with trying to hire a man to kill her husband had the charges lodged against her held for Fayette County Court on Tuesday. Norman Pennington, 61, testified he initially thought Roxanne Guty, 51, was joking when she offered to pay him to kill her husband, Arthur Guty Jr. Pennington said sometime in September, Roxanne Guty first asked him to kill her husband. He testified she told him that she knew he’d been in jail before, and asked he if could do her a favor. “At the time, I was taking everything as a joke-I thought she was blowing off steam,” Pennington testified. He said he was accused of killing his brother in the 80s, but was acquitted of the crime. Pennington said they had about 10 conversations where she asked what would it take to kill her husband. He testified when he told he’d need a .22 caliber rifle that would cost around $275, Roxanne Guty gave him $300 about 10 to 15 minutes later. Pennington said he put that money into the poker machine and played, still believing it was a joke and the money was for him helping her close the Marathon gas station...

Association’s Fraud=Fraud campaign aims to raise awareness, understanding and consequences of benefits fraud

Those enticed by a steady paycheque for life will want to mull other factors

The little-known unit is exploring it as a way to reduce their health insurance premiums

The group is urging government officials to remember a key principle of the act

Reaches new company highs for surplus, life insurance and annuity sales, and dividend payout NEW YORK–(BUSINESS WIRE)– New York Life, America’s largest mutual life insurer, today announced strong financial results for 2018, marked by record company highs in surplus, life insurance and annuity sales, and operating earnings. The company exceeded $1 trillion of individual life insurance in force in the United States in 2018 and paid the highest level of total dividends and benefits to policy owners and their beneficiaries in its history. “Our outstanding results underscore a focus on delivering consistently strong financial performance that enables us to keep our promises to customers today and decades to come,” said New York Life CEO and Chairman Ted Mathas. “These results are made possible by the thousands of financial professionals and employees who provide expert guidance and service every day, and by prudently managing our diverse set of businesses to ensure peace of mind for the millions of families and businesses who place their trust in New York Life.” New York Life’s record surplus in 2018 represents a key contributor to the company’s strong financial strength ratings. Once again, all four major financial rating agencies gave New York Life the highest...

When it comes to saving patterns, it seems like Canadians are caught at two opposite ends of the spectrum. According to a recent Bank of Montreal survey, 15 percent of Canadians managed to tuck away over $10,000 last year, yet a quarter of people did not save a dime. Why Canadians are having a hard time saving One in ten survey takers said they don’t think they can save any money this year, which begs the question, what is preventing Canadians from reaching their savings goals? Over two-thirds of people said they are stretching themselves too thin on expenses to be able to save, and 45 percent are trying to pay down debt. Evidently, the Canadian household debt-to-disposable income ratio crept near 173.8 percent in the third quarter of 2018 – a record-high. Canadian household credit burdens are increasing, and economists are attributing it to the rise of interest rates over the past year and a half. Since July 2017, the Bank of Canada has more than doubled its key overnight lending rate, from 0.50 to 1.75 percent. The household debt service ratio (interest and principal as a share of disposable income) has also jumped to 14.5 per cent, with...