Insurable Interest Canadian Insurance Blog

A new study hints at conflicts of interest among most groups who support public funding of medications

The health and life insurance solutions specialist has unveiled a new suite of products to protect up to 150 lives

When it comes to debt management, many Canadians are struggling to keep up, with their housing situation being a source of stress. That was one of the key takeaways from the latest episode of CBC Television’s The Stats of Life, which focused on Canadian statistics surrounding savings (or lack thereof) and debt. The program found more than half of Canadians have their money tied up in their house, with mounting consumer debt at the same time. 41 percent of them say they simply “feel trapped.” The program looked at families across Canada; one family, in Alberta, is facing the difficult but not uncommon problem of carrying a large debt load (in this case, $100K), which they’ve had to consolidate into their mortgage. With limited economic prospects and falling house prices in the area due to the downturn in the oil sector, their home’s value has declined significantly and simply selling off property is not the lucrative option it once was. Their existing equity has been their lifeline, allowing them to pay off other debts, but it does little to actually reduce debt load. It’s a fear many Canadians are facing; 44 percent of homeowners are concerned about market vulnerability affecting...

Rolling Meadows, Ill. (Mar. 4, 2019) – Arthur J. Gallagher & Co. today announced the signing of an agreement to acquire the global aerospace operations of Jardine Lloyd Thompson Group plc (JLT). The acquisition, subject to European Commission approval, is scheduled to close this spring in connection with the closing of the JLT purchase by Marsh… Read more » The post Arthur J. Gallagher & Co. Signs Agreement To Acquire Jardine Lloyd Thompson Group’s Global Aerospace Operations appeared first on Insurance-Canada.ca.

Toronto, ON (Mar. 4, 2019) – Aviva plc (“Aviva” or the “Company”) today announces Maurice Tulloch will become Chief Executive Officer with effect from 4th March 2019. Sir Adrian Montague, Chairman of Aviva, who has been acting in an executive capacity pending the appointment of a CEO, will revert to his role as non-executive Chairman… Read more » The post Aviva appoints Maurice Tulloch as Chief Executive Officer appeared first on Insurance-Canada.ca.

Focus on Red River at This Time: Schuler Winnipeg, MB (Feb. 28, 2019) – The risk of major spring flooding in the Red River Valley in 2019 is high, Infrastructure Minister Ron Schuler has warned. “Early forecasting data shows that we expect to see major flooding along the Red River, with both the Red River… Read more » The post Manitoba Issues Flood Outlook For 2019 appeared first on Insurance-Canada.ca.

This week, market watchers are waiting to hear what the Bank of Canada will do when do when it comes to interest rates. The announcement due on Wednesday will be closely watched, because if the BoC does raise rates it would be the sixth time in less than two years and the first time in 2019. That would signal that the Bank’s confident the economy can manage more expensive borrowing rates. Currently the overnight bench mark rate is 1.75 percent. Economic headwinds Much weaker than expected GDP data out last week from Statistics Canada could be the main reason the BoC holds rates for the second time this year. The data shows that Canada’s economy practically ground to a halt in the fourth quarter of 2018.  Statistics Canada reports, the country’s GDP grew by just 0.1 percent in the fourth quarter, for an annualized pace of 0.4 percent. This number would not have been as bad, if experts had been expecting it. But the expectation from economists had been that Canada’s economy grew by one percent in the last quarter. This slower number also indicates a slowdown in business investment. This news comes only weeks after weaker than expected inflation...

Greg Lindberg is a billionaire financier who owns several insurance companies amid his holdings. Lindberg has been under investigation for alleged financial impropriety and was profiled in a lengthy Wall Street Journal story last week. His colleagues and representatives spent weeks answering detailed questions from the Wall Street Journal.  They claim key facts were omitted from the story.  Facts such as: There are numerous inaccuracies with respect to the use of the insurance funds to finance personal assets. For example, no insurance company money was used to purchase Mr. Lindberg’s investments in the Idaho and Key West properties, his boat, or the airplanes, one of which was leased. Mr. Lindberg has never spent a night inside the Idaho house, the Key West house, or the Morning Mountain House, which are investments currently held for sale. The boat has $3 million a year in historical charter revenue which covers the majority of its operating expenses, and no insurance company funds were ever used in its acquisition or operation. No insurance company has declared and paid a dividend to Mr Lindberg. To the contrary, Mr. Lindberg has invested over $500 million in his US insurance companies, including for the hiring of experienced...

When it comes to your mortgage, there’s no need to settle for the most obvious options. When the time comes to buy a house, most Canadians rely on only the ‘big six’ banks to find a competitive interest rate. An HSBC study from last year shows Canadians are among the least likely to say they’ve looked around for a better mortgage. But just as you wouldn’t buy the first house you saw, you shouldn’t stick with your family-legacy bank at mortgage time ‘just because.’   Our research at Ratesupermarket.ca shows that alternatives to Canada’s ‘big six’ banks often offer much lower mortgage rates. These alternatives can include brokers and small lenders, many of whom are often more competitive.   For example, looking at a five-year fixed mortgage in the Toronto market and using Ratesupermarket’s online mortgage comparison tool, Sigma Mortgage (a team of mortgage brokers) is offering a 3.29 per cent interest rate, while an alternative bank, such as Tangerine, offers 3.54 per cent. Meanwhile, BMO is able to offer a 3.99 per cent interest rate, one of the lowest on offer from of the big six banks.  This same pattern applies for a five-year variable mortgage rate, too. True North Mortgage (also a team of brokers) is able...

Fact: The Honda Civic has been the best-selling car in Canada for 21 consecutive years, with more than two million models being sold nationwide since it first launched here in 1973, according to Honda. And though both cars saw a decline in sales year-over-year, the Honda Civic and the Toyota Corolla managed to snag the top spots on Canada’s best seller list in 2018. With more than 69,000 vehicles sold last year, the Honda Civic outsold the Toyota Corolla by more than 20,000 cars. Check out the top 10 best-selling cars in Canada last year* below: Honda Civic Toyota Corolla Hyundai Elantra Chevrolet Cruze Mazda3 Volkswagen Golf Volkswagen Jetta Toyota Camry Kia Forte Honda Accord Volkswagen models the cheapest to insure So sure, these cars may be rising in popularity. Chances are, nowadays, if you’re not driving a Civic, you saw tens or hundreds of them on your way to work this morning. But how do these best-selling cars rank in the cost for auto insurance? To find out which of these best-sellers cost less to insure, we compared average car insurance quotes for a fictional 35-year-old driver with a clean driving record using the RateSupermarket.ca car insurance quoter in six Ontario cities — Ajax, Cambridge, London, Ottawa,...