Insurable Interest Canadian Insurance Blog

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,...

Buying a house is a big deal.  Whether you’ve done it several times or are embarking on your first foray into homeownership, finding the perfect neighborhood and getting ready to make the biggest purchase of your life is time-consuming. Fortunately, you can make shopping for a home less frustrating and more fun with a few simple tools on your smart phone.  When it comes to buying a house, it turns out there’s an app for that. Here are the ones you definitely want to download to your smartphone before you begin your journey.  1. QR and Barcode Scanner  Real estate agents are getting tech savvy, so many of them are including QR codes on listings and other handouts so you can get instant facts and figures about a property you love. There are lots of QR and Barcode scanners out there that work with your phone’s camera; Gamma Play has one that works for both Androids and iPhones.  2. Zolo  Want notifications about new listings? Need a way to search for information about that “For Sale” sign you just drove by? Zolo is available for Android and for iPhone, and it’s a great way to browse for Canadian properties while filtering for your favorite features — perfect...

A preliminary hearing for Kendra L. Dias, charged with orchestrating the slaying of her stepfather Donald Bachman nearly four years ago, was delayed Thursday for more than a month. Dias, 24, of 114 Hemlock St., Sugar Notch, is the sole person charged as investigators allege she planned the deadly shooting in front of Bachman’s house at 62 Willow St. on May 1, 2015. Bachman, 49, died from multiple gunshot wounds. The actual gunman remains unknown but Luzerne County Assistant District Attorney Jarrett Ferentino hinted others close to Dias know the killer. Ferentino called the killing an “execution-style hit.” During Thursday’s brief proceeding before District Judge Richard Cronauer, Ferentino said “there are other individuals close to Ms. Dias that are involved.” Afterward, Ferentino told reporters, “Obviously, this is a situation that involved the stepdaughter basically occasioning the murder of her stepfather. This is a family situation so individuals that are impacted or involved are certainly within her immediate family.” Ferentino declined to say if Dias is cooperating with investigators. She was charged Feb. 20 with criminal solicitation to commit homicide and criminal conspiracy to commit homicide. Outside the courtroom, Bachman’s widow and Dias’ mother, Lori Bachman, was overheard making statements to...

Wells Fargo’s program to compensate customers affected by the bank’s violation of consumer protection laws has begun, the Texas Attorney General’s office said. Texas customers, as well as customers around the country, who were affected by the bank’s practice between 2009 and 2016 of opening millions of unauthorized bank accounts in the names of unknowing customers, are able to call helplines to have their claims reviewed. The program is part of a $575 million settlement with every state in the U.S. Texas will receive $47 million of the settlement to resolve civil claims that the bank committed unfair and deceptive trade practices, the Office of the Texas Attorney General said. Customers should call the following phone numbers or go online to have their complaint reviewed for relief, which could include compensation. Unauthorized accounts: Customers who may have had an account or service opened without their consent should contact Unauthorized Accounts and Improper Retail Sales Practices at 1-844-931-2273. More information is available on the bank’s website. Renters and Life Insurance: Customers who may have had a renters or simplified term life insurance policy opened by Wells Fargo without their consent or solely for purposes of helping the employee obtain incentive pay...

From Staff and Wire Reports OneAmerica has launched two new term life insurance products designed to offer more flexibility for protection. Both OneAmerica Term and OneAmerica Premier Term offer guaranteed level premiums and death benefits over the term period, with four term options to choose from. In addition, OneAmerica Premier Term offers conversion options for permanent protection with whole life or whole life with long-term care (LTC) protection. “With these new products, we’re expanding options for people to match their life insurance coverage to their needs and their overall financial strategy,” said Chris Coudret, vice president of strategy and business development, Individual Life and Financial Services, OneAmerica. “Some people know they won’t have a need for insurance beyond the term period, while others know they’ll at least want to consider a whole life option down the road. With OneAmerica Term and Premier Term, policyholders can be sure they’re paying for the appropriate coverage for their needs.” Term insurance is an affordable way for families and business owners to cover financial commitments for a specified period of time. According to LIMRA[1], four in 10 households don’t own life insurance coverage. OneAmerica Term and OneAmerica Premier Term are available for 10-, 15-,...