Insurable Interest Canadian Insurance Blog

The Bermuda Business Development Agency (BDA) is partnering with the island’s fast-growing life and annuity re/insurance sector to promote a strong presence at the industry’s largest US conference this spring. For the first time, the BDA will team with Bermuda International Long Term Insurers & Reinsurers (BILTIR) to lead an industry delegation to the 13th annual ReFocus event. Co-hosted by the American Council of Life Insurers (ACLI) and the Society of Actuaries (SOA), the conference—being held March 10–13 this year in Las Vegas—attracts more than 700 attendees annually and features senior industry speakers, topical panels, and networking opportunities for decision-makers across the global long-term re/insurance sector. “With Bermuda’s leadership position within this industry, it is paramount to have a strong presence at ReFocus to continue raising our profile and attracting further interest from prospective clients,” said Jereme Ramsay, Business Development Manager for Risk Solutions at the BDA. “The content and audience offer a natural fit for Bermuda-based carriers and service providers, and we’re looking forward to attending and participating in that dialogue.” Long-term insurance and reinsurance, which help protects consumers from underfunded retirement years and unsupported dependents, is a growing market globally. In Bermuda, the sector—comprising a diverse group of...

A 2019 ICTA nomination Toronto, ON (Jan. 21, 2019) – Economical Insurance, one of Canada’s leading property and casualty insurance companies, is making it easier than ever for brokers to match customers with the right insurance coverage with the launch of Vyne.  Rolling out beginning June 2018 through to the end of the year, Vyne… Read more » The post Improving the Broker-Insurer Digital Connection appeared first on Insurance-Canada.ca.

A 2019 ICTA nomination Toronto, ON (Jan. 21, 2019) – Services like Netflix have set a standard for consumer expectations in regards to online subscription services and payment flexibility that the insurance industry has not been meeting. Our Subscription Billing Service was created to meet this unsatisfied need. Our Subscription Billing Service allows Gore Mutual… Read more » The post Removing More Friction From Premium Payments With Subscription Billing appeared first on Insurance-Canada.ca.

Global research study reveals only 30 percent of organizations are very confident in internet security New York, NY (Jan. 17, 2019) – Companies globally could incur US$5.2 trillion in additional costs and lost revenue over the next five years due to cyberattacks, as dependency on complex internet-enabled business models outpaces the ability to introduce adequate… Read more » The post Cybercrime Could Cost Companies US$5.2 Trillion Over Next Five Years: Accenture appeared first on Insurance-Canada.ca.

If you’re a student in college or university, you understand that every penny counts. Tuition is high, textbooks are expensive, and it’s hard to maintain healthy eating habits while living off-campus when all you can afford are those packets of Sidekicks pasta for $1. This is where a good rewards credit card can come in handy. Not only can you earn points, merchandise or cash-back for you purchases, but you’re also given the opportunity to start building your credit. And this is important if you’re a young adult who doesn’t have any credit to your name. If used responsibly, having a credit card will start you off on the right foot so you are eligible for other types of credit in the future, like personal loans or a mortgage. And there’s a great chance you’ll need one of these things eventually. Rewards cards generally offer different amounts of points or cash-back for particular spending categories (gas, grocery, pharmacy purchases, etc.). Whether it’s rebating you in points, a statement credit, or cash-back in your bank account, a good rewards card maximizes on your everyday purchases and ultimately helps you save, and if you’re a student, you’re likely looking for a card...

Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 3.35 per cent on average. Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance). FSCO publishes approved rate changes quarterly, and the latest results are in: In the fourth quarter of 2018, approved rates from auto insurance companies increased by 3.35 per cent on average. The list of approved rates seemed to be wide-ranging, seeing as this time around, some companies were approved for an increase of just 1.65 per cent, while another company inflated its rates by 34.87 per cent. “Consumers are urged to shop around for auto insurance,” FSCO said in its quarterly statement. “Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system.” In comparison, the third quarter of 2018 saw an average increase of 2.06 per cent, closing off a year of increases in approved...

If 2019 is the year you promised to stop your bad spending habits in their tracks and ensure your savings go untouched, then maybe the old proverb “failing to plan is planning to fail” hits home for you. But what about the things that don’t make it into the plan? You know, those expenses that just pop up and need to be taken care of immediately? It’s not uncommon to walk up to your car and find a parking ticket perched upon your windshield, or for your hot water tank to break down suddenly in the middle of winter, or to find yourself frantically looking for flights to visit a sick family member. But since you don’t usually account for parking tickets in your monthly budget, what’s the plan? These things happen all the time, so it’s also time to expect the unexpected – big or small – and make an emergency savings fund. What is an emergency savings fund? An emergency savings fund protects your regular savings account from those unexpected costs like a parking ticket, an overnight visit to the vet, death/illness in the family, or even prolonged unemployment. This account is used strictly for emergencies and should be...

In its first announcement of the year, the Bank of Canada decided to hold its overnight rate at 1.75 per cent. It’s also lowering its growth forecast this year for Canada and around the world. The Bank gave several reasons for its decision to keep rates steady – most notably drawing attention to low oil prices and the continuing international trade conflicts, and showing that not much has changed globally since the last announcement. However, this language used in this announcement is quite dovish compared to what we were hearing earlier in 2018. Forecasters are now predicting only two rates hikes this year, even though they previously predicted we would see as many as three rates hikes in 2019. Rising interest rates and a stricter mortgage stress test may have led to a decline in affordability, but if you’re still hoping to move in 2019, this may be your time to buy before another interest rate hike. Find the best rates from Canadian lenders and mortgage brokers at RateSupermarket.ca today. Global outlook is weaker In its statement, the BoC predicted global growth will slow in 2019, pointing particularly to the U.S.  While the Bank mentioned that “global economic expansion continues to moderate”, it also said that growth...

Canada’s first coverage plan of its kind is set to be expanded from its Ontario launch