More than ever before, Canadians are facing financial risk

As Canada deals with a global pandemic and rising household debt, Goose Insurance warns that most Canadians can’t afford further financial setbacks caused by a life-threatening illness.

VANCOUVER, BCNov. 9, 2020 /CNW/ – Goose Insurance, a new player in the life and health insurance market warns Canadians could be out-of-pocket tens of thousands of dollars while undergoing treatment for any life-threatening illness.

Goose Insurance recently conducted a survey of over 1000 Canadians, yielding some eye-opening results. The company found that less than 5% of respondents have critical illness insurance or cancer insurance and majority of the people wrongly believe that Canada’s health care system covers all costs associated with cancer treatment or any other life-threatening illness. Overwhelmingly, women are under insured in Canada, with over 70% of the women that responded to the survey have never purchased life or critical illness insurance.

According to the Canadian Medical Association Journal, nearly half of Canadians will be diagnosed with cancer in their lifetime. In fact, the CMAJ estimates that 225,000 people will be diagnosed with, and 83,000 people will die from, cancer in 2020 alone.

While Canada’s health care system covers many costs associated with life-threatening medical treatments, many patients still face out-of-pocket expenses while undergoing treatment, including some drugs not covered, childcare, rent or mortgage, and other household bills and responsibilities.  This comes at a time when Canadians are dealing with COVID-19, a global pandemic; whilst battling an all-time high household debt ratio of 176.9% according to Statistics Canada.

So why aren’t Canadians buying life and health insurance? Of those surveyed by Goose, the two most common reasons were accessibility and affordability. Specifically amongst young Canadians aged 25 to 35, over 50% didn’t know where to buy it from and over 70% found it too complicated.

“Goose is tackling the accessibility and affordability of insurance, and addressing the underserved market,” says Dejan Mirkovic, President of Goose Insurance. “We’re offering reasonable coverage limits at affordable prices, and the ability to buy policies in minutes without medical exams or the need to speak to an agent; all on the Goose app.”

Goose Insurance together with Industrial Alliance Financial Group, one of Canada’s largest Insurers, has made insurance accessible and affordable for anyone under 69 with a smartphone. On the Goose mobile app, Canadians simply become eligible by answering a few medical questions and can get up to $50,000 of Life Insurance for as low as $5 a month. Monthly premiums are based on age, gender, and smoking status.

“For decades, Special Markets Solutions (a division of iA Financial Group) has promoted voluntary insurance programs using traditional methods. While these offerings provided valuable coverage, these methods were outdated and time consuming. We are very excited to be partnering with Goose Insurance in offering voluntary products on a revolutionary digital platform.  This will allow the user to have an easy to understand, seamless and instant application experience . The future is now,” said Ed Bender, National VP, Special Markets Solutions at iA Financial Group.

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Established in 2018 and based in Vancouver, British Columbia, Goose Insurance Services takes the confusing parts out of buying insurance and makes it easier than ever to get the right coverage. And it all happens in seconds, from a single app. Goose currently serves British ColumbiaAlbertaSaskatchewanManitobaOntario, Québec, and Nova Scotia in Canada as well as WashingtonOregonIllinoisGeorgiaNew Jersey, and Texas in the US. For more information about Goose, or to download the app, visit www.gooseinsurance.com

SOURCE Goose Insurance Services Inc.

https://www.gooseinsurance.com/en/

U.S. insurance adjusters in Calgary to respond to damaging hail storm

U.S. insurance adjusters in Calgary to respond to damaging hail storm

The excerpted article was written by 

A parking lot outside a hotel in northeast Calgary is full of American licence plates from states like Texas, Florida, Oklahoma, Mississippi, Utah and South Carolina.

CRU Adjusters confirmed to Global News it has hired adjusters from across the continent following the hail storm that pounded the city earlier this month.

About 300 adjusters have come in from outside Alberta, including about 100 from the United States, for a mix of desk and fieldwork.

A CRU executive said it has strict COVID-19 protocols  — employees are to stay in their rooms as much as possible, wear masks when leaving, and practise social distancing at customers’ homes. Customers are contacted by phone and do not come out of the home for exterior inspections. When CRU adjusters have to go into the home, homeowners are advised to stay in different rooms during assessments.

Before being dispatched to Calgary, the adjusters had to answer health, travel and close contact questionnaires for CRU, and are advised to immediately self-isolate if they have any coronavirus-related symptoms and to contact Alberta Health.

The adjusters have been in Calgary for nearly two weeks and have more than six weeks work ahead of them. CRU said they are not planning on bringing any more adjusters to the province.

The adjuster company said they worked with the Insurance Bureau of Canada (IBC) and Public Health Agency of Canada (PHAC), who deemed these adjusters an essential service and provided them with necessary documentation.

And according to PHAC’s website, the documentation excuses the adjusters from having to self-isolate for 14 days.

Alberta Health said it was unaware of this group of adjusters coming to Calgary, and have begun working with PHAC to monitor the adjusters.

One hotel employee Global News spoke with said they ask out-of-province guests to respect social distancing, and even ask them to skip attending the complimentary breakfast.

In email from General Manager Ryan Ocbina said Element by Westin Calgary Airport follows all provincial and federal public health guidelines and follows a chain-wide commitment to cleanliness during the coronavirus pandemic. Ocbina’s hotels also provide complimentary masks and have removed all high-contact areas like self-serve coffee.

In an emailed statement, IBC confirmed it does help insurance companies “gain approval from relevant authorities to bring adjusters in from outside jurisdictions to assist consumers in response to catastrophic events, if required.

“Insurers are utilizing as many in-house and local claims representatives as possible to manage the high volume of claims from this event.”

But most insurance companies Global News spoke with confirmed they are using local adjusters.

“We can confirm that the vast majority of insurers have been using Canadian adjusters,” the ICB statement said.

“Some insurers utilize third-party independent catastrophic adjusting firms during catastrophic events to ensure clients get help as quickly as possible.”

Insurance in Canada: Coronavirus (COVID-19) Sector Impact

Insurance in Canada: Coronavirus (COVID-19) Sector Impact

NEW YORKMay 4, 2020 /PRNewswire/ — Insurance in Canada: Coronavirus (COVID-19) Sector Impact

Summary

Read the full report: https://www.reportlinker.com/p05890931/?utm_source=PRN

‘Insurance in Canada: Coronavirus (COVID-19) Sector Impact’ report provides brief review of the key trends and evolving developments that shape the impact of the COVID-19 outbreak in the Canadian insurance industry.

‘Insurance in Canada: Coronavirus (COVID-19) Sector Impact’ report provides a snapshot of the impact on the Canadian insurance industry in light of the COVID-19 outbreak.

It provides the impact of COVID-19 on the Canadian economy, the key business lines impacted by the virus outbreak and the revised market sizing estimates against pre-COVID-19 forecast period (2019-2023) across business segments of life and general insurance.

The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics in the country.

Key Highlights
– Economic Impact.
– Impact of COVID-19 outbreak in the Canadian insurance industry.
– Key measures undertaken at both policy and regulatory level.

Scope
This report provides a comprehensive analysis of the impact of COVID-19 in the Insurance Industry in Canada –
– It provides historical values for the Canadian insurance industry for the report’s 2015-2019 review period, and pre-covid-19 projected and revised projected figures for the 2019-2023 forecast period.
– It offers an impact analysis of the key categories due to the COVID-19 outbreak in the Canadian insurance industry, and market forecasts and revised forecasts to 2023.

Reasons to Buy
– Make strategic business decisions using in-depth historic and forecast market data related to the Canadian insurance industry, and each category within it.
– Understand the key dynamics, trends and growth opportunities in the Canadian insurance industry.
– Identify growth opportunities in key product categories.

Read the full report: https://www.reportlinker.com/p05890931/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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Related Links

www.reportlinker.com

New Course from ILScorp:  Fair Treatment of Customers

New Course from ILScorp: Fair Treatment of Customers

The New Guidance Lesson1

This course has been created using the document Guidance: Conduct of Insurance Business and Fair Treatment of Customers issued by the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO).

The New Guidance: Lesson 1 addresses the creation of the Guidance document, its purpose and scope, as well as an explanation of the document’s impact on five key areas of the industry’s activity. The course includes quizzes that allow participants to assess their understanding of the course material.

Course Content

  • Includes the following topics:
  • Definitions of terminology used in the Guidance document
  • The issuing organizations (CCIR and CCRRA)
  • The purpose and origins of the Guidance document
  • Scope of the expectations
  • Implications for conduct of business
  • Implications for fair treatment of customers
  • Implications for business culture
  • Implications for relationships between Insurers and Intermediaries
  • Implications for relationships with Regulatory Authorities

 

The New Guidance Lesson  2

This is the second section of The New Guidance Course which deals with the joint release by the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) concerning the conduct of insurance business and fair treatment of customers. Part 1 of the course dealt with the creation of the document, its purpose and scope, as well as aspects of the insurance business discussed in the document.

Lesson of the course deals with the Customer Outcomes the industry hopes to achieve, as well as the specific attitudes and practices on the part of industry representatives which will accomplish these goals. There are twelve distinct outcomes articulated and for each of these outcomes there are behaviors which can be observed and monitored.

There are quizzes provided which will assist participants in checking their understanding of the material.

Course Content:

Topics covered in the course include the following areas of customer outcomes and the expectations for the conduct of representatives in each:

  • Governance and Business Culture
  • Conflicts of Interest
  • Outsourcing
  • Design of Insurance Product
  • Distribution Strategies
  • Disclosure to Customer
  • Product Promotion
  • Advice
  • Disclosure to Policyholder
  • Claims Handling and Settlement
  • Complaints Handling and Dispute Resolution
  • Protection of Personal Information

 

Learning Objectives:

Successful participants of the course will:

  • Understand that overall responsibility for fair treatment of Customers is at the level of the board and/or senior management, who design, approve, implement and monitor adherence to policies and procedures aimed at ensuring that Customers are treated fairly.
  • See the importance of relevant staff being trained to deliver appropriate outcomes in terms of fair treatment of Customers.
  • Be aware of the role played by remuneration, reward strategies and evaluation in achieving fair treatment of Customers.
  • Know the areas of risk for potential conflicts of interest as Intermediaries interact with both Customers and Insurers
  • Understand issues around responsibility and monitoring of outsourcing
  • Gain a heightened sense of the factors at play in relationships between Insurers and Intermediaries
  • Become knowledgeable about the ethical issues around product design
  • Understand the importance of representatives having adequate product knowledge in order to enable customers to make an informed decision about the proposed product.
  • Be clear about the limitations and responsibilities around providing various types of “advice” to customers
  • Be knowledgeable about issues surrounding disclosure of information in terms of changes in the policy or the customer’s needs.
  • Be aware of the expectations for representatives to handle claims settlement according to all the best practices listed in the guidance document with regard to fair treatment of customers
  • Be knowledgeable about the expectations for representatives in their handling of complaints and dispute resolution
  • Be familiar with the Guidance document’s creation and purpose.
  • Possess the vocabulary, the understanding and the knowledge-base for explaining and discussing the issues addressed in the Guidance document.

 

More Info on Course

This course is accredited for 2 Continuing Education Hours in the following categories and provinces:

2 General / Adjuster – Technical CE: BC, SK, MB

2 Life / A&S – Technical CE: BC, SK, MB, ON

 

COVID-19 and business insurance

These are uncertain and challenging times. With COVID-19 causing global concern, we understand many Canadians will have questions related to commercial insurance. IBC has produced a brief Q&A document outlining how coverage is triggered and how business interruption policies work.

Updated: April 8, 2020

Commercial insurance is complex and specialized, which makes it important that you speak to your insurance representative if you have any questions or need clarification about your coverage.

Will my standard business policy or business interruption policy cover me for interruptions due to COVID-19?

  • Generally, commercial insurance policies and traditional business interruption policies do not offer coverage for business interruption or supply chain disruption due to a pandemic such as COVID-19.
  • Some organizations may have purchased specialized contingent business interruption coverage, stand-alone business interruption coverage and supply chain disruption coverage which may be triggered as a result of the World Health Organization’s declaration of a pandemic.
  • Commercial insurance is complex and specialized and specific to your business which makes it important that you speak to your insurance representative if you have any questions or need clarification about your coverage.

How does business insurance work?

Property insurance for businesses is designed to protect the physical assets of a business against loss and/or damage from a broad range of causes. There are two basic policy types:

  1. Named perils – covers only loss and/or damage caused by perils specifically listed in the policy, subject to exclusions. Loss and/or damage caused by any other peril is not covered.
  2. Comprehensive – covers loss and/or damage caused by any peril, unless specifically excluded.

What is business interruption (BI) coverage?

BI coverage is an add-on to an existing business insurance policy. In the event of a business temporarily needing to shut down, BI covers continuing expenses or replaces lost profits. There are three types of BI policies:

  1. Gross earnings policy, which pays only until property or damage is replaced or repaired, or stock is replaced
  2. Profits form policy, which continues to pay until a business resumes its normal, pre-interruption level (subject to policy limits)
  3. Extra expense policy, which is designed for businesses that can remain operational during periods affected by loss and/or damage.

How does BI insurance work?

BI policies are not standardized and include many variants, but most contain language indicating that the insurer will pay for the actual loss of “business income” due to the “necessary suspension” of operations during “the period of restoration.” A number of concepts and nuances come into play, including:

  • Physical damage requirement: Most policies require proof that the insured premises sustained physical damage (for example, from fire, heat, flooding or firefighting efforts) that was covered under their property policy, which caused an interruption that resulted in a loss of business income. A business that is interrupted due to the loss of data or a loss of utilities may not have sustained a physical loss. (There is separate utility loss coverage.)
  • Period of restoration: If BI coverage is triggered, a significant issue is defining the period of indemnity or, as some policies refer to it, the period of restoration. Most policies will pay business income loss through to the point that the business is restored or when the coverage expires (usually 12 months from the beginning of the interruption).

Consumer Relief Measures

To help Canadians cope with the financial impact of COVID-19, Insurance Bureau of Canada (IBC) member companies are offering substantial consumer relief measures. For consumers whose driving habits have changed significantly, IBC member companies are offering reductions in auto insurance premiums to reflect this reduced risk. IBC expects this could result in $600 million in savings to consumers. The reductions will continue for the next 90 days. Additionally, insurers have supported Canadians and businesses who are most adversely affected by honouring requests to defer premiums. Thousands of Canadians have had their premiums deferred.

Insurance customers whose driving habits have changed significantly or who are facing financial hardship as a result of the pandemic should contact their insurance representative. As it relates to savings on auto insurance premiums, savings will vary depending on individual driving habits.

Many insurers have transitioned their employees to work from home, and insurers ask for your patience as service levels may be strained.

In addition to adjusting premiums for drivers, IBC member companies have also committed to the following measures to help Canadians, which will also apply for the next 90 days:

  • Explore flexible payment options for consumers who are in a vulnerable position or facing financial hardship as a result of COVID-19;
  • Waive the NSF fees they would have charged if you have insufficient funds to cover your premium. You remain responsible for any fees your bank may charge you; and
  • If you are temporarily using your car or home differently (for example, you may be using your car to commute to work instead of taking public transit, or you may be working from home) it will not affect your premium or your ability to make a claim.

Insurers are also working with small business and commercial clients to help businesses manage their costs.

Insurers are supporting communities across the country, and some have made substantial donations to help those impacted.

www.ibc.ca

New ICBC regime increases care costs, but cuts drivers’ ability to sue for pain and suffering

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