IBC congratulates Government of British Columbia on significant investment in emergency preparedness

Today, the Government of British Columbia announced significant funding for emergency preparedness projects across the province. Insurance Bureau of Canada (IBC) applauds these investments and supports the government’s focus on mitigation and responsiveness. These efforts will help keep British Columbians safe when disasters strike.

“On behalf of Canada’s property and casualty insurers, I would like to congratulate the Government of British Columbia on this important investment in public safety,” said Bill Adams, Vice-President, Western & Pacific, IBC. “Our industry remains committed to being a full partner in making BC communities safer and stronger during natural disasters and the severe weather effects of climate change.”

The government announced an investment of more than $80 million for flood prevention and protection, seismic safety, local government emergency preparedness, search and rescue, and fire prevention. The bulk of the funding will be allocated to the Union of BC Municipalities for local communities to develop and build on their emergency response plans.

“We all have a role to play in emergency preparedness,” added Adams. “Canada’s property and casualty insurers are working with communities, citizens and all levels of government to highlight the importance of disaster resilience. This funding further builds on the government’s leadership and will go a long way in creating a strong, robust disaster-management system in this province.”

Additional resources:

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $49 billion.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or @IBC_West and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE Insurance Bureau of Canada

2016 claims near $650M: Saskatchewan crop insurance premiums, coverage going up

MELVILLE, Sask. _ Bad weather last year means crop insurance premiums and coverage levels are going up in Saskatchewan this year.

Agriculture Minister Lyle Stewart said premiums will average $8.51 an acre up 67 cents from last year’s average. Stewart says the 8.5 per cent premium increase is needed to cover crops such as lentils and canola.

“Those higher premiums reflect more revenue, but they represent higher risk and liability of the crop insurance corporation because of the higher value of the basket of crops that are being seeded on average across the province,” Stewart said Thursday at the Saskatchewan Crop Insurance Corp.’s head office in Melville.

Stewart said coverage levels will increase by $1 to $217 an acre.

The minister also announced that the province will pay out an estimated $650 million in crop insurance claims from 2016 because storms and excess moisture delayed harvest.

About 1.3 million acres of crop is still on the fields and it’s got to come off, Stewart said.

“It’s always a serious issue when you have a crop to harvest before you can get in the field to seed. That’s a problem,” he said.

“We know that our producers can get a lot of work done in a short time these days and we don’t always expect miracles, but we quite regularly see them. We’re mindful of the problem that that is for producers who are affected. We’ll be there whatever the end result is in crop insurance.”

Crop insurance officials could not break down how much of each specific crop remains unharvested. They said the problem is spread across the province.

Harvey Malanowich, a farmer in the Canora area and a director with the Saskatchewan Association of Rural Municipalities, said he still has canola to bring in.

“The challenge is going to be in the quality of what’s out there,” said Malanowich. “Unharvested acres, they’ll be done in a short time. We have equipment now that can take it off and manpower can do it also.”

The $650-million payout is not a record loss. That came in 2002 when crop insurance paid out just over $1.2 billion because of a drought.

However, the increased crop insurance claims are being cited for the rising provincial deficit. Saskatchewan Premier Brad Wall said earlier this month that crop insurance claims are up $250 million from what was forecast and the deficit is up to about $1.2 billion.

Despite the claims, Statistics Canada reported in December that farmers in Saskatchewan had higher production for most crops.

The agency said canola production in Saskatchewan was up 2.3 per cent from 2015 to a record high 9.7 million tonnes in 2016 and growers reported producing 2.7 million tonnes of lentils in 2016.

Alberta government knew farm worker insurance needed: Report

CALGARY _ A report commissioned by the previous Progressive Conservative government shows it was aware that Alberta farm workers needed workplace insurance protection.

The Sigma Risk Management report, obtained by the Alberta Federation of Labour, was presented to the Tories in February 2015, three months before they were swept from power by the NDP.

The report says about 2,000 farm workers in Alberta suffer a lost-time accident each year and about 20 will die in workplace accidents.

It also notes that Workers Compensation Board coverage would be the cheapest insurance option for small and medium-size farms.

The AFL says its findings repudiate arguments against the farm safety changes that have been brought in by the NDP.

Opposition Wildrose Leader Brian Jean and PC leadership candidate Jason Kenney have both pledged to scrap the NDP legislation known as Bill 6 if they win the next provincial election.

“This utterly repudiates the arguments against basic workplace protections for agricultural employees,” federation president Gil McGowan said Tuesday in a release.

“Anyone who reads this report and still says that Alberta doesn’t need common-sense agricultural workplace laws has no heart.”

Mandatory rules that require WCB coverage for paid farm workers in Alberta have been in effect since January 2016.

The rules don’t apply to farm owners or their family members.

Regulations to cover workplace issues such as overtime, hours of work, collective bargaining, safety education and health rules are being studied by farm, labour and other groups.

The government has said once these groups make their recommendations, the government will give Albertans a chance to respond to draft regulations.

Personal Accident & Health Insurance in Canada, Key Trends & Opportunities

LONDON, Jan. 24, 2017 /PRNewswire/ —

Synopsis
Timetric’s ‘Personal Accident and Health Insurance in Canada Key Trends and Opportunities to 2020′ report provides a detailed outlook by product category for the Canadian personal accident and health insurance segment, and a comparison of the Canadian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Canadian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s ‘Personal Accident and Health Insurance in Canada Key Trends and Opportunities to 2020′ report provides in-depth market analysis, information and insights into the Canadian personal accident and health insurance segment, including:

– An overview of the Canadian personal accident and health insurance segment

– The Canadian personal accident and health insurance segment’s growth prospects by category

– A comprehensive overview of the Canadian economy and demographics

– A comparison of the Canadian personal accident and health insurance segment with its regional counterparts

– The various distribution channels in the Canadian personal accident and health insurance segment

– Details of the competitive landscape in the personal accident and health insurance segment in Canada

– Details of regulatory policy applicable to the Canadian insurance industry

Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Canada:

– It provides historical values for the Canadian personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

– It offers a detailed analysis of the key categories in the Canadian personal accident and health insurance segment, and market forecasts to 2020.

– It provides a comparison of the Canadian personal accident and health insurance segment with its regional counterparts

– It provides an overview of the various distribution channels for personal accident and health insurance products in Canada.

– It profiles the top personal accident and health insurance companies in Canada, and outlines the key regulations affecting them.

Reasons To Buy
– Make strategic business decisions using in-depth historic and forecast market data related to the Canadian personal accident and health insurance segment, and each category within it.

– Understand the demand-side dynamics, key market trends and growth opportunities in the Canadian personal accident and health insurance segment.

– Assess the competitive dynamics in the personal accident and health insurance segment.

– Identify growth opportunities and market dynamics in key product categories.

– Gain insights into key regulations governing the Canadian insurance industry, and their impact on companies and the industry’s future.

Key Highlights
Canada witnessed a steady increase in healthcare spending during the review period.

– The leading cost drivers in health spending are drugs, hospitals and physicians, which accounted for 60.7% of the total health expenditures in 2015.

– Rising outbound tourism is expected to drive demand for travel insurance.

– Life expectancy in Canada rose from 81.4 years in 2011 to 81.8 years in 2015, and is projected to increase further over the forecast period.

Download the full report: https://www.reportbuyer.com/product/1044771/

About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
http://www.reportbuyer.com

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: query@reportbuyer.com
Tel: +44 208 816 85 48
Website: www.reportbuyer.com

SOURCE ReportBuyer

Sun Life named one of the 2017 Global 100 Most Sustainable Corporations in the World

For the eighth consecutive year, Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) (“Sun Life Financial”) has been named among the Global 100 Most Sustainable Corporations in the World (the “Global 100”), in a ranking maintained by Corporate Knights, a Toronto based media and investment advisory company. Sun Life is one of only six Canadian companies across all sectors included in the ranking, and the only North American insurance company to earn a spot on the 2017 Global 100.

“At Sun Life, we understand that sustainability is key to meeting our long-term commitments to clients, employees, advisors and shareholders,” said Melissa Kennedy, Executive Vice-President, Chief Legal Officer and Public Affairs, Sun Life Financial. “Being named as one of the most sustainable companies in the world aligns with our commitment to continue to strengthen our sustainability practices and advance our strategy.”

Sun Life’s sustainability strategy is focused on four areas where the company continues to deepen its commitment to building sustainable, healthier communities for life:

Community Wellness – Since announcing our support of diabetes in 2012, Sun Life has proudly committed over $17 million to diabetes awareness, prevention, care and research initiatives across the globe.

Organizational Resilience – In 2017, Sun Life was recognized as one of Canada’s Top Employers for Young People by the editors of Canada’s Top 100 Employers, and in 2015 received Excellence Canada’s platinum award recognizing Sun Life as one of the nation’s best-run corporations in areas such as leadership, strategy, client experience and engagement.

Environmental Responsibility – Sun Life has continued to ensure strong environmental stewardship across its properties worldwide, including its new global headquarters at One York in Toronto, Canada, and through investments across asset classes, including private fixed income investments in green and renewable energy projects.

  • In 2016, Sun Life invested approximately half a billion dollars in eight green and renewable energy projects
  • In 2017, Sun Life’s headquarters will relocate to One York, a newly constructed office tower which is targeting LEED Platinum Certification
  • For six consecutive years, Bentall Kennedy, a Sun Life Investment Management company, has been ranked among the top firms around the world for its commitment to sustainable investing by the Global Real Estate Sustainability Benchmark (GRESB)
  • Also for six consecutive years, Bentall Kennedy has received the U.S. Environmental Protection Agency’s ENERGY STAR Partner of the Year – Sustained Excellence Award for its continued leadership and achievements in energy efficiency

Governance and Risk Management – Sun Life was the first major Canadian life insurer to become a signatory to the United Nations supported Principles for Responsible Investment in 2014, and Bentall Kennedy was an early adopter, becoming a signatory in 2009. In 2016, Sun Life ranked in the top ten in the Globe and Mail Report on Business’ Board Games review of corporate governance practices of Canada’s largest companies.

The Global 100 ranking was announced today by Corporate Knights at the World Economic Forum in Davos, Switzerland. Applying a data driven approach, Corporate Knights assesses roughly 4,000 global mid-, large-, and mega-cap companies in all industries and geographies to arrive at the 2017 Global 100. The ranking is based on companies’ scores on key performance indicators covering resource, employee and financial management and supplier performance.

To learn about Sun Life’s sustainability strategy and initiatives, visit the Sustainability page on www.sunlife.com.

About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2016, the Sun Life Financial group of companies had total assets under management of $908 billion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to Editors: All figures in Canadian dollars except as otherwise noted.

Media Relations Contact:
Krista Wilson
Director
Corporate Communications
T. 519-888-3900 ext.3414896
krista.wilson@sunlife.com

SOURCE Sun Life Financial Inc.

Tennessee Wildfires Damage Estimated at $500M

On December 14, 2016 local officials in Gatlinburg, Tennessee, a tourism community nestled in the foothills of the Great Smoky Mountains, estimated the damage from the wildfires which bullied its way through the town on November 28, 2016, at $500 million dollars.

Larry Waters, the Mayor of Sevier County, who announced the estimate at a news conference, and also made a promise to do a full scale review of the emergency response and see what was done well and what can be done better.

With winds blasting close to 90 MPH, power lines fell like writhing serpents-causing other fires to ignite.

It was a scene out of a disaster movie as citizens fled on foot or by car as the persistent flames closed in.

 

Damaged or completely destroyed were more than 2,400 buildings, including 2,100 homes. Sixty businesses were also annihilated.

Photo by Lyle Guinn

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