Warning signs show Canada could be heading towards Recession

Canada’s credit-to-GDP is over 11, which is usually a critical sign of oncoming recessions.

Canada is third on the list indicating warnings of stress in domestic banking systems, Interests rates are rising in Canada, and so is the average household debt causing red flags.

The cause of the red flags is said to be from the housing market and is a contributing factor causing risk to the financial market.

With thousands of jobs lost from higher taxes and a slow moving infrastructure plan the the Liberal government, it will be hard to recover from a recession that could last for months, or even years.

There’s no real plan from Justin Trudeau to create more full-time jobs, without jobs a recession is going to be hard to recover from.

They imposed Carbon Tax in Alberta caused big oil investors to pull out of the province, and in some cases out of the country.

Canada’s last recession, which rated a category 4 slump on a five-point severity scale, began in November, 2008, and ended seven months later in May, 2009, oil prices crashed causing thousands of jobs, but as interest rates rise, things could get worse for Canada this time around.

Source: 

$760 million to remain in the Ontario economy following latest WSIB rate cut

For the second year in a row, the Workplace Safety and Insurance Board (WSIB) is lowering premium rates. The three per cent reduction to the average rate for 2018 was announced at today’s Annual General Meeting (AGM) for stakeholders.

“The rate cut we announced today combined with last year’s reductions means a nine per cent drop in the average premium rate over the past two years,” said Elizabeth Witmer, Chair of the WSIB. “That means $760 million will remain in Ontario’s economy that can be invested in jobs, technology and improvements to workplace health and safety.”

Over 300,000 businesses and organizations in Ontario pay premiums for the WSIB’s workplace injury and illness collective liability insurance coverage.

The WSIB also released its 2017 Economic Statement today which shows continued progress reducing its unfunded liability (UFL), which now stands at $2.6 billion, down from $14.2 billion in 2011.

“Good financial management underpins our ability to keep delivering and expanding the services that help people recover and return to work safely,” said Tom Teahen, WSIB President and CEO. “We are focused on always delivering better outcomes across everything we do.”

A key focus of the AGM was the first-ever Small Business Health and Safety Leadership Awards, designed to recognized outstanding achievement in health and safety initiatives in businesses with fewer than 50 employees. Nominated businesses were judged on their performance in five categories: safety culture and leadership, inspections, hazard identification and control, quality of return-to-work programs, and employee safety engagement survey results.

“We need to call out the efforts of leaders in small business who make health and safety a priority,” said Witmer. “These business leaders are leading by example and can inspire other businesses to make improvements.”

The three winners were encouraged to reinvest their cash awards in their health and safety programs. The winners were:

Gold level – JTR & Custom Works Inc., Timmins$5,000
Silver level – Devolder Farms Inc., Dover Centre$3,000
Bronze level – Mike Moore Construction Ltd., Sault Ste. Marie$2,000

SOURCE Workplace Safety & Insurance Board

DYK – Eating cereal, trimming nose hairs – it’s all illegal while driving

Excerpted article was written by 

Eating cereal, reading a book or petting a dog – Sgt. Lorne Lecker has seen drivers do it all.

The traffic enforcement officer has worked almost 30 years for the Deas Island Traffic Service across the Lower Mainland. September is Distracted Driving Awareness month.

“I once pulled over a person driving with a baby standing up and leaning on the steering wheel,” Lecker said. That driver was issued a ticket and child protection services was called.

Just last week, Lecker said he watched a driver brushing their teeth.

He also recently saw a man trimming his nose hairs with cuticle scissors at the wheel. “What if he was to go over a bump?”

Humour aside, Lecker has also seen firsthand the fatal consequences that driving distracted can have.

He was driving along Highway 1 once 20 years ago, behind a driver who was eating yogurt, when the man crashed into a tree. He ended up dying in Lecker’s arms.

“It’s in my mind every day,” he said.

Thousands of tickets issued since then, Lecker said if the only way to stop distracted driving is to hit someone with a hefty fine, then so be it.

“If people can’t realize on their own that driving is one of the most dangerous tasks in their life, and involves your full attention,” he said, “I would rather write a thousand tickets than witness one more fatal collision.”

Distracted driving met with plenty of excuses

When it comes to using your phone or other electronic device, Lecker said he has handed out almost 2,000 tickets for such an offence since the law took effect in 2010. Fines and penalties are now at $368 and four penalty points.

Distracted driving by other means can end much worse for the driver, with a $368 ticket for driving without due care and six penalty points.

Lecker said it’s pretty easy to spot a driver looking down at their phone, but many of them still try to weasel out of the fine.

“It wasn’t a phone, it was a wallet, hairbrush, banana, etc.,” Lecker said he’s heard many times, and even, “’I was just using it to check the time.’”

Some people insist they were only looking during a red light.

“People seem to feel they are doing it safely and for everyone else it’s a risk,” he said. “But driving is a deadly serious business. It needs one’s full attention.”

Source: Comox Valley Record

OmbudService for Life & Health Insurance reports on record numbers

 Canada’s OmbudService for Life & Health Insurance (OLHI) held its annual general meeting and released its annual report for 2016/17, reporting on a year of record numbers and renewed priorities.

Highlights:

  • Complaint volumes increase by 23.2% across Canada, marking a historic high
  • Increase in complaints from Quebec (+36.2%), Prairie provinces (+25.6%) and British Columbia (+ 24.4%)
  • Public contacts exceed 87,000
  • Edmonton office established as a part of western expansion strategy

“We discovered many things about ourselves this past year: we are small yet influential; we are experts in our field; we are strategic; and we are ready to redefine our future,” said Chair Dr. Janice MacKinnon at the meeting on September 14, 2017. “The launch of OLHI’s new case management and reporting system (CMRS) and website provides us with an opportunity to take a fresh look at how we do business today and moving forward.”

Among OLHI’s business plans for the future is increasing visibility outside Central Canada. This past year, complaint volumes rose in ManitobaSaskatchewanAlberta and British Columbia. To build on this momentum, OLHI established a physical presence in Edmonton in Q4 with a new office.

For fiscal 2016/17, OLHI received 2,632 complaints, with 57.5% of these relating to denied claims. Disability, life and employee healthcare & dental, together, made up 83.9% of all product complaints. Web visits rose by 19.1% over last year, reaching nearly 85,000.

“OLHI is successful because of stakeholder support and the respect we receive as an independent, impartial organization,” said Brigitte Kent, Acting Executive Director. “This allows us to meet our benchmark of closing 80% of all complaints within 120 days.”

Looking ahead, OLHI will continue to measure effectiveness and efficiency, identifying best ways to utilize the CMRS and accelerate service without sacrificing quality. OLHI will also complete its third Independent Review and begin work on ensuing recommendations.

For more detail on OLHI’s operations, including case studies and statistics, the full 2016/2017 Annual Report is available at http://olhi.ca/news-publications/annual-report/.

About the OmbudService for Life & Health Insurance
The OmbudService for Life & Health Insurance (OLHI) is Canada’s only independent complaint resolution service for consumers of Canadian life and health insurance. Canadians trust OLHI to review their insurance complaints about life, disability, employee health benefits, travel, and insurance investment products such as annuities and segregated funds. OLHI’s free bilingual services are available to any consumer whose insurance company is an OLHI member – and, currently, 99% of Canadian life and health insurers are. OLHI also offers general information online about life and health insurance. To ensure impartiality, OLHI’s operations are overseen by the Canadian Council of Insurance Regulators (CCIR). For more information, visit www.olhi.ca.

SOURCE OmbudService for Life & Health Insurance

There are cases where buying travel insurance might leave you bereft of coverage. Here are a few examples.

Read more

Beazley Canada strengthens its cyber risk team

Specialist insurer Beazley has appointed Miki Ho as cyber risk underwriter. Based in the company’s Toronto office, Mr Ho’s focus will be on developing Beazley’s portfolio of cyber liability and technology risks for large enterprises in Canada.

Mr Ho joins Beazley from Allianz where he was a senior underwriter for cyber and professional liability risks, following previous underwriting and broking roles with a portfolio of clients in the financial institutions sector.

Paul Bantick, Beazley’s Technology, Media & Business focus group leader says: “We are excited by the opportunities we see to support Canadian businesses against the risks of cyber liability and data breach. With the cyber and technology risk landscapes changing rapidly and the number of data breaches unabated, the demand for cyber insurance products is growing strongly. With Miki having joined our team, we are well placed to take advance of this growing demand and the opportunities that exist in the Canadian market.”

Phil Baker, head of Beazley Canada, adds: “Beazley is a market-leading provider of cyber liability, technology errors & omissions, and miscellaneous professional liability coverage, with a global team structured to deliver local solutions. Miki will play a pivotal role in delivering those local solutions to brokers and clients in Canada.”

Note to editors:

Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin AmericaAsia and Australia. Beazley manages six Lloyd’s syndicates and, in 2016, underwrote gross premiums worldwide of $2,195.6 million. All Lloyd’s syndicates are rated A by A.M. Best.

Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information please go to: www.beazley.com

SOURCE Beazley

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest