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


Read the full report:

‘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.

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:

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.


Related Links

SSQ Insurance sponsors mental well-being program Stronger Minds by BEACON

As Mental Health Week kicks off, SSQ Insurance is pleased to announce its contribution to the Stronger Minds by BEACON program as a way to support the mental well-being of Canadians. SSQ Insurance is now a proud sponsor of this free digital program, created to help during the pandemic through resources provided by a team of clinical psychologists.

Always committed to supporting its customers and the community, particularly during a period that is highly stressful for many, SSQ Insurance is lending its support as a sponsor of this program created to help with the specific emotional well-being concerns faced by the population. Launched at the beginning of April, this initiative has already provided valuable support to many people turning to the program for help coping with social isolation, stress, financial insecurity or the need to be resilient for the sake of their loved ones.

“We are already a BEACON partner, offering its digital cognitive behavioural therapy services. And now SSQ Insurance has decided to join forces with the Stronger Minds program and contribute to the development of this innovative tool, which meets a real need in society, given the new reality we are currently facing. The support of sponsors like SSQ Insurance allows BEACON to continue offering its program free of charge to the entire population, to promote it while contributing to its broader use,” said Éric Trudel, Senior Vice-President of Strategy and Product Management at SSQ Insurance.

We are very happy to have the support of SSQ Insurance and be able to continue developing this program to respond to the mental health needs of all Canadians and help them get through these difficult times. Canadians are in this together and we are here with them, and for them,” said Sam Duboc, Chair and CEO of MindBeacon Group.

Information about the Stronger Minds program is available at

To help cope with worry, stress and fear, a number of resources are available to SSQ Insurance’s clientele during these difficult times. More information is available at

About SSQ Insurance
Founded in 1944, SSQ Insurance is a mutualist company that puts community at the heart of insurance. With $13 billion in assets under management, SSQ Insurance is one of the largest insurers in the Canadian industry. Working for a community of over three million customers, SSQ Insurance employs 2,000 people. Leader in group insurance, the company also sets itself apart through its expertise in individual life and health insurance, general insurance and the investment sector. For more information, go to

About MindBeacon Group
The MindBeacon Group of companies is dedicated to helping Canadians improve their mental well-being to live their best lives. MindBeacon provides evidence-based therapy that is affordable and easy-to-access through BEACON™, the guided digital therapy service (iCBT) which has helped thousands of Canadians struggling with depression, anxiety, insomnia and posttraumatic stress injury (PTSI/PTSD). MindBeacon provides in-person and video therapy through CBT Associates, a leading psychology clinic network.

SOURCE SSQ Insurance

Related Links

Canada: Alberta Limitations Under The Insurance Act

On April 2, 2020, Field Law reported that the limitations periods in various statutes had been suspended due to the impact of COVID-19. We noted that certain statutes were not included in the suspension order including the Insurance Act. Field Law wishes to clarify that, pursuant to the Public Health Act, the only statutes that could be included in Ministerial Order 27/2020 are those under the authority of the Minister of Justice and Solicitor General. The Insurance Act was not included in the Ministerial Order as that legislation falls outside the Justice portfolio. At present, limitations under the Insurance Act continue to run and no suspension of the limitations under that Act has been ordered as of yet.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Field Law:

Drivers fear move by company will force them back to work to cover expenses despite health risks

Read more
Remembering Their Sacrifice – 75 Years Since the Liberation of the Netherlands

Remembering Their Sacrifice – 75 Years Since the Liberation of the Netherlands

In May 2000, the late Cliff Chadderton (1919 – 2013) led a parade of fellow Canadian veterans through the streets of Apeldoorn, Netherlands, where they were met with cheering crowds and words of “thank you.” This May marks 75 years since Canadians sacrificed life and limb to help liberate the Netherlands from Nazi occupation.

Chadderton lost part of his right leg while in command of a company of The Royal Winnipeg Rifles battling for the Scheldt Estuary in Belgium and Holland. In Faces of War (1998), a collection of veterans’ stories, he said, “I should have died right there. I stepped one foot into Holland and left it there.”

While recovering in the army field hospital, Chadderton had an epiphany that would define how he approached the rest of his life. “I don’t need my legs. My head was ok, so I could go out and challenge the world and find something to do that would be useful,” he said.

On returning to Canada, Chadderton and his fellow Second World War amputees were welcomed as members of The War Amps, an Association originally started by First World War amputee veterans to help each other adapt to their new reality. An active member, he held several positions within the Association until his appointment as Executive Secretary (later CEO) in 1965. He was also Chairman of the National Council of Veteran Associations (NCVA).

The Canadians who fought in the Liberation of the Netherlands helped bring peace and freedom to the people of Europe. During Chadderton’s visit to the Netherlands in 2000, he felt immense gratitude from the Dutch. “You can see the mothers and the fathers pointing at the Canadian veterans, saying, ‘Those are the guys that saved our country,'” he said. “Now I know why we fought the war, now I know why we were here.”


Related Links

How to save on car insurance through COVID-19

Economical and Sonnet continue to offer individualized options to support those impacted by the COVID-19 pandemic

WATERLOO, ON, Apr. 30, 2020 – As COVID-19 continues to impact families and businesses across the country, Economical Insurance has enhanced its response to offer relevant relief options for those who need it most.

“During this exceptional time, our teams have acted with compassion and professionalism to support our customers with relief measures suited to their unique circumstances,” said Rowan Saunders, President and CEO, Economical Insurance. “Over the past several weeks, we have launched a number of programs for our personal and commercial insurance customers which we expect will result in more than $50 million in total relief for them during this uncertain time. We have also increased our annual community giving to more than $1 million to help communities across Canada meet distinctly local needs.”

Modifications to car insurance coverage can change what Canadians pay for insurance on a monthly basis. Economical customers should reach out to their broker, while Sonnet customers can use online chat or email, to review their individual policy and options available to them.

If you are driving less, you may be eligible for an enhanced reduction on car insurance rates. Many insurance rates are calculated using an expected number of annual kilometres driven, so customers who disclose this change could, on average, see a difference of up to 15% in their monthly rate, until June 30. If you previously had a long commute, you may save more than someone who drove fewer kilometres annually.

If you aren’t driving at all and your car is now parked, you can change the type of coverage on your vehicle for significant savings on your monthly rate – up to 75% on average. Applying a coverage suspension to your vehicle is a great way to reduce your rates while keeping your insurance policy active. You should ensure your policy will still protect you if you’re injured as a passenger in another car, or even as a pedestrian, if you do decide to remove some elements of coverage. You must inform your Economical broker or Sonnet before you start driving again so you have at least the provincially required coverage in place.

If your monthly budget has been impacted by COVID-19 through lack of employment or other factors, you may be eligible to defer your monthly payments, change your payment plan, or alter your method of payment to find a solution that fits your needs.

If you are supporting your community by using your personal vehicle for things like volunteering or some form of delivery support, there will be no impact to your premium, but you should disclose this to your insurer.

Economical and Sonnet will continue to assess these measures and ensure the right options are in place for customers. Alongside valued broker partners and dedicated employees, Economical is prepared to support Canadians through COVID-19.

About Economical Insurance

Economical Mutual Insurance Company (“Economical” or “Economical Insurance”, which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with $2.5 billion in gross written premiums and approximately $6.0 billion in assets as at December 31, 2019. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers.


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