Canadian economy shrinks in second quarter, worst showing since financial crisis

OTTAWA _ The Canadian economy contracted in the second quarter, putting in its worst performance in seven years.

Statistics Canada says real gross domestic product fell at an annualized rate of 1.6 per cent in the three-month period, due in large part to the wildfire in Fort McMurray, Alta.

That’s the biggest quarterly decline since the second quarter of 2009 when Canada was in the midst of a global financial crisis.

Economists had expected a drop of 1.5 per cent in the second quarter, according to Thomson Reuters.

The drop in GDP came as exports fell by 4.5 per cent.

Energy exports fell 7.5 per cent while exports of motor vehicles and parts dropped 5.8 per cent due to lower exports of passenger cars and light trucks.

However, despite the pull back for the quarter as a whole, the Canadian economy returned to growth in June.

Statistics Canada says real GDP rose 0.6 per cent in June, boosted in part to non-conventional oil extraction as production in the Alberta oilsands started to resume following the shutdowns and evacuation caused by the wildfires.

canada-press

The Co-operators Announces New Chief Executive Officer as of Dec 1.

Today, The Co-operators Board of Directors announced the appointment of Rob Wesseling as President and Chief Executive Officer (CEO), The Co-operators Group Limited, effective December 1, 2016.

Rob

Currently The Co-operators Executive Vice-President (EVP), Property and Casualty (P&C) Operations, Co-operators General Insurance Company, and Chief Operating Officer (COO), The Sovereign General Insurance Company, Wesseling spent the last 19 years with The Co-operators in increasingly senior leadership positions. He was appointed COO of The Sovereign General in May 2007 and, inNovember 2011, he assumed the additional role of EVP, National P&C for all P&C operations across the group of companies.

“Rob has the ability and desire to lead our organization while positively impacting the co-operative movement. He’s an inspirational and innovative leader who will ensure The Co-operators relevance, strength and sustainability long term,” said John Harvie, Chairperson of the Board of Directors. “In addition to Rob, the number and quality of internal and external candidates who came forward to fill this leadership position speaks to the reputation of our organization, and I’d like to thank each of them for their commitment to this process. My gratitude also goes to the CEO search committee who dedicated their time to carefully interview and recommend the best candidate for the job.”

Wesseling’s current involvements include his leadership in flood resiliency in Canada. He has been instrumental in engaging all levels of government, the academic community, and various industries, to develop a complete solution for Canadians. He is an acting member of the International Co-operative and Mutual Insurance Federation (ICMIF) Board of Directors and Executive Committee; member of the ICMIF’s Development Committee; and, founding director and member of Partners for Action Advisory Board. He holds a B.A. with distinction in Theoretical Mathematics and MSc. of Applied Statistics from the University of Guelph where he graduated in 1996. He obtained a Chartered Insurance Professional designation in 1999.

“The Co-operators is more than just a financial services company,” said Wesseling. “Our co-operative nature guides our bone-deep commitment to our members and to the clients and communities we serve. We look to the future from a position of strength, recognizing that our relevance is dependent on our ability to anticipate and respond to their changing needs and preferences. I am eager to engage with the entire Co-operators team as we write the next chapters of the story.”

Wesseling replaces Kathy Bardswick, current President and CEO, The Co-operators Group Ltd., who announced her retirement inFebruary 2016. Bardswick will be retiring December 1, 2016 when Wesseling assumes the role.

The Co-operators is a leading Canadian co-operative insurer committed to furthering its bilingual workforce and Wesseling is dedicated to enhancing his French language abilities. Prior to his post, Wesseling will re-locate to Quebec where he will be fully immersed in a French language program for approximately eight weeks. The leadership team will be developing a more detailed transition plan in the coming weeks.

About The Co-operators:
The Co-operators Group Ltd. is a Canadian co-operative with more than $44 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt; Corporate Knights’ Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean’s magazine. For more information, visit www.cooperators.ca.

SOURCE The Co-operators

The community continues to pull together a week after 2 tornadoes struck Windsor & LaSalle.

Excerpted article written by Kelly Steele, Windsor Star

Arnold Brown, 60, is homeless after Wednesday’s tornado destroyed the home he rents on Victory street. The roof was ripped off leaving the inside exposed to the rain and most of his belongings inside destroyed. Red Cross has put him up in a hotel for a few nights but he’s faced with looking for a place to live.

“It’s pretty devastating,” he said. “There’s no way you can look at it any other way. We lost everything. I just started crying afterward.”

But Brown said in the midst of all the chaos, the neighbours all pulled together to help.

“The neighbours all came over to see if we were okay,” he said. “It really looked bad around here. This is going to stay with me for awhile, I’ve been having nightmares about it.”

Erik Lobzun, who lives next door, said the roof of his home sustained substantial damage, windows were broken and he suspects there may be other damage to the house.

“We are picking up and things are getting cleaned up,” he said. “Insurance is being really good, which helps. The community really pulled together which really helped.”

After the storm subsided, neighbours went from house to house in the Victory Street area helping to tarp exposed roofs. Some walked around with chainsaws helping to cut up the fallen trees. Zehrs came out with coolers of water and food for everyone.

“You start to lose faith in humanity and something like this brings it back,” he said. “I was amazed at the level of effort from everyone.”

In Windsor, close to 400 workers from Empire Roofing, Belfor Property Restoration and Rosati construction have pulled together since Saturday to fix the roof at Kautex Corporation on Deziel Drive by Friday. The tornado ripped the roof off the auto parts plant forcing its to shut down leaving its 200 employees out of work.

“It’s an extremely expensive undertaking but we’ve all joined forces to make this happen,” said Nada Tayar, service manager with Empire Roofing. “Every piece of our equipment is there and we’ve pulled manpower from every job site in Windsor, Toronto and London.”

Workers are staying in hotels and working countless hours on the roof. Despite the long hours, Tayar said morale is great as everyone is “working from their heart to support their community.”

Sara Monger, spokesperson for Kautex, said the company is continuing to proceed with clean up and repairs and are looking to get things “back on track as soon as possible.” The damage is extensive as the roof was peeled off as well as two walls were blown off.

“We have a pretty strict timeline of events that we are adhering to and we are in constant contact with our customers,” she said. “At this point we don’t even have power at the plant and are running off generators.”

On Tuesday, the plant did manage to get one of its production lines running by using the generators. “We are trying as hard as we can to get things up and back on line. We need that and so do our customers.”

Last Wednesday, Environment Canada’s Storm team confirmed two separate tornadoes touched down. The first tornado, a confirmed F1, touched down in LaSalle around 7:06 p.m. bringing winds from 135- 175 km/hr. The storm gained power and by 7:15 p.m. it had become an F2 tornado when it hit the industrial areas around E.C. Row and Central Avenue. It carried winds between 200 – 220 km/hr.

On the weekend, members of the Windsor Essex County Canoe Club grabbed their kayaks, canoes and boats and headed out to Peche Island to clean up the debris dropped by the tornado. Club president Stacey Adam said most of the debris was roofing material likely from the Kautex plant. The club collected close to 60 bags and are planning to go back Thursday to finish the cleanup.

Transit Windsor continues to detour its Central 3 route which normally travels through Deziel Drive, Kautex Drive and Mannhein Way. The detour will now see the route only travel to Rhodes Drive avoiding the affected areas. Gary Brown, manager of operations with Transit Windsor, said they are monitoring the area but at this point those roads are still closed.

Damage costs from the storms are still being tallied. Steve Kee, director of media and digital communications with Insurance Bureau of Canada said they are still dealing with insurance companies submitting claims. The IBC is the national industry association representing Canada’s private home, auto and business insurers.

Aviva Canada to launch equine insurance product

Aviva Canada to launch equine insurance product

August 29, 2016 (Toronto, ON) – Aviva Canada is pleased to announce that through their partner, Henry Equestrian Insurance Brokers Ltd. and its well-known and trusted Henry Equestrian Plan (“HEP”), it will be launching in Manitoba and Saskatchewan to provide mortality, medical, and surgical insurance coverage for horses, as well as liability coverage for equestrians.

HEP is now available in Manitoba and Saskatchewan as of today. With the launch of HEP, equine owners in the region now have easy access through their local broker to specialized coverage that meets all of their equestrian insurance needs.

For over 40 years, Henry Equestrian has been designing, managing, and providing insurance expertise for the equestrian industry.

“Whether you ride for pleasure or professionally, HEP offers a wide range of equine coverage tailored to individual needs,” says Daniel Ignoto, Assistant Vice President, Leisure & Lifestyle, Aviva Canada. “We are proud to partner with Henry Equestrian to provide equine insurance for this unique market and continue to protect our customers’ passion for horses.”

“In partnership with Aviva Canada, HEP offers a host of coverage options from full mortality, medical and disability coverage, trailer and equipment protection, to 24/7 claims expert service. HEP will not only fill the gap in insurance coverage for equine owners in Manitoba and Saskatchewan, but also provide added benefits by offering custom options to meet their unique needs,” says Dennis Graham, President, Henry Equestrian Insurance Brokers Ltd.

About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in the country providing home, automobile, leisure/lifestyle and business insurance to more than three million customers. A wholly-owned subsidiary of UK-based Aviva plc, the company has more than 4,000 employees, 27 locations across Canada and approximately 1,500 independent broker partners.

Aviva Canada invests in positive change through the Aviva Community Fund, Canada’s longest running online community funding competition. Since its inception in 2009, the Aviva Community Fund has awarded $6.5 million to over 222 charities and community groups nationwide.

For more information visit avivacanada.com, our blog or our Twitter, Facebook and LinkedIn pages.

Media Contact:
Priscilla Wong
Public Relations Specialist
Aviva Canada Inc.
Desk: 416 288 6780
Mobile: 647 208 7523
priscilla_wong@avivacanada.com

Frank Cowan Company – Drone Coverage Now Available

Frank Cowan Company – Drone Coverage Now Available

More and more organizations are using Drones, also known as unmanned aerial vehicles (UAV), in both the public and private sectors. Drones have practical applications such as helping with public safety, emergency services, video and aerial photography, surveying and architecture/construction. Insurance policies tend to exclude Drones from liability coverages, since drones are considered to be an “aircraft”.

Our liability and property policies can now be enhanced with endorsements to cover drones. This coverage is intended to close the gap in liability and property insurance because of aviation exclusions. This is not a stand-alone product but rather an enhancement to an existing program.

Click here to read an article on drones that can be found on the Centre of Excellence.

Frank Cowan Company

Canada’s insurers ready to respond after tornado hits LaSalle and Windsor

Canada’s insurance industry is ready to respond following a tornado that hit the Town of LaSalleand parts of the City of Windsor on the evening of August 24.

“Ontarians know that warm summer temperatures often bring severe storms and violent weather,” said Kim Donaldson, Vice-President,Ontario, Insurance Bureau of Canada (IBC). “While no serious injuries have been reported, there does appear to be some property damage in the affected areas. Residents with property damage should contact their insurers as soon as possible to begin the claims process.”

Wind damage is covered under basic insurance policies. Policyholders with questions can contact their insurance representative or phone the IBC Consumer Information Centre at 1-844-2ask-IBC.

“IBC will continue to monitor the situation in Windsor,” added Donaldson. “Tornadoes and other severe weather events can happen without warning. It’s important that Canadians understand their insurance policies and put an emergency preparedness plan in place before bad weather strikes.”

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 $8.2 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 and@IBC_Ontario or 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

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