IBC: Insurers reducing insurance costs for Canadians

To help Canadians cope with the financial impact of COVID-19, the 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.

“This is an incredibly challenging and uncertain time for many Canadians, and insurers want to help alleviate some of the financial burden for the most vulnerable. Insurers understand that many drivers are no longer commuting or using their vehicle as regularly, which could result in savings,” said Don Forgeron, President and CEO, IBC.

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.

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.

If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

www.ibc.ca

Economical Insurance is committed to supporting Canadians throughout COVID-19

he family of brands provides flexibility and digital operations for
customers, brokers, and employees while giving back to communities in need

WATERLOO, ON, April 8, 2020 /CNW/ – Economical Insurance is responding to the hardships COVID-19 creates for individuals, communities, and businesses across the country with a mix of consumer relief and community impact efforts to provide support for Canadians as we work together to find a way forward. This includes exploring flexible payment options for personal insurance customers, solutions for brokers and business owners, a safe work environment for employees, and funding for community organizations that support the front lines of this unprecedented crisis.

“Our business has supported customers through world wars, the depression, and other more recent crises, and our commitment remains focused on the customer first through the challenges we are faced with today,” said Rowan Saunders, President and CEO of Economical. “We are working collaboratively with our dedicated employees and valued broker partners to bring solutions to customers during a situation that none of us have ever experienced. This is the first time we, and the entire industry, have supported customers through this type of global pandemic and I’m proud to see how everyone is adapting together.”

Options for customers in need
Economical has proactively taken the following steps for the next 90 days, or as otherwise deemed appropriate based on ongoing assessment.

Personal insurance customers with Economical, Family Insurance, and Sonnet who are impacted financially by COVID-19 are advised to connect with their broker, visit the website, or contact a customer service representative to review support currently available to offer relief, which may include the following:

  • Flexible payment options, including payment deferrals and waived NSF fees

  • Payment plans adjustments to update the method or frequency of payments

  • Reduction of auto insurance premiums by limiting coverage or reducing the number of kilometres driven to support those with significantly changed vehicle use

  • No impact to premiums if customers temporarily use their cars or homes differently, such as efforts to support community goodwill or migrate to remote work

To support its commercial insurance customers:

  • Economical has made appropriate changes to the rating approach for commercial insurance customers to acknowledge the challenging circumstances many of them are facing

  • For small and mid-sized businesses that have been directly impacted by COVID-19 and are experiencing temporary closures and significant decreases in revenues, and changes in operations, Economical is working with its broker partners to adjust premiums

  • Economical will also provide flexible underwriting solutions for businesses that have made changes to their operations to adapt and support the current crisis

Petline, a subsidiary of Economical, is equally committed to supporting pet owners with pet insurance options through its affordable, simplified Peppermint offering. Additionally, customers have been provided with information on how to safely care for a pet during this pandemic, including managing visits to the vet and adjusting to a new routine.

Investment in technology and digitization during the past few years enabled Economical to launch Sonnet, Canada’soriginal digital direct home and auto insurance offering, and Vyne, a dynamic broker offering for Economical, in addition to digital pet insurance offerings. These innovations are helping customers and brokers navigate insurance more easily, from anywhere at any time, during a truly disruptive period.

Giving back to communities
For almost 150 years, Economical and its workforce have maintained a strong tradition of giving back to communities across Canada through corporate giving and volunteerism.

Economical has adjusted its social responsibility efforts to focus its impact on the national needs of pandemic response in alignment with its existing community giving pillars:

  • Health & Wellness: Acknowledging the brave and necessary work of health care workers on the front lines of this pandemic, Economical is investing $200,000 to provide front-line support in cities across Canada

  • Safety & Security: Economical will extend its long-standing partnership with Canadian Red Cross by providing an additional $100,000 donation for COVID-19 support measures, particularly at a time when flood and fire risks emerge, and response teams are operating under new physical distancing measures

  • Youth & Education: To support vulnerable populations in our communities, Economical employees will be given remote volunteer opportunities through organizations in need of assistance such as Kids Help Phone and Junior Achievement

From the onset of the COVID-19 pandemic, Economical employees quickly rallied to support urgent needs through a corporate matching campaign totaling more than $50,000 in donations to-date for Food Banks Canada.

Supporting employees
Economical and its subsidiaries have a resilient workforce that mobilized early in the COVID-19 pandemic to adopt new working practices designed to ensure business continuity. As nearly 95 per cent of the Economical workforce is now working remotely, Economical has provided flexible work options to help employees manage the needs of work and the personal impacts of this pandemic, as well as maintaining a safe work environment for those who are required in the office.

Economical will continue to evaluate the situation and assess these measures to ensure customers, brokers, employees, and communities are provided with the best help and advice we can offer.

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.

SOURCE Economical Insurance

www.economicalinsurance.com

Finance minister calls for auto insurance breaks during COVID 19 pandemic

TORONTO _ Ontario Finance Minister Rod Phillips says he wants to see insurance companies giving drivers breaks on their premiums that reflect the “devastating impact” of the COVID-19 pandemic.

He says he met last week with the CEOs of the major insurance companies and told them their actions need to reflect these unprecedented times.

Some companies have already announced discounts for customers, including Allstate Insurance Co. of Canada, which is giving all of its drivers a “stay at home payment” of about 25 per cent of their monthly auto premium.

Many other companies say they are offering to adjust premiums for customers, but Phillips says he would like to see them being proactive.

The Insurance Bureau of Canada says its member companies are offering reductions for the next 90 days that could result in $600 million in savings to consumers and says drivers should contact their insurance representatives.

The NDP is calling on the Ontario government to mandate a three-month, 50-per-cent discount on auto insurance.

Happy Easter from ILScorp! Please note our business hours this long weekend

Happy Easter from ILScorp! Please note our business hours this long weekend

ILScorp offices will be closed on Good Friday ― April 10, 2020.

And we’ll be back on Monday, April 13 ready to take your calls and answer your questions.

You can also register for our insurance training programs online, anytime, at ILScorp.com

How do I register or renew my subscription for online insurance courses?

To renew your subscription or register for an online course or CE Subscription simply:

  1. Go to www.ilscorp.com
  2. Do not log in – find the course or subscription you wish to purchase and click ‘Buy Now’
  3. If you are a returning user – enter your current username/password – click ‘Sign In’ (Do not make a new account)
  4. If you are a new user – create a new account and fill in all applicable information – click ‘Submit Information’
  5. Enter your credit card information as it appears on your billing statement

How do I access my online insurance courses once I am registered?

To access your courses simply:

  1. Log in with your username and password on www.ilscorp.com
  2. Go to ‘My Courses’ on the top tab
  3. Choose a course category, and a click on a course title within that category to begin taking courses

Continuing Education Course Subscriptions

View CE Subscriptions

Now is the time to get working on your mandatory CE hours and avoid the last-minute rush. ILScorp’s continuing education catalogues feature hundreds of hours of accredited courses that you can complete anywhere you have an internet connection.

Edited for ILSTV

Beazley launches Virtual Care insurance in Canada

Specialist insurer Beazley has launched Virtual Care, which provides comprehensive insurance protection against risks associated with technology-enabled healthcare and lifestyle management services, in Canada.

How Canadians access to care and monitor their health is evolving. According to the Canadian Medical Association, seven in 10 Canadians would take a virtual appointment if available, and 71% of Canadians would like to be able to book appointments online.

The COVID-19 pandemic has sharply increased demand for telemedicine, and many providers are expanding or adding these services to meet demand and to protect patients as well as those providing healthcare.

Advancements in healthcare and lifestyle management technology offer Canadians, as well as those who treat and support them, the ability to monitor health data and deliver care in non-traditional ways.

To respond to the risks associated with providing digital healthcare and ensure clients are not left with unexpected gaps in coverage, Beazley Virtual Care offers four pillars that work together to provide seamless cover. These include:

  • medical malpractice and professional indemnity
  • tech and media liability
  • public and products liability
  • cyber coverage and services through Beazley Breach Response Services.

Optional extensions include:

  • mitigation costs, abuse and harassment liability, medical regulatory costs
  • claims due to loss of documents or reputational damage costs; environmental liability costs.

Virtual Care caters to a wide range of small to large organizations. This includes telehealth, which enables remote diagnosis and monitoring by professionals, and m-health, which permits self-monitoring of chronic conditions via apps and wearables. The policy also caters to a range of lifestyle and wellness technologies that support healthy lifestyle choices. All these modes of care are supported by a range of IT tools, analytics, software, platforms and portals.

Evan Smith, Beazley’s global head of miscellaneous medical & life sciences, said: “Advancements in technology are driving the evolution of healthcare provision as well as changing public attitudes around accessing care remotely and monitoring personal health and wellbeing. With this comes potential risks from the shortcomings of data or the health advice provided, or due to errors or malfunctions in the technologies themselves. Data privacy and security concerns are also top of mind for many providers.

“Beazley Virtual Care addresses the complexity of these risks by providing healthcare and tech specialists with seamless cover in one policy that avoids policy gaps and ensures that, should they arise, claims are efficiently managed by one dedicated team of Virtual Care claims specialists.”

Also launching in the Canadian market are BioSecure aimed at providing protection against exposures in the pharma, biotech and medical device sectors, as well as a refreshed miscellaneous medical suite, for small, mid and large-sized firms.

BioSecure offers a broad, flexible policy to meet the current and emerging needs of the life sciences sector. Coverages include product liability, professional indemnity, general liability, clinical research services, medical malpractice, and clinical trials.

Beazley’s refreshed miscellaneous medical professional liability policy offers protection against medical professional liability exposures arising out of a wide range of healthcare related businesses. Beazley’s innovative cover includes sub-limits for reimbursements for regulatory/administrative actions and disciplinary proceedings.

The launches build on Beazley’s existing miscellaneous medical and life sciences offering in Canada and deep experience as an established provider of specialist healthcare products globally.

For more information please go to www.beazley.com

La Capitale offers a rebate to all its auto insurance clients

La Capitale Insurance and Financial Services is offering all its automobile insurance clients a rebate applicable to their insurance premiums for private passenger and commercial vehicles.

“The collective effort by Quebec residents to respect the COVID-19 confinement measures is having a tangible impact on the frequency of automobile losses. This reduction in risk should be reflected in the premium our insureds pay. As a result, La Capitale will offer a rebate to all our clients with automobile insurance,” announced Jean St-Gelais, Chairman of the Board and Chief Executive Officer of La Capitale Insurance and Financial Services.

This measure applies to all clients, whether or not they reduced the distance they usually travel. La Capitale considers that those who continue to drive as much as previously are likely doing so because they are frontline workers playing a role in supporting the public.

“This is why we want everyone to benefit from this rebate, including our “guardian angels” and other workers providing essential services, as well as our seniors,” added Jean St-Gelais.

This rebate, which is equal to 20% of the monthly auto premium, will apply as of April 1, 2020 and will cover the whole confinement period currently being experienced. Clients don’t need to make a request; details on the rebate will be available shortly on lacapitale.com. For more information, go to: https://www.lacapitale.com/en/covid

La Capitale is aware of the different realities facing its insureds and asks those for whom this amount is not needed to donate an equivalent amount to the Red Cross or to the Véro & Louis Foundation, which advocates for those with autism, a cause supported by La Capitale.

In line with the mutualist values La Capitale has held for nearly 80 years, its mission is to protect what its members hold most dear: their health and that of their loved ones, their financial security and their property. Our commitment still holds in this time of unprecedented turbulence. La Capitale will continue to guide and provide service to its clients and its members.

About La Capitale

La Capitale Insurance and Financial Services, created in 1940, has a strong presence across Quebec and throughout Canada. With over 2,800 employees and guided by the values of mutualism on which it was founded, La Capitale works with clients to build, protect and value what they feel counts for their financial security. It offers insurance products and financial services to the general public as well as to Quebec public service employees. With assets of $8.8 billion, La Capitale occupies a choice position among leading insurers in Canada.

SOURCE La Capitale Insurance and Financial Services

Related Links

www.lacapitale.com

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