Esurance Introduces Homeowners Insurance in Alberta

Press Release:

Esurance, the online direct-to-consumer insurance company, today announced it is now offering homeowners insurance in Alberta, making it the first province where homeowners insurance is available from Esurance.

As part of the Allstate Canada family, customers choosing Esurance are protected with a policy that’s backed by Allstate. The Esurance homeowners policy offers Albertans comprehensive protection as well as water backup and additional living expense coverage to safeguard their homes, cover their belongings and protect their personal liability.

“We understand a person’s home is their ultimate safe haven. It’s a source of pride and enjoyment that they want to protect from both those unexpected accidents and certain risks that come with homeownership,” said Saskia Matheson, general manager at Esurance Canada. “That’s why we created an intuitive online experience that lets homeowners design and purchase a unique, customized policy. It’s affordable protection at a price that’s right for them.”

Esurance’s modern approach to insurance offers Albertans an easy-to-understand, online experience to help them get the right level of protection for their individual needs. With helpful tips and graphics, Esurance.ca offers built-in guidance to help customers understand different coverage options and discounts. As Albertans adjust their coverage levels, they can instantly see how those changes affect their quote. Once they purchase a policy customers can access their policy through the 24/7 website, or call and talk to a knowledgeable expert.

Esurance homeowners insurance offers more than 10 ways to save with discounts, including its Home Safety Features discount, which rewards customers with savings when they own safety devices such as burglar alarms and smoke detectors. Esurance also promotes its Welcome Home discount, showing new customers appreciation by offering a discount when signing up with Esurance.

Esurance’s DIY Inspection app is the industry’s first online home inspection tool. The app enables customers to self-inspect their homes to receive a policy discount.

“The DIY Home Inspection app is just one example of how we strive to leverage technology to better serve and empower our customers,” said Matheson. “The app allows customers to complete their home inspection at a time that’s convenient for them.”

Bundling with auto insurance
Esurance auto insurance is also available in Alberta, offering a modern and convenient approach for its customers. Bundling options for homeowners and auto insurance coverage are available for new and existing customers to add more savings to customers’ insurance coverage. Esurance offers a Multi-Policy discount, qualifying customers who already have an insurance policy with Esurance to earn a discount on all of their policies.

Customizable coverage options
Esurance’s homeowners insurance offers a wide range of coverage options to suit its customers’ unique needs. Standard coverage options are available, including personal property protection, family liability protection, and guaranteed replacement cost for your home, which ensures customers have the necessary funds to rebuild their home in the event it’s destroyed. Customers can choose the right coverage for their situation and budget. And, there are different packages available based on a customer’s specific need, such as roof surfaces protection, which covers the partial or full cost of a roof replacement due to severe weather damage from hail or windstorm storms.

“Looking to the year ahead, we hope to further expand our product availability to other provinces, offering cost-saving options on home and auto insurance policies for more Canadians,” said Matheson.

For more information about Esurance Canada, please visit www.esurance.ca.

About Esurance®
Esurance provides auto insurance direct to Canadian consumers and offers multiple insurance products in the U.S. including auto, homeowners, motorcycle, and renters. Esurance was a pioneer in offering insurance online in the U.S. in 1999. With an award-winning website and innovative tools, Esurance is the smart choice for tech-savvy consumers in Canada and the U.S. As a member of the Allstate family, Esurance is a reliable choice for insurance, offering anytime, anywhere service just a click, call, or tap away. For more information, visit www.esurance.ca or call 1-888-ESURANCE (1-888-378-7262).

SOURCE Esurance

The Co-operators announces support for mutual microinsurance strategy in India

The Co-operators announced its contribution to the International Cooperative and Mutual Insurance Federation’s (ICMIF) 5-5-5 Mutual Microinsurance Strategy, which will guide the development of mutual microinsurance programs in five emerging markets, reaching out to five million new households over a five-year period. The Co-operators will provide USD $100,000 per year as well as significant technical assistance to help Uplift Mutuals bring health care insurance to two large cities in India, Mumbai and Pune.

Uplift Mutuals is an ICMIF member that seeks to support low-income Indian families through the provision of affordable health insurance and preventive health resources. With the financial and technical assistance from The Co-operators, a new mutual microinsurance product will be developed and introduced in Mumbai and Pune, where large low-income populations have very limited access to quality health care.

“The co-operative and mutual sector is committed to improving the lives of millions of low-income households in the developing world, and we are proud to contribute to this mission through our involvement in the 5-5-5 initiative,” said Kathy Bardswick, president and CEO of The Co-operators. “Development of the mutual microinsurance market in the five countries identified will have an enormous impact on the health, wellness and financial security of a great number of individuals and families.”

In addition to its financial contribution, The Co-operators will provide a range of in-kind staff support to help Uplift Mutuals provide health insurance coverage to uninsured low-income households in Mumbai and Pune.

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

Stroz Friedberg bolsters integrated approach to cyber risk, expands world-class leadership team

Read more

Companies Protected Against Increasing Privacy, Intellectual Property, Financial Injury

Integrity+ by Chubb™ is now available in Canada to help protect companies from errors and omissions (E&O) liability customer lawsuits alleging that their products or services caused privacy violations, intellectual property infringements or other financial injuries including cyber attacks on their own systems, networks, or data. Integrity+ by Chubb is designed for the unique risks faced by technology, life science, advanced manufacturing, healthcare information technology, clean tech, and process control/integration companies.

“Cloud computing, big data, and mobility continue to play a critical role in addressing the information needs of companies in today’s dynamic business landscape,” said Veronica Somarriba, Executive Vice President, Technology Segment Manager, Commercial Insurance, for Chubb North America. “Integrity+ by Chubb provides companies with an enterprise-wide insurance solution to help protect against these evolving risks. This scalable product is built with the client in mind. It provides dedicated First Party Cyber insurance limits, allowing the client to preserve their Liability limits to comply with their contractual obligations.”

Integrity+ by Chubb incorporates protection for Destructive Programming, Cyber Liability and First Party Expenses, and Intellectual Property/Disclosure and Reputation Disparagement, along with E&O Liability insurance. Customers can choose any combination of these state-of-the-art insurance coverages as well as options for various policy deductibles and limits:

  • Product or Service Financial Injury (E&O)– Liability insurance protection against claims or suits for financial injuries suffered by the insured’s customer due to defects or deficiencies in the insured’s products or services and the failure of such products or services to perform in accordance with a contract or agreement.
  • Destructive Programming– Protects companies that are contractually engaged in streamlining the business operations of supplier, cloud service, and financial institution systems if a cyber attack occurs and results in injuries to those systems but the attack was not caused by a product or service defect or contract performance failure.
  • Extended Cyber– Dedicated insurance for cyber attacks which covers damages and claimant costs sustained by a third party, other than the insured’s customers, for injuries caused by unauthorized access or use of software, data, or other information in electronic form.
  • Intellectual Property (IP)/Disclosure and Reputation Disparagement– Insurance for injuries sustained by third parties, other than the insured’s customers, resulting from actual or suspected disclosure of confidential information, intellectual property infringement, privacy violation, or reputation disparagement.

Integrity+ also includes First Party Cyber insurance protection for expenses incurred in connection with a privacy data breach such as the costs for Privacy Notification, Forensics, Remediation and Crisis Management, and Investigation and Defence of Regulatory Actions. These additional First Party coverages are included in a Basket Limit of Insurance up to $500,000 which offers flexibility at the time of loss to apportion insurance dollars where they are needed most. Additional limits are also available.

Cyber and Data Security Risk Services

Chubb’s Cyber team is ready to help companies prevent and prepare to respond to actual or potential incidents. Services include online intelligence and pre-event evaluations. Integrity+ by Chubb clients can also access Cyber Response Coaching, along with a list of dedicated service providers, to help them manage the complex regulatory and legal processes in the event of a privacy data breach.

Integrity + by Chubb is available on a claims-made or claims-made and reported policy in Canada. The product is also available in the United States.

About Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.

SOURCE Chubb

The Co-operators launches new marketing campaign in Quebec

The Co-operators has launched a new marketing campaign in Quebec emphasizing that in today’s fast-paced world, the co-operative insurance company can handle the stress for its clients, leaving them with more time to relax and take care of what matters most. Under a theme of Let us handle the stress, the campaign includes three new television ads. The calm, soothing commercials started running this month throughout the province, and are supported with digital online promotions.

Known in Quebec as providing “insurance as human as you are,” The Co-operators offers a full range of insurance and investment products and services throughout the province. The new campaign reinforces the role that insurance plays in protecting individuals and families, allowing them to worry less about these things and focus more on the things that bring enjoyment to their lives.

“Insurance is really about peace of mind; about knowing that if something goes wrong, you and your loved ones are protected,” explained Karine Potvin, manager of marketing programs at The Co-operators. “We make things easy for our clients, and handle the stress so that they have less to worry about. The tranquil style of the ads reflects that, and contrasts sharply with the typical noisy, fast-paced ads we’ve grown accustomed to seeing on television.”

Through its network of advisors, The Co-operators offers investment products as well as a range of insurance products and services including home, auto, business and life insurance. For more information, or to find an advisor near you, visit cooperators.ca.

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

Genworth MI Canada Inc. Comments on Recently Announced Mortgage Insurance Changes

Press Release:

On October 3, 2016, the Minister of Finance announced a number of changes designed to reinforce the Canadian housing finance system. Building on measures announced in late 2015, the Government will:

  • Bring consistency to mortgage insurance rules by standardizing eligibility criteria for high- and low-ratio insured mortgages, including a mortgage rate stress test;
  • Improve tax fairness by closing loopholes surrounding the capital gains tax exemption on the sale of a principal residence; and,
  • Consult on how to better protect taxpayers by ensuring that the distribution of risk in the housing finance system is balanced.

“Today’s announcement by the Minister of Finance demonstrates that housing and the housing finance system remains a top priority for the Government,” said Stuart Levings, President and CEO of Genworth Canada. “As a key stakeholder, we remain committed to responsible lending practices, while helping first-time homebuyers achieve the dream of homeownership.”

Key changes to the mortgage insurance rules are described below.

Applying a Mortgage Rate Stress Test to All Insured Mortgages

Effective October 17, 2016, all insured homebuyers must qualify for mortgage insurance at an interest rate that is the greater of their contract mortgage rate or the Bank of Canada’s conventional five-year fixed posted rate, which is currently 4.64%. This requirement is already in place for high-ratio insured mortgages with variable interest rates or fixed interest rates with terms less than five years. To qualify for mortgage insurance, debt-servicing ratios cannot exceed the maximum allowable levels of 39% and 44%, for Gross Debt Service ratio and Total Debt Service ratio, respectively.

Changes to Low-Ratio Mortgage Insurance Eligibility Requirements

Effective November 30, 2016, mortgage loans that lenders insure using portfolio insurance and other discretionary low loan-to-value mortgage insurance must meet the eligibility criteria that previously only applied to high-ratio insured mortgages. New criteria for low-ratio mortgages to be insured will include the following requirements:

  1. A loan whose purpose includes the purchase of a property or subsequent renewal of such a loan;
  2. A maximum amortization length of 25 years;
  3. A maximum property purchase price below $1,000,000 at the time the loan is approved;
  4. For variable-rate loans that allow fluctuations in the amortization period, loan payments that are recalculated at least once every five years to conform to the original amortization schedule;
  5. A minimum credit score of 600 at the time the loan is approved;
  6. A maximum Gross Debt Service ratio of 39 per cent and a maximum Total Debt Service ratio of 44 per cent at the time the loan is approved, calculated by applying the greater of the mortgage contract rate or the Bank of Canada conventional five-year fixed posted rate; and,
  7. A property that will be owner-occupied.

Impact of Changes Related to Mortgage Rate Stress Tests and Low-Ratio Mortgage Insurance Eligibility Requirements

Based on year-to-date 2016 data, we estimate that a little over one third of transactionally insured mortgages, predominantly for first time homebuyers, would have difficulty meeting the required debt service ratios and homebuyers would need to consider buying a lower priced property or increase the size of their down payment.

Furthermore, approximately 50% to 55% of our total portfolio new insurance written would no longer be eligible for mortgage insurance under the new Low Ratio mortgage insurance requirements.

Any impact on future premiums written may be partly offset by premium rate increases, in response to the higher capital requirements resulting from the Office of the Superintendent of Financial Institutions’ draft advisory entitled “Capital Requirements for Federally Regulated Mortgage Insurers” as noted in Genworth MI Canada’s press release dated September 23, 2016.

Forthcoming Consultation on Lender Risk Sharing

About Genworth MI Canada Inc.

Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at June 30th, 2016, Genworth Canada had $6.4 billion total assets and $3.6 billionshareholders’ equity. Find out more at www.genworth.ca.

SOURCE Genworth MI Canada

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