Mary Forrest Becomes First Female Executive to lead Canadian Life & Health Insurance Association Board of Directors

Source: TD Waterhouse

Mary Forrest, President and CEO of Munich Re North America (Life) has been elected Chair of the Board of Directors of the Canadian Life and Health Insurance Association (CLHIA). In this role, Ms. Forrest becomes the first female executive to lead the national association representing Canada’s life and health insurance sector. She succeeds outgoing Chair of the Board, Donald Guloien, President and CEO of Manulife.

Ms. Forrest oversees the two largest Life reinsurance business units within the Munich Re Group. She is responsible for Munich Re’s Life and Health reinsurance operations in the United States, Canada, and the Caribbean. The North American organization has over 400 employees, located in Canada and the United States.

“CLHIA member companies employ 155,000 people who are focused on the financial security of the vast majority of Canadians, and I’m honoured to play a leadership role in such a vital industry,” said Ms. Forrest. “Under Donald Guloien’s leadership, the CLHIA Board oversaw and advanced many important initiatives for the industry and Canadians, and I look forward to continuing this momentum.”

“Mary has distinguished herself as a committed champion of the life and health insurance industry,” said Frank Swedlove, President and CEO of CLHIA. “We look forward to her leadership and guidance.”

Prior to being named Chair of the Board of CLHIA, Ms. Forrest was Chair of the Standing Committee on Government Relations, as well as member of the Standing Committee on Resources, the Nominating Committee, and Committee on Reinsurance.

Ms. Forrest also contributes globally to the Munich Re Group through her Board leadership; Mary is the past Chairman of the Atlanta based Munich American Reassurance Company Board and a past Director of the Munich Reinsurance Company of Canada and Temple Insurance Company Boards.

About Munich ReMunich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

DisclaimerThis press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

SOURCE Munich Re Canada (Life)

Media Relations Toronto, Francois Chartres, Tel.: +1 (416) 359-3554

Scotiabank Selects Ivalua for Global Supplier Risk and Procurement Platform

Redwood City, CA – As of June 9, 2015 – Ivalua, a leading global spend management solutions provider, announced that Scotiabank, one of Canada’s largest banks and the 9th largest bank in North America by assets and profits, has selected Ivalua to address its need for a centralized procurement process and solution that will empower its global procurement and vendor risk management initiatives.

“Scotiabank needed a comprehensive solution that would allow us to more effectively manage the source-to-pay process, as well as improve enterprise visibility into supplier performance and risk. After reviewing all of the top players on the market, Ivalua’s integrated solution and experience in the financial services industry made it the clear choice for us,” said John Moran, Senior Vice President of Finance at Scotiabank. “We’re very excited to start working with Ivalua and we look forward to a long-term, successful relationship.”

Prior to signing with Ivalua, Scotiabank’s strategic and transactional procurement processes were managed through multiple systems resulting in efficiency challenges with limited visibility across source-to-pay processes. In addition, emerging compliance standards in the financial services industry increased the need for a more effective procurement and supplier management platform.

Scotiabank will use Ivalua globally to automate and support the following processes:

• All elements of Scotiabank’s Source-to-Pay Process
• Spend Analysis
• Services Procurement
• Expense Management
• Vendor Risk Management
• Procurement Portfolio Management

“Ivalua has a long tradition of working with leading financial services companies, and we are honored and excited to be working with such a large player in the industry like Scotiabank,” said Dan Amzallag, CEO of Ivalua. “In today’s market you need to move beyond slogans to deliver real, measurable value to large, discerning buyers, and when companies like Scotiabank look deeply at the various technologies on the market they tend to find their way to Ivalua.”

About Ivalua

Ivalua is a global provider of spend management solutions and a leader in Gartner’s 2015 Strategic Sourcing Magic Quadrant. Ivalua’s cloud-based software is used by procurement and finance organizations in large, global companies, and every day more than 500,000 users and millions of suppliers from over 70 countries log into the Ivalua platform.

Ivalua offers a single platform solution with highly configurable functionality across all major procurement and finance processes, including performance and risk tracking, sourcing, contracts, procure to pay, invoice automation and analytics. The breadth and flexibility of Ivalua’s offering accelerates user adoption, spend category coverage and bottom-line savings.

About Scotiabank

Scotiabank is Canada’s most international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The bank is dedicated to helping its 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS).

Shop Insurance Canada Now Offering Overland Water Protection

Press Release:

(PRLEAP.COM) June 10, 2015 – ShopInsuranceCanada.ca is proud to offer Aviva Canada’s new, first-of-its-kind overland water insurance in Canada. This coverage is part of a new, three-pronged approach to insuring homes for water damage: base coverage for things like broken pipes, and extended coverage endorsements for sewer backup and now overland water.

Flooding has caused the greatest aggregate amount of property damage in Canada, according to the Institute for Catastrophic Loss Reduction (ICLR). With approximately 20 per cent of the world’s fresh water located in Canada, floods are also the most frequent Canadian natural disaster, averaging almost one natural disaster-level flood per year from 1980-2010. Major floods represent 40 per cent all natural disasters ever recorded in the country.

Canada is experiencing 20 times the storms and floods it had just 20 years ago, and severe weather events that used to happen every 40 years can now be expected to happen every six years, according to Environment Canada. The Alberta floods of 2013 caused four confirmed fatalities and damages exceeding $5 billion. Thirty-two towns and cities declared states-of-emergency, displacing over 100,000 people throughout the region. For insurance companies, this was the costliest disaster in Canadian history, costing them $1.7 billion in losses, according to the Insurance Bureau of Canada (IBC).

The most costly disaster in Ontario’s history came in the same year: the Greater Toronto Area floods of 2013 cost insurance companies an estimated $850 million, according to a preliminary estimate from the IBC.

And it’s only getting worse: since the 1950s, the average yearly rainfall in Canada has increased 12 per cent-that’s an average of twenty more days of rain per year.

Until now, Canadian insurers have not addressed this increasing risk. There hasn’t been an option for Canadian homeowners to protect themselves from the risk of flood. While extended coverage has existed for things like sewer backup, there’s been a huge gap in addressing the risk of overland water.

Aviva Canada is the first insurer to step forward and address this increasing problem, and Shop Insurance Canada is pleased to be a broker partner offering such a service.

“We’re proud to be the first insurer to offer overland water protection through our home insurance policies,” said Aviva Canada president Sharon Ludlow. “We will continue to collaborate with our industry partners such as the Insurance Bureau of Canada, the Institute for Catastrophic Loss Reduction and governments at all levels, as well as representatives of our broker network.”

The only types of flooding that will continue to be excluded are those resulting from tidal waves, tsunamis, or hurricanes.

Callum Micucci is a Canadian journalist and communications professional at ShopInsuranceCanada.ca, Canada’s authoritative voice for car insurance news, information, and rates. Compare quotes from up to 15 different car insurance companies in minutes. Start saving today!

CONTACT INFORMATION

Callum Micucci

Shop Insurance Canada

416-913-0151

Two Independent brokers launch Alberta’s #1 flood resource site

CALGARY, June 8, 2015 /CNW/ – Floodinsurance.ca is Alberta’s #1 overland water insurance resource.  This online, independent broker offers consumers’ choices in overland water coverage, especially as more insurance companies in Alberta begin offering coverage. Floodinsurance.ca is the only online resource with a blog dedicated to flood related topics, flood watch advisories, quick quote options and an online support chat feature where residents can quickly learn what coverage option best suits their needs.

Floodinsurance.ca educates consumers on flood risks, flood mitigation, and water coverage options. There is a lot of talk about flood insurance, but not a lot of information out there on what exactly is covered and what Albertans should do in the event of a claim.

Floodinsurance.ca researches rates and coverage on the behalf of the client and delivers quotes within the hour. Fast quote times and competitive pricing make floodinsurance.ca the definitive resource on all things flood insurance.

Flood insurance, as defined by the major providers of this new coverage, is water damage caused by fresh water sources which include rivers, lakes, torrential downpour, melting snow and sewer back up as the result of overland water. Many companies are finding ways to adapt to the changing environment in order to provide Albertans with better water coverage. Floodinsurance.ca is the only website that will be able to compare what each company has to offer for water protection at competitive pricing.

Floodinsurance.ca is a collaborative project between Sharp Insurance, a groundbreaking technology-oriented insurance brokerage and Rogers Insurance, one of Canada’s largest independent brokerages, who together combine the latest innovative online tools with over 40 years of industry experience, to offer Albertans easy, online overland water insurance access and expert advice.

As independent brokers, Sharp and Rogers Insurance work for the consumer to find insurance that best fits their needs and not the other way around. Independent brokers are not tied to any particular insurance company, and will work with each client to find comprehensive coverage at the best available rate.

SOURCE floodinsurance.ca

For further information: 403-296-2400, www.floodinsurance.ca, info@floodinsurance.ca

How To Call a Wrap on Top Film Insurance Claims

By Adam Grenville – Chubb Insurance

Source: Reel West

The average moviegoer only hears about film production insurance when it makes the headlines. After the tragic death of Paul Walker during the filming of Fast & Furious 7 in November 2013, the trade and popular media reported how it led to the largest movie insurance claim in history — reportedly as high as $50 million. High-profile feature films usually buy cast insurance for such rare but catastrophic claims, but all film productions face a host of other risks that don’t usually make the headlines.

Every production is unique and presents its own mix of risk factors, but common risk management issues confront all productions — from large studios with big budgets and sophisticated risk management programs to small indie filmmakers approaching production risk for the first time, from nonprofits creating educational videos to corporations investing in informational videos. The most common insurance claims in production are equipment theft, vehicle damage, damaged locations, and equipment failure in extreme climates.

Equipment Theft

Here’s a true story: A container of film equipment disappeared while being shipped from Los Angeles to Louisiana. Although no one was aware of what happened to it, the missing container illustrates one of the top film production risks. Equipment is often one of the most valuable assets involved in filmmaking. From cameras to film stock, hard drives, and microphones, production equipment is also quite portable. The risk is complicated by the fact that film sets can be mobile, too, and located in foreign or multiple locations. Workforces made up of contract employees power these productions, adding more risk to this script.

Establishing security on the set is one potential solution for equipment theft. Visible security is especially important in public and international locations, where producers might not be familiar with the locale or confident in the local police. A common security measure is to close and lock doors. Another step to protect equipment is to return it to the rental company each night – though it could be inconvenient, this step leaves the equipment in secure hands.

Vehicle Damage

Damage to a “run-about” — rental vehicles used by production assistants to run errands—are also a common claim on production sets. Production assistants are often younger employees and, due to the nature of their job, they may also tend to be in a hurry on the set. The combination of a more youthful driver and haste could mean that the next scene involves a production assistant colliding with another vehicle.

To help mitigate the risks associated with rental vehicles, consider taking the following steps. Film productions can conduct background checks on all drivers. Safety training might also provide a measure of protection. A third important step is to be familiar with vehicle rental contracts and know who is responsible for property damage and liability if an accident occurs.

Although damage to on-set vehicles is rare, it is still an important consideration, particularly when it comes to a “hero vehicle.” If the General Lee goes down during Dukes of Hazard or the Batmobile crashes while filming, it will impact production and could lead to an insurance claim. For such vehicles, have backup parts and even a spare vehicle to prevent downtime if an incident occurs. Consider using a mock version during stunts.

Damaged Locations

Scratch the hardwood floor in a historic home during shooting, and a production — and its insurer — could be looking at $30,000 to replace it. Damage a few vintage light fixtures, and the bill could include the cost to replace every light fixture to ensure they resemble the originals. Film directors make location decisions based on their desired look and feel, but they should be aware their productions could become quite costly if care isn’t taken.

The answer is not to sacrifice that look and feel for safety but to instead take precautions. Respect and protect the private homes and other locations where filming is taking place. Ahead of shooting, film productions should also document a location. Is there pre-existing damage? All parties benefit when knowing exactly what happened if damage is claimed.

Doing stunts or pyrotechnics in a location poses its own risks. In this case, calling in loss control experts and engineering specialists, as well as the local fire department, can help ensure stunts are well planned and safe. For instance, such professionals can assist in making sure that any sprinkler system is properly disengaged for a fire-related stunt, and then turned back on when finished.

Faulty Equipment in Extreme Climates

A director filming in a frigid environment wrapped plastic around his cameras. It wasn’t to protect them from the cold; rather the plastic casing protected the equipment during breaks from condensation that could form when those cameras were brought inside. Whether in freezing or tropical locations, electronics can suffer water damage and malfunction. These extreme and isolated locations present additional risks as well, as it is unlikely that there will be a film equipment rental facility nearby to obtain replacement gear. To help prevent the loss of equipment due to climate-related issues and potential production delays, it’s important to protect equipment appropriately. Even when filming in less extreme locations, such as forests or urban areas, productions should be careful to protect equipment from dirt or anything else that could damage it. Productions should test equipment prior to traveling to the set location–try out a camera in a freezer or a sauna, or wherever else best approximates the shoot environment.

Insurance Can Be a Value Added

Insurance might be considered a budget line item for some film productions or a requirement from their distributors or financiers, but insurance professionals can also provide a wealth of knowledge and assistance. Productions can contact their insurance companies ahead of shooting, and as partners in the process, the insurer may be able to offer the assistance of risk management and loss control specialists to help establish procedures to avoid costly delays and losses. Insurance professionals specializing in the film and entertainment industry have seen the above common claims repeatedly — and those headline-grabbing, not-so-common claims as well — and can help mitigate them before and during filming.

Adam Grenville, an Underwriting Officer, Film & Entertainment

for Chubb Insurance Company of Canada in Toronto, can be reached at agrenville@chubb.com.

Source: Reel West

For more than 30 years, Reel West productions has been the one-stop source for people in film, television, video, and multimedia Production in Western Canada. With a shining reputation within the Western Canadian film industry, trade leaders turn to Reel West for credible news and analysis – information vital to their professions.

The Co-operators recognized as one of the Top 50 Socially Responsible Corporations in Canada

GUELPH, ON, June 4, 2015 /CNW/ – For the third consecutive year The Co-operators has been listed among the 50 Most Socially Responsible Corporations in Canada. The companies on the list, compiled by global sustainability analysis and research firm Sustainalytics for Maclean’s, rank atop their respective industries based on their strong performance across a broad range of environmental, social and governance (ESG) indicators.

The organizations’ evaluations included such considerations as their environmental initiatives, impact on local communities, treatment of employees and supply-chain management. They must also have demonstrated strong public disclosure on ESG management and performance. Once again, there is strong representation on the list from co-operatives and credit unions, whose principles and governance models lend themselves well to sustainability.

The Co-operators has taken a lead role in helping build more resilient communities through its research and advocacy work, in order to better protect Canadians and their property. In 2014, the organization hosted the Partners for Action Roundtable, where a wide range of stakeholders collaborated to identify and prioritize actions needed to strengthen flood resiliency in Canada. On May 25, The Co-operators became the first Canadian insurance company to offer insurance against overland flooding for homeowners, when it launched its groundbreaking new coverage in Alberta.

The development of more resilient and sustainable communities is also supported through the organization’s community programming. In 2014, The Co-operators contributed more than $4.9 million to Canadian co-operatives, non-profits and charities.

“Creating resilient communities is about looking at the economic, environmental and social needs of Canadians. Putting those needs first is inherently part of our identity as a co-operative insurer and is embedded in our day-to-day decision-making” said Kathy Bardswick, president and CEO of The Co-operators. “We are committed to sustainability and, through the determination and support of our employees and advisors, are helping to create a healthier and more sustainable world.”

The complete list of the Top 50 Socially Responsible Corporations in Canada is published in the June 15 edition ofMaclean’s, and the July issue of L’actualité, both of which are available on newsstands this week. For more information on The Co-operators and its social, economic and environmental performance, please see its recently released Sustainability Report at www.cooperators.ca/sustainability_report.

About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $40 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 50 Best Employers in Canada by Aon Hewitt; Corporate Knights’ Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations inCanada by Sustainalytics and Maclean’s magazine. For more information visit www.cooperators.ca.

SOURCE The Co-operators

For further information: Leonard Sharman, The Co-operators, 519-767-3937

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