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Simplii, Tangerine, Motusbank – Who Are These “New” Players? + MORE Apr 25th
You’ve seen those ads show up more and more the past few years: financial institutions who offer a new way of banking. But do those flashy logos hide something you already know? Many of these businesses are owned by traditional Canadian banks. The industry is tightly regulated, but you.... More »
5 reasons to buy life insurance—right now Aug 20th
If you’re working to improve your financial situation, a few strategies may come to mind: paying down debt, building an emergency fund, investing inside a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), or putting your money in other savings vehicles. These are all .... More »
6 times when a GIC is a smart investment choice + MORE Mar 13th
A guaranteed investment certificate (GIC) may seem like your grandfather’s kind of savings product. After all, his generation was fond of similar investment tools, like government savings bonds and treasury bills, and benefited from periods where interest rates were high enough to make these low-r.... More »
Fire insurance claims: When to tell your home insurance provider + MORE Sep 12th
“You don’t have to file a home insurance claim if you have a house fire,” is not something you would expect to hear from insurance experts. But in the wake of the increasing fire-related fatality numbers from the Ontario Fire Marshal, we couldn’t help but ask.
First, the numbers. Between Jan.... More »
Critical illness and disability insurance in Canada Sep 29th
When I bought my home and car, I also bought home and car insurance—it wasn’t even a question. (Plus, car insurance is mandatory in Canada.) If you own a home or a car, you probably also have insurance to protect your valuable asset. You might also be one of the 22 million Canadians who have lif.... More »
The costs of the Fort McMurray fire
– moneysense.ca
A wild fire rips through the forest 16 kilometres south of Fort McMurray, Alta., on highway 63 on May 7, 2016. (THE CANADIAN PRESS/Jonathan Hayward)When the wildfire struck outside Fort McMurray a year ago, Rocco Neglia was sitting in a regular office meeting across the country at the head office of his firm Economical Insurance, in Waterloo, Ont.
The latest news was initially positive, recalls the vice-president of claims. “I got an email that morning from our Edmonton office saying wind conditions were good and it looked like we would avoid complications due to the fire,” says Neglia.
“But then at about 1:00 pm, that forecast changed and the entire town was given evacuation orders. I kept looking at my mobile device and knew by midday that it would need a huge response from the insurance industry.”
In the end, in addition to bringing devastation on the lives of residents it would become the most expensive disaster in Canadian history and the impact continues to be felt on the local and regional economy…
