Morning Briefing - June 3, 2015

Almost a third of insurers class marijuana users as non-smokers… Desjardins president elected chair of Canada’s insurance bureau… UK insurance industry at risk from potential exit from EU… Philippines insurance industry profits grow by a third…

Risk Management News

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Almost a third of insurers class marijuana users as non-smokers
Almost a third of life insurance companies with an underwriting policy for marijuana users class them as non-smokers according to a report by Munich Re. In total, out of 150 insurers surveyed 36 per cent do not believe that marijuana users should be classified as smokers despite concern over respiratory issues; 49 per cent do not see a difference in risk between those who smoke and those who ingest the drug. Munich Re’s Bill Moore says that the industry currently has more questions than answers as the data on marijuana use is mixed. “Our survey results indicate a significant number no longer jump to classify marijuana users as smokers. Instead they are placing a strong emphasis on frequency of use and medical history to determine rates.” Mr Moore said.
 
Desjardins president elected chair of Canada’s insurance bureau
Sylvia Paquette, the president of COO of Desjardins Insurance General Insurance Group has been elected chair of the board of the Insurance Bureau of Canada. She has been a board member since 2010 and has been with Desjardins since 1984 and began her current role in 2008. TD Insurance CEO Kenn Lalonde has been elected vice chair of the IBC board.
 
UK insurance industry at risk from potential exit from EU
The insurance trade body for the UK has warned of the uncertainty the industry faces while the country considers exiting the European Union. The Association of British Insurers chief executive Huw Evans said Tuesday that the industry could not be complacent about the real possibility of the public voting to leave the bloc and of a future repeat of a Scottish independence vote. The ABI and other major insurance industry bodies believe that an exit from Europe would make selling UK insurance products across the continent difficult. 
 
Philippines insurance industry profits grow by a third
The insurance sector in the Philippines has seen a growth in profits for the first quarter of this year of 32.5 per cent. Total premiums in the country were up 45.53 per cent to U$1.25 billion and the net worth of the insurance industry was up 5.08 per cent to $4.16 billion. Samsung Life Assurance Co of South Korea says it is looking to enter the growing market possibly through acquisition of a local firm. 
 

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