FOR IMMEDIATE RELEASE

Valerie Gillis, SVP of Life, Health and Credit Protection at TD Insurance becomes new Chair of the Board of Directors after Peter D. Thompson steps down.

(Toronto, Ontario, June 6, 2024) – The Canadian Association of Financial Institutions Insurance (CAFII), a leading national industry association, proudly announces the election of Valerie Gillis, SVP of Life, Health, and Credit Protection at TD Insurance, as the new Chair of the Board of Directors. Ms. Gillis has been a dedicated and active board member since December 2022.

“CAFII plays a pivotal role in advocating for our members and ensuring Canadians have access to comprehensive, competitive insurance products and I am honoured to take on the role of Chair of the Board of Directors,” says Valerie Gillis, SVP of Life, Health, and Credit Protection at TD Insurance. “I look forward to building upon the exceptional work of my predecessor, Peter Thompson, and leading CAFII in driving innovative advocacy within the insurance industry.”

As Chair of the Board of Directors, Ms. Gillis will spearhead CAFII’s strategic initiatives, foster collaboration among member institutions, and enhance the association’s role in shaping industry policies and standards. Her leadership is expected to propel CAFII’s mission of promoting an open and flexible insurance marketplace, benefiting both members and Canadian consumers.

Ms. Gillis succeeds Peter D. Thompson, CEO National Bank Insurance, who served as Board Chair since June 2022.

“It has been an honour to serve as Chair of CAFII’s Board,” says Peter D. Thompson, CEO of National Bank Insurance. “I am confident that Valerie Gillis, with her extensive experience and unwavering dedication, will provide exemplary leadership for the association. Under her guidance, CAFII will continue to champion policies that benefit both our members and Canadian consumers.”

CAFII plays a crucial role in advocating for public policies that protect and promote the interests of its members, ensuring they can offer competitive and comprehensive insurance products. Established in 1997, the association encompasses a variety of financial institutions that distribute insurance through multiple channels including contact centers, agents, brokers, travel agents, direct mail, financial institution brands and online platforms. 

The association also works closely with government regulators at both federal and provincial levels to help shape a legislative and regulatory framework that ensures Canadian consumers have access to insurance products that suit their needs. CAFII remains dedicated to maintaining high standards in the distribution and marketing of all insurance products and services.

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About CAFII: The Canadian Association of Financial Institutions in Insurance is a not-for-profit industry association dedicated to the development of an open and flexible insurance marketplace. CAFII believes that consumers are best served when they have meaningful choice in the purchase of insurance products and services. CAFII’s 15 members include the insurance arms of Canada’s major financial institutions–BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, Canadian Western Bank and TD Insurance, along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company), and Securian Canada.

For further information and media requests:

Contact: Wendy Bairos, Media Consultant
Email: wendy.bairos@cafii.com
Phone: 416-831-9820

FOR IMMEDIATE RELEASE

(Toronto, Ontario, April 23, 2024) – The Canadian Association of Financial Institutions Insurance (CAFII), a leading national industry association, welcomes Canadian Western Bank (CWB) as its newest member. This addition further strengthens the association’s membership group that includes the insurance branches of Canada’s top banks and credit unions, alongside their life insurance company underwriter partners, all committed to advancing transparency, consumer-centric practices, and excellence within the insurance industry. In conjunction with this membership, Elizabeth Gandolfi, Senior Vice President, Client Solutions at Canadian Western Bank, has been appointed to CAFII’s Board of Directors.

CWB is a full-service financial institution in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. It provides nationwide full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. CWB offers a variety of insurance solutions crafted to meet the diverse needs of its banking and wealth clients. With its headquarters in Edmonton and presence in major cities including Toronto, Vancouver, Calgary, and Montreal, CWB is dedicated to making its services widely accessible to Canadians.

Peter D. Thompson, Chair of the CAFII Board and CEO of National Bank Insurance, expressed his enthusiasm stating, “we are delighted to welcome Canadian Western Bank as our newest member and equally pleased to have Elizabeth Gandolfi join our Board of Directors. We look forward to collaborating with Elizabeth and her team at Canadian Western Bank as we continue our mission to promote an open and flexible insurance marketplace in Canada, aimed at enhancing customer satisfaction.”

“I am thrilled to join the board of CAFII,” said Elizabeth Gandolfi from Canadian Western Bank. “Together, we are committed to ensuring we provide Canadians with accessible and relevant solutions and ensuring enhancement of the overall client experience.

CAFII plays a crucial role in advocating for public policies that protect and promote the interests of its members, ensuring they can offer competitive and comprehensive insurance products. Established in 1997, the association encompasses a variety of financial institutions that distribute insurance through multiple channels including contact centers, agents, brokers, travel agents, direct mail, financial institution brands and online platforms. 

The association also works closely with government regulators at both federal and provincial levels to help shape a legislative and regulatory framework that ensures Canadian consumers have access to insurance products that suit their needs. CAFII is dedicated to maintaining high standards in the distribution and marketing of credit protection insurance products and services.

For more information about membership at CAFII, please visit https://www.cafii.com/about/

[https://www.linkedin.com/in/keithmartin/?originalSubdomain=ca] and [https://www.cafii.com/].

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About CAFII: The Canadian Association of Financial Institutions in Insurance is a not-for-profit industry association dedicated to the development of an open and flexible insurance marketplace. CAFII believes that consumers are best served when they have meaningful choice in the purchase of insurance products and services. CAFII’s 15 members include the insurance arms of Canada’s major financial institutions–BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, Canadian Western Bank and TD Insurance, along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company), and Securian Canada.

For further information and media requests:

Contact: Wendy Bairos, Media Consultant
Email: wendy.bairos@cafii.com
Phone: 416-831-9820

FOR IMMEDIATE RELEASE

New Report: CAFII Study Reveals Critical Gap in Creditor Life Insurance Coverage Among Canadian Homeowners

[Toronto, Ontario, March 20, 2024] New research conducted by LIMRA on behalf of the Canadian Association of Financial Institutions in Insurance (CAFII), sheds light on the insurance landscape among Canadian homeowners. The study’s primary objective was to reveal the prevalence of insurance products, with a particular focus on Credit Protection Insurance (CPI), among homeowners. The results have raised significant concerns about the financial security of numerous Canadian families.

The report set out to address pivotal questions regarding the insurance environment among Canadian homeowners. It sought to ascertain whether individuals with lower incomes prioritize credit protection insurance (CPI) over others and whether CPI plays a significant role in the market for homeowners. The study surveyed 1,175 Canadian homeowners, placing a specific emphasis on those with mortgages or home equity lines of credit (HELOCs).

This comprehensive survey explored various aspects, including insurance ownership, financial attitudes, coverage, and demographic factors.

Key Findings:

1. Uninsured or Underinsured Homeowners: The study found a concerning trend among Canadian homeowners: a significant 80% lack sufficient insurance coverage, being either uninsured or underinsured with CPI or traditional life insurance. This shortfall in coverage leaves many families inadequately protected against unforeseen life events. Underinsured is defined by FCAC as Canadians with insurance coverage of less than 7-10 times their income.

• Income Disparities: Low-income homeowners are significantly more likely to be uninsured compared to those in higher income brackets. Of those who are insured, 75% of low-income homeowners are underinsured, meaning they lack sufficient coverage to protect their financial well-being.

• Role of Credit Protection Insurance (CPI): Despite the alarming rate of underinsurance, only 55% of all homeowners with credit own some form of CPI. This discrepancy is even more pronounced among low-income homeowners who have notably less CPI coverage compared to their high-income counterparts. This suggests a substantial knowledge gap, in understanding and accessing CPI, highlighting the need for increased awareness and education about this form of insurance.

• Importance of CPI for Homeowners: While 80% of homeowners are underinsured or uninsured, among low-income homeowners with credit, 24% have no Insurance and another 10% rely solely on CPI for their insurance needs, which is significantly more than other income groups and highlights the importance of this form of protection for financially vulnerable households.

• “At Risk” Homeowners: A significant portion of Canadian homeowners, 38%, fall into the category of “at risk.” These are homeowners with credit, who are uninsured or underinsured, and have survivors such as partners or dependents. This group is particularly vulnerable to financial hardship in the event of unexpected life events.

Given the stark findings of this report, LIMRA offers the following recommendations:

• Educational Initiatives: Collaborate with regulators, government, and community groups to increase awareness about insurance and credit protection, addressing the knowledge gap among 45% of all Canadian homeowners in the sample who feel financially uninformed.

• Priority Access: Credit Protection Insurance (CPI) serves as a crucial safety net, addressing the protection shortfall for 78% of Canadian homeowners with credit who are underinsured or uninsured. CPI is essential in securing their financial stability.

• Consider Survivorship: Consider survivorship (having a partner and/or dependents) as a critical reason for CPI to ensure that those with financial dependents have access to this vital protection. This is especially crucial for the

61% of homeowners with credit who are traditionally underinsured or uninsured and have survivors who would be at risk of losing the home they live in.

With 80% of Canadian homeowners lacking sufficient insurance coverage, it’s imperative to educate them about insurance and credit protection.

CAFII Executive Director, Keith Martin, emphasized the report’s significance, stating, “The findings of this report underscore the urgent need for Canadians to assess their insurance needs and coverage. We must ensure that all Canadians, regardless of income, have access to affordable insurance solutions that protect their financial well-being.”

This study commissioned by CAFII highlights the need for urgent action to improve the financial security of Canadian homeowners. “By addressing these issues, we can ensure that more Canadian families have access to the protection they need in times of adversity” stated Keith Martin.

For more details and to access the complete report, please visit CAFII’s website https://www.cafii.com/wp-content/uploads/2024/03/CAFII-2023-Report_Revised-FINAL-1.pdf

About CAFII: The Canadian Association of Financial Institutions in Insurance is a not-for-profit industry association dedicated to the development of an open and flexible insurance marketplace. CAFII believes that consumers are best served when they have meaningful choice in the purchase of insurance products and services. CAFII’s 15 members include the insurance arms of Canada’s major financial institutions–BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, and TD Insurance, along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company), and Securian Canada.

About LIMRA: Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com

For further information and media requests:
Contact: Wendy Bairos, Media Consultant Email: wendy.bairos@cafii.com
Phone: 416-831-9820