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17
CSANews
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SUMMER 2014
J. Ross Quigley
CEO
Medipac International Inc.
Insurance
O
ur phones are ringing off
the hooks and the poor
postmen and postwomen
are using large trucks to deliver all
of our mail. It must be Early Bird
season! More and more snowbirds
are also using the Internet to buy
their Medipac Early Bird policies, so
the data lines are humming, too.
This is a far cry from our early days,
when we were first learning how to
use e-mail.
After the free fall of the Canadian
dollar from above par to below
$0.90, our loonie has slowly clawed
its way back up to $0.93. The banks
and high-end economists are
surprised, but I am not sure why.
The latest “reason” for the increasing
dollar is the rate of infation, which
is stronger than they expected.
Who are they kidding? They have
obviously not been to the grocery
store or to a gas station in many
months. The ivory towers must be
very high indeed.
We know that the Bank of Canada
would like to have a dollar far below
par to encourage exports, but this
creates an artificial economy and
is bound to fail as a strategy. Our
Canadian economy is quite strong
and growing everywhere but in
Ontario, and there are obvious
reasons for that. Overall, our GDP is
increasing and inflation will have to
be addressed aggressively, at some
point. That means increasing interest
rates and a stronger Canadian dollar,
as a result. Well that’s my “two cents”
opinion anyway.
So, while everyone else in the travel
insurance industry seems to be
talking about a poor exchange rate
and the necessity to increase rates
by up to 15%, Medipac will stay the
course this year, at least for Early
Bird. We have nasty medical inflation
to deal with in the United States
and we have had to implement a
very modest rate increase in most
rate categories, to help alleviate a
portion of the strain. I think that you
will be pleasantly surprised in most
cases.
We hope to welcome you back as
Medipac clients again this year and,
if you take advantage of our Early
Bird program, you can then sit back
and enjoy a wonderful summer.
That’s what I am going to do as soon
as Early Bird is over. It should be a
great summer if the weather,
so far, is any indication. Enjoy!