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Editor’s Message

J. Ross Quigley




is published four times a year and is Copyright

Summer 2015 by Medipac International Communications Inc.,

180 Lesmill Road, Toronto, Ontario M3B 2T5. (416)441-7000.

Subscription Price: $9.95 Canada; $20.00 U.S. and foreign.

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Published by Medipac International Communications Inc.

Opinions expressed are those of the writers and are not necessarily those

of the CSA, Medipac International Communications Inc. or its affiliates, their

Directors, Officers, or other employees or agents.

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SUMMER 2015 | ISSUE 95

We acknowledge the financial support of the Government

of Canada through the Canada Periodical Fund of the

Department of Canadian Heritage.

This is the year!

If ever there was a year to buy Early Bird Travel Insurance – this is it.

Who could have predicted the massive collapse in oil and commodity

prices? A barrel of oil, for instance, dropped from a high of $110 to a low

of less than $50, and it is currently hovering at around $60. This huge

drop has affected our governments’ coffers through reduced royalties and

reduced tax revenues, with the supplementary effects of massive layoffs,

increased employment insurance claims and the resulting simple fact that

people have less money to buy things. Our GDP has stalled and interna-

tional markets know that.

The natural result was that our dollar is now worth a lot less than it was.

Canada is considered to have a “commodity” currency and its value tends

to fluctuate with commodity prices. The value of our dollar has gone

from parity with the U.S. dollar to about $0.80 as of today. This means

that every U.S. dollar medical claim we have to pay now costs us $1.25!

The real question is, “Where will the dollar be next year when we are

paying claims?” The answer is, “Nobody knows for sure, as Canada is

still awaiting the real damage done by reduced commodity prices and

reduced government revenues.” We are in a period of extreme volatility.

Your insurance premiums have increased substantially since last year due

to the dollar’s collapse and we are hoping beyond hope that the $0.80-

0.82 dollar value will hold. I have seen one estimate saying that it might

fall to $0.68; if that happens, premium rates will increase again, a lot, and

quickly. Some of the banks are saying that it will trade in a range between

$0.78 and $0.82, but that is far from certain.

You should take advantage of Medipac’s Early Bird, right now, and use

Medipac’s Double Guarantee to protect your upcoming winter trip.

There is, however, some great news as Medipac has recently taken on new

insurance partners in the Reliable Life Insurance Company and the Old

Republic Insurance Company of Canada. Out with the old and in with

the new, as they say. We are very excited about our new relationships.

Summer well!