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Barely passable grade on flood preparedness demands immediate action: report

October 31, 2016 by Canadian Underwriter

All 10 Canadian provinces and Yukon are not making the grade when it comes to flood preparedness, signalling the need for change, including not allowing municipalities to override provincial or territorial direction on development in flood-prone areas, argues a new

News AssociationsCommercial LinesInsuranceMarkets / CoveragesTechnology

40% of polled U.S. policyholders who purchased cyber coverage in last six months have increased coverage: Council of Insurance Agents & Brokers

October 28, 2016 by Canadian Underwriter

The Council of Insurance Agents & Brokers (CIAB) in the United States has reported that nearly 40% of polled policyholders who purchased cyber coverage in the last six months have increased their coverage levels. Earlier this week, the CIAB released

News AssociationsCommercial LinesInsurancePersonal LinesProfessional Development

Insurance industry moving too slowly, must keep pace: Forgeron

October 25, 2016 Angela Stelmakowich, Editor

Canada’s property and casualty industry – in need of a regulatory environment that fosters the innovation and responsiveness consumers are demanding – is at risk of losing pace to new competitors, Don Forgeron, president and CEO of Insurance Bureau of

News AssociationsInsuranceLegalLegislation / RegulationPersonal LinesTechnology

One in three Ontario drivers admit to distracted driving: survey

October 25, 2016 by Canadian Underwriter

About one in three (32%) drivers in Ontario admit to driving distracted because of their mobile devices, “and the number one reason for not focusing on the road is because someone called,” according to a recent Ipsos survey conducted for

News AssociationsInsuranceLegislation / RegulationPersonal Lines

More fairness in Ontario auto insurance needed to fix the system: IBC’s Forgeron

October 24, 2016 by Canadian Underwriter

Fairness is still lacking in Ontario’s auto insurance system and a balance needs to be struck between both lower premiums and the right level of benefits, Don Forgeron, president and chief executive officer of Insurance Bureau of Canada (IBC), said

News AssociationsInsuranceProfessional DevelopmentTechnology

Collaboration, communication and integration key to success: Boland at IBAO Convention

October 23, 2016 Jason Contant, Online Editor

Brokers, broker management system (BMS) companies and insurance companies all need to “come together” using collaboration, communication and integration, incoming Insurance Brokers Association of Ontario (IBAO) president Traci Boland said last week at the association’s 96th annual convention. “The theme

News AssociationsInsuranceProfessional Development

Ontario brokers receive top honours at IBAO’s 96th annual convention

October 21, 2016 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) has announced the “top performing brokers and brokerages” throughout the province at their recent annual Awards of Excellence gala. Held on the opening night of the 96th annual IBAO Convention at the Sheraton

News AssociationsCommercial LinesInsurancePersonal LinesProfessional DevelopmentTechnology

Economical Insurance expecting “significant growth” in broker channel over the next five years: Gavan at IBAO Convention

October 21, 2016 Jason Contant, Online Editor

Economical Insurance is expecting “significant growth” in its broker channel over the next five years, possibly 25% bigger than where it is today, outgoing president and CEO Karen Gavan said on Thursday during the 96th annual Insurance Brokers Association of

News AssociationsInsuranceMarkets / CoveragesProfessional Development

Insurers who fail to “adapt to what millennials are looking for” will let go of “majority” of customers: Intact president

October 20, 2016 Greg Meckbach, Associate Editor

Insurance providers need to “rethink” how they provide advice to customers in their 20s and 30s, the president of Intact Insurance suggested Thursday to an audience of Ontario brokers. “Millennials still want advice,” Intact Insurance president Jean-Francois Blais said during

News AssociationsCatastrophesCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal LinesReinsurance

Great British Columbia ShakeOut attracts record number of registrants

October 20, 2016 by Canadian Underwriter

The Great British Columbia ShakeOut is clearly gaining more traction, with a record 800,000 British Columbians registering for today’s “Drop, Cover and Hold On” drill, joining almost 41.5 million others around the world. “This year, we saw the largest number

News AssociationsInsuranceProfessional DevelopmentTechnology

Brokers are ‘not competition to each other,’ IBAO keynote speaker says

October 19, 2016 Greg Meckbach, Associate Editor

Insurance brokers who compete against one another need to change their mindset and work with their competitors to address threats which could disrupt the industry, a speaker suggested Wednesday in Toronto. “If you all think each other are the competition,

News AssociationsInsuranceMarkets / CoveragesReinsurance

Pool Re announces launch of International Forum of Terrorism Risk (Re)Insurance Pools

October 11, 2016 by Canadian Underwriter

Pool Re, which reinsures property damage and business interruption against terrorism risk in Great Britain, announced on Monday the launch of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP). The formation of IFTRIP is the culmination of a Pool