Topic
Associations
How better risk controls have helped Canada’s P&C industry thrive
May 26, 2022 Philip PoradoOver the past 20 years, a transition from traditional risk management approaches to enterprise risk management (ERM) helped Canada’s property and casualty insurance industry post stronger performance and financial health, compared with many other industries. A recent Insurance Institute study…
Does federal budget create new tax liability for P&C industry?
April 12, 2022 Greg MeckbachA federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the…
How the federal budget impacts P&C insurers
April 8, 2022 Philip Porado, with files from Melissa Shin and Rudy MezzettaAs expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.…
CSIO calls APIs for policy inquiries ‘foundational’
April 4, 2022 Canadian Underwriter StaffRecent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use…
Commercial data standards get green light
March 18, 2022 Canadian Underwriter StaffCommercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published…
Diversity, equity and inclusion: Asking the ‘uncomfortable’ questions
October 22, 2021 by Greg MeckbachIf you think it’s a challenge to improve diversity at your brokerage, you should also view it as an opportunity, Ontario brokers heard Wednesday at the Insurance Brokers Association of Ontario convention. Many brokerages are family-operated, Gore Mutual chief people…
How brokers can maintain community sponsorships in a pandemic
August 27, 2021 by Greg MeckbachThe COVID-19 pandemic has forced Canadian property and casualty insurance brokerages to find new ways of marketing their brand through community events and sponsorships. “One of the challenges – particularly for small and mid-sized brokerages in Western Canada – has…
Former State Farm Canada head Bellissimo joins industry regulator board
August 17, 2021 by Greg MeckbachBarbara Bellissimo, former chief agent for State Farm Canada, is now on the board of Ontario’s insurance regulator. The Ontario Financial Services Regulatory Authority announced Monday that Bellissimo is a member of its board of directors effective Aug. 12. Bellissimo…
New industry anti-fraud group gets its first CEO
July 19, 2021 by Greg MeckbachTerri O’Brien, a former vice president at TD Bank, is now CEO of Équité Association, the anti-fraud organization announced Monday. Équité Association is a new organization that integrates Canadian National Insurance Crime Services (CANATICS) and the IBC’s investigative services division.…
How to go after online fake brokerages through the courts
July 8, 2021 by Greg MeckbachCanadian courts have the power to try and shut down unlicensed brokers’ Internet sites, though there does not seem to be a simple, sure-fire way to guarantee that Canadians won’t find a fake broker on the web. Teksavvy Solutions Inc.…
Canadian MGA association takes centre stage with new board of directors
June 11, 2021 by Greg MeckbachGary Hirst is stepping down as president of the Canadian Association of Managing General Agents (CAMGA). “You might think it is strange that I am pleased to be stepping down,” Hirst, the CEO of CHES Special Risk Inc., announced during…
Why this purported ‘brokerage’ website caught RIBO’s eye
May 30, 2021 by Greg MeckbachHidden Ace Brokerage, which purports to be “fighting high insurance rates” in the greater Toronto area, and says it “takes pride in delivering the quotes that insurance companies don’t want you to see,” is not authorized to place home or…