Topic
Markets / Coverages
How cyber pricing is trending for large Canadian companies
January 25, 2024 by Jason ContantLarge corporate cyber clients in Canada saw pricing decreases last year and one cyber underwriter expects the market for those risks will flatten out in 2024. “In 2023, we did see some fairly significant softening in the market; prices were…
How smaller brokerages can level the playing field
January 23, 2024 by Jason ContantSmaller brokerages in the Canadian P&C insurance space can benefit from sharing best practices and platforms with other brokerages while still remaining independent, said the president of a family-owned brokerage in Nova Scotia. Earlier this month, Halifax-based Keyes Insurance became…
Alberta releases liability estimate for well cleanup
January 23, 2024 Bob Weber - The Canadian PressAlberta’s oil and gas producers spent nearly $700 million in 2022 on cleaning up the hundreds of thousands of old wells that dot the province, the regulator’s first report on the extent of those liabilities indicates. That’s 65 per cent…
How Ontario drivers have responded to DCPD opt-out option
January 22, 2024 by Alyssa DiSabatinoFor all the discussion it provoked within brokerage circles, one of the Ontario government’s ideas for auto insurance reform appears to have fallen flat with drivers, albeit it’s only in the first month of the initiative. Thus far, Ontario brokerages…
Toronto Zoo says staff personal info stolen in ransomware cyberattack
January 18, 2024 The Canadian PressTORONTO – The Toronto Zoo says it believes personal information of its current, former and retired employees was stolen in a ransomware cyberattack first detected earlier this month. The zoo says the information includes past earnings information, social insurance numbers,…
Your Canadian clients’ top business risks in 2024
January 17, 2024 by Alyssa DiSabatinoCanada’s top three business risks show companies are widely, and primarily, worried about disruption to their operations, according to the Allianz Risk Barometer 2024. Over half (57%) of respondents in Canada said business interruption was their number one risk,…
Quantum computing: How could it be regulated?
January 16, 2024 by Jason ContantCanadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and…
What do your insurance clients actually need? Ask them
January 15, 2024 by Alyssa DiSabatinoThe first step to conducting research on customer needs is to ask, rather than assume, what your customers want, suggested Robin Shufelt, CEO at First Acre Insurance — a new farming MGA. Yet, despite the insurance industry investing nearly…
Tremors from Red Sea conflict start to shake Canada, with dozens of ships delayed
January 15, 2024 The Canadian PressMONTREAL – Canadian shippers are starting to feel the strain of attacks on cargo vessels in the Red Sea, as container rates rise and boats are late to arrive. Port data shows that two-thirds of the 43 ships slated to…
What’s at risk if the national flood insurance program stalls
January 10, 2024 by Alyssa DiSabatinoInsurers will need to be informed about their role in the national flood insurance program by Spring 2024 if it’s to be operational before the next federal election, an Insurance Bureau of Canada (IBC) executive tells Canadian Underwriter. The…
WTW names head of personal lines for Canada, U.S.
January 10, 2024 by Jason ContantLarge brokerage WTW has appointed Despina Buganski as head of personal lines for its Corporate Risk & Broking division for North America (CRB NA). Effective immediately, both WTW’s Canadian and U.S. personal lines teams will report directly to Buganski, the…
Why growth is the name of the game for Canadian MGAs
January 9, 2024 by Jason ContantCanada’s property and casualty MGA sector will likely double in the next five years when it comes to commercial insurance market share, an industry executive told Canadian Underwriter in an interview. Currently, about 20% of commercial business is placed with…