Topic
Associations
Open banking in Canada could help insurers with credit scoring
January 20, 2021 by Greg MeckbachOpen banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane,…
RCCAQ reacts to Quebec curfew
January 18, 2021 by Greg MeckbachQuebec’s insurance brokers should not experience any major disruptions as a result of the province-wide evening curfew imposed a week ago, the chair of the Regroupement des cabinets de courtage d’assurance du Quebec (RCCAQ) predicts. The curfew took effect on…
How stay-at-home order impacts Ontario brokers
January 15, 2021 by Greg MeckbachSome Ontario brokers still need to work in their bricks-and-mortar offices amid the strict lockdown imposed Thursday by the provincial government. Although many brokerages are digital and have staff working from home, others are at the “opposite end of the…
Brokers negotiate major role in this province’s digital auto insurance distribution
January 14, 2021 by Greg MeckbachManitoba’s brokers will provide input on designing a system for online auto insurance in the province and will be involved in every digital transaction, says the provincial broker association. A recently-signed, five-year agreement between Manitoba Public Insurance (MPI) and the…
IBAO’s stance on electronic termination of coverage
November 24, 2020 by Greg MeckbachInsurers should be allowed to terminate auto policies electronically if consumers consent, the Insurance Brokers Association of Ontario’s CEO says. In its budget document released Nov. 5, the Ontario government said the next phase of its previously-announced “blueprint” for auto…
IBC talking to feds about future pandemic risk transfer
November 2, 2020 by Greg MeckbachThe Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the…
How IBC plans to help restaurants find insurance
October 29, 2020 by Greg MeckbachClients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s…
Intact’s take on regulating commercial ‘middle players’
October 26, 2020 by Greg MeckbachGovernment and the industry should take a close look at the structure and regulation of “middle players” in the commercial property and casualty insurance market, Ontario brokers heard last week at their annual convention. “We know there are some things…
The downside of selling for 4 times multiple during COVID
October 23, 2020 by Greg MeckbachDespite the economic disruption from the COVID-19 pandemic, some brokerage owners could sell their business for multiples of more than four times revenue, but there is potential downside to this, Ontario brokers heard Wednesday at their annual convention. “About 15…
Meet the new Canadian Association of Mutual Insurance Companies president
October 22, 2020 by Greg MeckbachWith the COVID-19 pandemic drastically reducing the frequency of in-person meetings, the new president of the Canadian Association of Mutual Insurance Companies (CAMIC) plans to meet online with each member to hear their concerns. “I am mapping out a plan…
Why reinsurers are now ‘hesitant’ to support some Canadian insurers
October 22, 2020 by Greg MeckbachOne lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital…
Elevate your commercial business
October 21, 2020 Catherine Smola, president, CEO, Centre for Study of Insurance OperationsTop 5 reasons why commercial lines real-time quoting should be a priority