While Managing General Agents (MGAs) say their firms are here to stay, their competitors are discussing whether the specialty underwriting market is oversaturated. The topic arose in response to an audience question about whether the industry acknowledges the role MGAs…
Consolidators will have to tread the line between growing rapidly while also ensuring growth doesn’t hinder operations, particularly customer service, said experts at an industry panel. Amid consolidation, small and medium-sized brokerages will be able to remain competitive if they…
Ontario saw a record 48 finalized brokerage transactions in 2022, mostly led by consolidators, said Suzanne Pountney, president of the Insurance Brokers Association of Ontario (IBAO), during the Young Broker Conference in Niagara Falls. “This is up 60% over last…
Ontario’s broker self-regulatory body is looking at its licensing exams with a stronger focus on commercial lines and MGAs, Registered Insurance Brokers of Ontario (RIBO) CEO Patrick Ballantyne said last week during an industry event. “Those exams are currently under…
Supply chain issues are creating a hot domestic market for stolen vehicles, which in 2022 cost Canadian property and casualty auto insurers more than an estimated $1 billion — the most the industry has ever paid for auto theft in…
Brokerages that might not have resources to embark on large-scale diversity, equity and inclusion (DEI) programs can start small by committing to change, a speaker said Tuesday during a Canadian Underwriter webinar. “If you’re a small brokerage, maybe don’t have…
Two large wildfires burning in Halifax and Shelburne counties in Nova Scotia remain out of control, even as fire and additional living expenses (ALE) claims start to trickle in for insurers and adjusters. Some adjusters aren’t able to access the…
With the United Conservative Party’s Danielle Smith re-elected as Alberta premier, the industry is hoping for both long- and short-term solutions to the auto issue, especially since the province’s “rate pause” makes it harder for drivers to secure coverage and…
P&C insurance industry leaders called for bespoke, yet predictable, regulation at the Insurance Bureau of Canada Financial Affairs Symposium last week. When asked broadly about regulation, Celyeste Power, IBC president and CEO noted no two carriers are alike, and so…
Canada’s financial solvency regulator’s new guideline for managing risks associated with third parties (including brokers) will require insurers to find a ‘balance point’ for compliance, one industry expert said. The Office of the Superintendent of Financial Institutions Guideline B-10: Third-Party…
Unions and corporations operate differently, and that means a union needs more tailored insurance coverage when an aggrieved member takes legal action, lest they find themselves underinsured, one expert told Canadian Underwriter. Standard policies typically exclude important coverages for unions,…
Newfoundland and Labrador’s provincial government has announced it will permanently remove the 15% retail sales tax (RST) on personal property insurance, a move Insurance Bureau of Canada (IBC) says aligns with its “recommended approach after months of advocacy.” The issue…