Topic
Brokers
Continuity during COVID: Executive of national broker association stands pat
October 19, 2020 by Greg MeckbachKent Rowe, vice president of commercial lines for Wedgwood Insurance, is staying on for another year as president of the Insurance Brokers Association of Canada. IBAC held its annual general meeting Sept. 23. IBAC announced Monday that its 2019-20 executive…
Switching your client’s carrier? Don’t forget to tell the client
October 19, 2020 by David GambrillA Manitoba broker received a $250 fine recently for failing to advise a client that his policy had been moved to a different insurer until two weeks after the policy had expired. In its decision, the Insurance Council of Manitoba…
How COVID-19 has changed cyber underwriting
October 19, 2020 by Greg MeckbachWith loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or…
Why B.C. brokers are not rallying behind Liberal auto insurance election promise
October 7, 2020 by Greg MeckbachBritish Columbia’s Liberal party, which ruled the province from 2001 through 2017, is promising to open auto insurance up to competition if voters return the Liberals to power in the Oct. 24 election. “The ICBC monopoly is a failure and…
We need to talk…
October 4, 2020 David Gambrill, Editor in ChiefBased on recent consumer research and brokers surveys, Canadian Underwriter has identified three crucial topics of conversation to help brokers forge stronger bonds with their clients
Brokerage M&A roundup: Westland and BrokerTeam announce deals
October 2, 2020 by Greg MeckbachWestland Insurance Group and BrokerTeam Group have both announced separate deals this past week. Westland Insurance Group Ltd. acquired two Alberta brokerages, effective Oct. 1. Surrey, B.C.-based Westland announced Friday it closed the acquisition of Carstairs, Alta.-based Ironside Insurance Brokers…
The rise (and fall?) of specialization
October 1, 2020 David Gambrill, Editor in ChiefSpecialization continues to be a major growth strategy for brokers, as our third annual National Broker Survey shows. But has the pandemic exposed the limits to specialization…?
Broker lands in hot water after a man receives a surprise gift from his father-in-law
September 29, 2020 by David GambrillA B.C. broker received a $1,000 fine and was ordered to complete a course in auto insurance for her role in trying to help a man purchase a car for his son-in-law. The provincial broker regulator found that the broker,…
What this insurtech says are two ways of being better than the average broker
September 28, 2020 by Greg MeckbachIf you want to be better than the average brokerage, try explaining coverages through the use of examples and try not making consumers wait for days for answers, the co-founder of an insurtech advises. “Insurance can be somewhat stuffy and…
How vehicle depreciation can create E&O risk
September 21, 2020 by Greg MeckbachPersonal auto insurance brokers who don’t offer an endorsement that would limit an insurer’s right to restrict its coverage to actual cash value could be increasing their errors and omissions risk, a senior broker has cautioned. Alberta and Ontario have…
Veteran brokers are seeing their first-ever hard market. What they need to know.
September 18, 2020 by Greg MeckbachBrokers with more than a decade of experience could be experiencing their first real hard market right now, and they could probably use some advice about how to break bad news during renewals, an Alberta managing general agent (MGA) suggests.…
Intact’s rationale for buying this bond and marine brokerage
September 16, 2020 by Greg MeckbachIntact Financial Corp.’s latest “tuck-in” brokerage acquisition is part of its ongoing expansion effort in the United States, chief financial officer Louis Marcotte suggested Tuesday. International Bond & Marine Brokerage Ltd. of Hoboken, N.J., announced Sept. 11 it is now…