Topic
Brokers
Why some small business owners don’t have insurance
August 9, 2022 by Alyssa DiSabatinoAlmost 40% of small business owners say they don’t have a business insurance policy, and another 25% say they don’t think they need it, finds a recent survey of 222 small business owners and self-employed professionals in Canada. The…
Newfoundland’s largest wildfire in 60 years: what the P&C industry needs to know
August 8, 2022 by Alyssa DiSabatinoA long-burning forest fire in Newfoundland has charred over 10,800 hectares, but one claims professional says they’ve yet to see any claims come through, since the affected areas are not densely populated. The fire has been burning for close to…
Inflation creates opportunities for brokers to revisit risks with clients
August 8, 2022 Philip PoradoRecent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada…
Are car rental shortages affecting loss of use endorsements?
August 5, 2022 by Alyssa DiSabatinoThe car rental shortage isn’t only impeding on Canadians’ travel plans—it could also affect policyholders’ loss of use endorsements. Luckily, there are alternative options for insurers to reimburse customers on their loss of use policies, says one of Canada’s largest…
The latest commercial brokerage to snap up an employment benefits firm
August 4, 2022 by David GambrillIn keeping with the trend of Canadian commercial insurance brokerages offering expanded financial services, Westland Insurance Group yesterday acquired one of Ontario’s largest employee benefits consulting groups, The Winch Group. The Winch Group is a full-service brokerage specializing in employee…
Intact’s game plan in personal auto
August 2, 2022 by Alyssa DiSabatinoIntact’s personal auto insurance premiums grew by 28% in 2022 Q2, but the company says its auto game plan is “not only pricing-driven,” the CEO reported during Intact’s recent earnings call. “Equally important is how we manage claims and our…
Intact provides update on RSA integration
July 29, 2022 by Alyssa DiSabatinoA year after RSA Insurance Group plc was acquired by Intact Financial Corporation, nearly all personal lines broker policies, and commercial lines small business and fleet policies in Canada, have been converted to Intact systems, the insurer reported. “I’m pleased…
IBC names new chairwoman
July 29, 2022 Canadian Underwriter StaffHeather Masterson is the new chairwoman of the Insurance Bureau of Canada (IBC) having been elected by the board of directors, the association announced Thursday. She brings a quarter century of industry experience, market and broker expertise, and executive leadership…
Consumers increasingly concerned with EV insurance
July 28, 2022 by Alyssa DiSabatinoCanadians are becoming increasingly interested in getting an electric vehicle (EV) for their next purchase on one hand, but consumers also seem concerned about the cost of insuring electric vehicles, according to data from rate comparison site My Choice. Seventy-seven per cent…
Where to find recession-proof clients to help grow your business
July 28, 2022 by David GambrillGlobal recession can not only change the way insurance does business, but it also may change the way your clients do business – which may lead to the next big recession-proof opportunities for insurance sales growth. Economies in recession don’t…
P&C industry’s 2021 results: A one-hit wonder?
July 28, 2022 Glenn McGillivrayLast year was generally the most favourable for Canada’s insurers in a while – since 2006 as a matter of fact – with the industry’s return on equity (ROE) coming in at a solid 17.2% (against 11.2% in 2020). ROE…
Is specialization the best route to broker independence?
July 27, 2022 Jason ContantA bevy of challenges, including M&A frenzy, rapidly evolving technology, automation and directs, has spurred some independent brokerages to focus on specialization. And some are even divesting of personal lines. “From a client perspective, it’s great to have a broker…