Topic
Brokers
The post-pandemic broker E&O trend, and how to prevent it
February 13, 2024 by Alyssa DiSabatinoMany clients’ commercial property limits aren’t being adjusted for inflation, and that’s unduly exposing brokers to errors and omissions (E&O) claims, one commercial litigation lawyer observed. Inflationary increases are typically applied to all building values upon renewal. The problem is,…
Broker and brokerage fined for using incorrect dec page
February 12, 2024 by David GambrillB.C.’s broker regulator fined a broker $2,000 and his former brokerage $2,500 for sending out an incorrect declarations page to a client that was modelled after a dec page issued by an altogether different brokerage. Questioned about the error by…
Hub’s latest Ontario brokerage acquisition
February 12, 2024 by Jason ContantHub International Ltd. has enhanced its personal, commercial and employee benefits services with the acquisition of Ontario brokerage Mitchell Sandham. Located in Oakville, Ont., Mitchell Sandham is one of the oldest and largest independently owned insurance brokerages in the Greater…
What high interest rates mean when clients’ cars get totalled
February 9, 2024 Philip PoradoOngoing economic problems — including rising prices, high interest rates and stagnant wages — are creating problems for some insureds whose cars get totalled. The situation’s most acute for clients who experienced financial problems during the pandemic and bought used…
Brokerage looking to expand outside home province
February 9, 2024 by Jason ContantBritish Columbia-based brokerage AMC Insurance Services Ltd. is looking to expand outside its home province, the brokerage’s vice president told Canadian Underwriter recently. “We realized in our core business strategy that if we want to continue to be a provider…
What happened after a broker quit without proper notice
February 5, 2024 by David GambrillA B.C. broker who quit without giving proper notice under his employment contract doesn’t owe his former brokerage any money for damages, because the brokerage couldn’t prove any lost income due to the resignation, the B.C. Civil Resolution Tribunal has…
The state of bot automation in Canadian brokerages
February 1, 2024 by Jason ContantBrokerages in Ontario are rapidly embracing bots to automate repetitive tasks, the provincial brokerage association told Canadian Underwriter. “Like all new technology, it takes time to drive awareness and articulate value, but the adoption curve seems to have accelerated more…
McDougall’s growth in Alberta proceeds apace
February 1, 2024 by David GambrillMcDougall Insurance Brokers Ltd. announced Thursday it has merged with MHK Insurance Inc., a 110-year-old independent brokerage based in Alberta. MHK is a full-service brokerage offering home, auto, and commercial insurance products and services, specializing in more than 12 business…
How one brokerage is making good risks out of its urban taxi clients
January 31, 2024 by Alyssa DiSabatinoWith its taxi clients left in the lurch from insurer market withdrawals, one regional brokerage ventured to improve taxi fleet safety. After conducting research and leveraging data, CMB Insurance Brokers developed a loss program using telematics to ensure its clients…
How auto theft will affect insurance in 2024
January 30, 2024 by Alyssa DiSabatinoAlthough the industry is trying to pump the brakes on auto theft across Canada, the national crisis is bound to get worse before it gets better, industry sources predict. It means higher premiums for consumers who are already feeling…
Large brokerage makes commercial deal in Ontario
January 29, 2024 by Alyssa DiSabatinoAcera Insurance Services Ltd. announced its latest deal with KRS Insurance Brokers Ltd., a specialized commercial brokerage based in Newmarket, Ont. “This partnership supports Acera Insurance’s longstanding dedication to build scale and strengthen the independent brokerage model to provide…
Home, auto rate increases in 2023 “highest…seen in years.”
January 26, 2024 by David GambrillCanadian auto insurance rates increased 10% in 2023 compared to 2022, and similarly home insurance rates saw an increase as well — up 6.6% last year, according to the latest release of the Applied Rating Index. “The close of 2023…