Topic
Brokers
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…
How accident claims hit rideshare drivers’ personal auto policies
January 26, 2024 Philip PoradoThere seems to be a disconnect between drivers and their insurers about the ability to access personal auto coverage when driving for food delivery or rideshare companies like Uber, Lyft and others. While there’s no hard data to quantify a…
P&C insurance industry launches collective recruitment effort
January 25, 2024 by David GambrillCanada’s property and casualty insurance industry has launched a collaborative, industry-wide recruitment effort dubbed Project Reframe. Announced by the Insurance Institute of Canada (IIC) Monday, the public education campaign aims to portray the insurance industry as an engaging, dynamic, and…
When growing a business, is competition overrated?
January 23, 2024 Adam MitchellA new teammate once asked me how to succeed in our industry. My response was simple: Ask questions, show humility, and it’s amazing how much people will help you. This is a close-knit industry. You’d be surprised at how many…
How smaller brokerages can level the playing field
January 23, 2024 by Jason ContantSmaller brokerages in the Canadian P&C insurance space can benefit from sharing best practices and platforms with other brokerages while still remaining independent, said the president of a family-owned brokerage in Nova Scotia. Earlier this month, Halifax-based Keyes Insurance became…
How Ontario drivers have responded to DCPD opt-out option
January 22, 2024 by Alyssa DiSabatinoFor all the discussion it provoked within brokerage circles, one of the Ontario government’s ideas for auto insurance reform appears to have fallen flat with drivers, albeit it’s only in the first month of the initiative. Thus far, Ontario brokerages…
Why this national consolidator made layoffs
January 19, 2024 by Alyssa DiSabatinoWestland Insurance issued an internal email dated Jan. 15, announcing the layoff of about 30 employees, citing the inability to meet its 2023 financial targets, as well as salaries and expenses that exceeded plan. “Today, I’m sharing some very difficult…
What younger job candidates want from P&C insurance jobs
January 18, 2024 Steve Whitelaw, Applied Systems CanadaCanada’s P&C insurance industry needs to adapt in three key areas to better recruit and retain prospects among Millennials and Gen Z. First, it should teach recruits tech skills specific to the P&C industry. Second, it should use digital technology…
Brokerage sees nearly 200% increase in cold weather claims
January 18, 2024 by Jason ContantWith temperatures plummeting across Canada recently, one insurance brokerage has seen a 191% increase in cold weather-related claims in the early days of 2024 compared to 2023. “Over the past couple of weeks, we’ve seen almost three times as many…