Topic
Commercial Lines
What key factors spark E&O claims against brokers?
May 25, 2023 David GambrillSenior broker retirements, a labour shortage that’s spurring firms to bring new, inexperienced employees into brokerages, and a hybrid office may be combining to increase a broker’s errors and omissions (E&O) exposure. “It’s very difficult to track [broker E&O] claims…
BrokerLink president shares thoughts on brokerage M&A
May 24, 2023 by Jason ContantBrokerLink still sees plenty of M&A opportunities in provinces where it currently operates and doesn’t have any immediate plans to expand into new geographic areas, the brokerage’s president told Canadian Underwriter in an interview Tuesday. BrokerLink is focusing its resources…
Navacord announces its biggest deal yet
May 24, 2023 by David GambrillNavacord has invested heavily into its wealth management and group benefits capabilities, acquiring RWAM Insurance Administrators Inc and Programmed Insurance Brokers (PIB) Inc. “As Navacord’s largest transaction to date, the partnerships with RWAM and Programmed Insurance Brokers Inc. underscore Navacord’s…
Does one-size-fits-all regulation work for the P&C industry?
May 23, 2023 by Alyssa DiSabatinoP&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…
Why D&O brokers are looking at risk mitigation
May 19, 2023 Philip PoradoAmid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national…
What’s new with cannabis insurance regulations?
May 18, 2023 by Jason ContantOne MGA is questioning a regulatory change in Ontario that dropped a mandatory requirement for licensed producers (LPs) of cannabis to hold $15 million in product recall insurance and instead raised the commercial general liability requirement to that amount. In…
Aon reveals top risk exposure for Canadian companies in 2023
May 18, 2023 by David GambrillCanadian businesses are seeing a rise in the cost of their business interruption claims, causing BI to be one of their top risk concerns in 2023, according to a new report by Aon Canada. “The sources of business disruption for…
How insurers will handle new third-party risk-management guideline
May 18, 2023 by Alyssa DiSabatinoCanada’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…
Why standard coverage for unions doesn’t cut it
May 15, 2023 by Alyssa DiSabatinoUnions 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,…
Vacant retail and office space: How to advise clients on this post-pandemic trend
May 12, 2023 Philip PoradoWith office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The…
Canadian P&C industry luminary to head over the pond
May 11, 2023 by David GambrillCanadian property and casualty insurance industry luminary Adrian Hall will be taking on a new role as head of Swiss Re Corporate Solutions’ UK, Ireland, South Africa and EMEA (Europe, Middle East and African) Wholesale division in September 2023. Hall…
Growth? Maybe. Why carriers aren’t promising a soft market yet
May 11, 2023 Alyssa DiSabatinoBeyond the obvious threats of inflation and a possible economic downturn later in 2023, a confluence of other issues is triggering duress for brokers and insurers, which has carriers cautioning the hard market isn’t over yet. Taken together, these factors…