Topic
Insurance
How Intact plans to approach auto pricing in 2024
February 21, 2024 by David GambrillIntact delivered a combined ratio of 94.7% in its auto insurance business in 2023, and the company expects to post a similar auto result in 2024 as well, Intact Financial Corporation CEO Charles Brindamour said today in a virtual fireside…
Air Canada chatbot error shows liability implications of AI
February 21, 2024 by Alyssa DiSabatinoAir Canada has been ordered to uphold a policy fabricated by its AI customer chatbot in a recent Civil Resolution Tribunal (CRT) dispute. The decision is a cautionary tale for why clients need to be sure their AI chatbots…
Warm and dry weather prompts Alberta to declare an early start to wildfire season
February 21, 2024 The Canadian PressEDMONTON – The Alberta government has declared an early start to the 2024 wildfire season in the face of low snowpacks and forecasts of dry weather to come. Alberta Forestry and Parks Minister Todd Loewen said Tuesday the season is…
PE-driven M&A is slowing, despite record deals in 2023
February 20, 2024 by Alyssa DiSabatinoDespite some consolidators slowing their pace — namely, private equity firms — Canadian insurance brokerage M&A reached a record level of deals in 2023. There were 108 publicly announced deals last year, Smythe LLP, a P&C insurance advisory and consulting…
‘Very pleasant surprise’: Canada’s inflation rate tumbled to 2.9% in January
February 20, 2024 Nojoud Al Mallees – The Canadian PressOTTAWA – Canada’s inflation rate fell more than expected last month as price growth moderated across the economy, including outright price declines for gasoline, airfares and clothing. Statistics Canada reported Tuesday the annual inflation rate tumbled to 2.9 per cent…
How insurers can help manage flood risk in Indigenous communities
February 20, 2024 by Jason ContantInsurers need to play a greater role in helping to manage high-risk flood areas in Indigenous communities, a tribal chief said during the CatIQ Connect conference earlier this month. “At some point, you as insurers are going to have to…
CU Poll: Ontario’s DCPD auto reform widely viewed as a flop
February 16, 2024 by David GambrillOntario’s property and casualty insurance professionals have widely panned the provincial government’s latest move to make mandatory Direct Collision Physical Damage (DCPD) coverage optional to reduce premiums. Canadian Underwriter conducted an online poll with more than 400 P&C professionals nationwide…
What’s on Dec? | Episode 12 | Hospitality trends
February 16, 2024 by Canadian UnderwriterWhat’s the risk landscape look like for your hospitality clients post-pandemic? Listen as CHES Special Risk president and CEO Gary Hirst shares insights on the hospitality sector post-pandemic. He’ll discuss how different models of food delivery can affect insurance risk,…
Co-operators acquires home inspection firm
February 16, 2024 by Jason ContantThe Co-operators has entered the home services line of business with the acquisition of the parent company of home inspection firm Carson Dunlop & Associates Ltd. Co-operators Financial Services Limited, a wholly-owned subsidiary of The Co-operators Group Limited, announced the…
What brokers need to discuss with hospitality clients
February 16, 2024 Philip PoradoHospitality providers are gradually emerging from a pandemic-era slump that nearly scuppered the industry in 2020 and 2021. The new normal, though, means restaurateurs, venue owners and other businesses likely need to review their insurance coverages and consider some very specific…
Inadequate security led to breach that compromised Canadians’ info: watchdog
February 16, 2024 Jim Bronskill – The Canadian PressOTTAWA – Government departments lacked adequate protections to fend off a “sophisticated and co-ordinated” cyberattack that compromised the sensitive information of tens of thousands of Canadians, the federal privacy watchdog has found. In a report tabled Thursday, privacy commissioner Philippe…
Making clients valuable to your brokerage for the long term
February 15, 2024 Adam MitchellWhen it comes to ensuring clients have the right products and coverage levels, life insurance brokers are doing things much better than personal lines brokers. But there’s no reason the P&C industry can’t operate at that level. You can’t sell…