Canadian Underwriter

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Insurance


News InsuranceLegislation / Regulation

How this public insurer plans to save $1 billion a year

November 13, 2018 by Jason Contant

Changes to accident benefits regulations will result in projected net savings of $1 billion annually, British Columbia’s Ministry of Attorney General said Friday. Changes to Insurance Corporation of British Columbia’s (ICBC) accident benefits will cost an estimated $200 million annually.

News BrokersInsuranceMarkets / Coverages

Large commercial brokerage reports ‘stealth’ firming in casualty lines

November 13, 2018 by Jason Contant

A recent report from commercial brokerage Willis Towers Watson has confirmed what Canada’s largest insurer is saying: the commercial insurance market is showing signs of firming as casualty losses mount. “The seemingly ‘stealth’ firming within the casualty market comes as

News InsuranceMarkets / Coverages

Why insurers urge caution on regulating condo deductibles

November 12, 2018 by Jason Contant

The government of Quebec should take a “wait-and-see” approach to define what is a reasonable or unreasonable deductible for condominium insurance, the Insurance Bureau of Canada (IBC) told Canadian Underwriter last week. The provincial finance ministry recently held a consultation

News Insurance

Towerhill Insurance Brokers sold to BrokerLink

November 12, 2018 by Jason Contant

Editor’s Note: George Longo, president and CEO of commercial brokerage Towerhill Insurance Brokers, sold his Towerhill retail brokerage business to BrokerLink, as reported on Nov. 12, 2018. In a statement to his clients, Lloyd’s syndicates and colleagues, Longo said he

News InsuranceRisk

The Top 5 risks cited by Canadian executives

November 12, 2018 by Jason Contant

For the second year in a row, risks from cyberattacks is the top concern that executives in Canada have identified as the most dangerous for their business, according to a report published Monday by the World Economic Forum (WEF). In

News BrokersInsuranceMergers and Aqcuisitions

Hub acquires two western-Canadian brokerages

November 9, 2018 by Jason Contant

Global insurance brokerage Hub International announced this week it has acquired the assets of two western-Canadian brokerages. Hub acquired on Wednesday the assets of Tri-Line Agencies Inc., a full-service, independent brokerage headquartered in Rose Valley, Sask. Tri-Line Agencies offers personal

News BrokersCatastrophesClaimsInsurancePodcast

What brokers should know about Emergency Preparedness [podcast]

November 9, 2018 Canadian Underwriter

When entrepreneurs and executives lie awake at night worrying about their businesses, they’re usually concerned with competitive threats. There’s always someone out there planning to disrupt their industry, court their customers or poach their employees. They should be worried. But

News InsuranceMergers and Aqcuisitions

CAA Insurance parent agrees to buy Echelon Insurance

November 9, 2018 by Greg Meckbach

CAA Club Group has agreed to buy non-standard auto insurer Echelon Insurance for $175 million, the companies said Friday. The deal will allow CAA Insurance to reach new markets and customers, CAA Club Group president Jay Woo wrote in an

News InsuranceTechnology

How Canadian insurers should price for their ‘silent cyber’ exposures

November 8, 2018 by David Gambrill

The possibility exists of a global, widescale, multi-country cyber security breach. To get a true sense of their overall exposure, Canadian property and casualty insurers should be reviewing all of the policies they sell – not just dedicated cyber policies,

News InsuranceMergers and Aqcuisitions

JLT shareholders approve merger with Marsh & McLennan

November 8, 2018 by Greg Meckbach

A US$6-billion deal that could form the world’s largest commercial brokerage is one step closer to reality. Britain’s Jardine Lloyd Thompson Group plc announced Wednesday that 99.9% of its shareholders voted in favour of having JLT acquired by Marsh &

News AdjustersClaimsInsurance

How business interruption claims could play out in the legal marijuana space

November 8, 2018 by Jason Contant

Supply challenges associated with marijuana legalization in Canada will lead to potentially costly business interruption (BI) and contingent business interruption (CBI) claims, an adjusting firm told Canadian Underwriter Tuesday. Because it’s an emerging market, there are a limited number of

News Earnings / RatingsInsurance

Why Intact will not chase growth by lowering rates

November 8, 2018 by Jason Contant

As both personal and commercial markets continue to show signs of hardening, Intact Financial Corporation will not pursue growth by lowering rates as 2019 approaches. “We’re not chasing growth by lowering rates as we move into 2019,” Darren Godfrey, Intact’s