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Insurers reveal a popular attack of choice for cyber-criminals

November 1, 2019 by Jason Contant

Another insurer is reporting a rise in ransomware attacks. Specialist insurer Beazley said Thursday that the targeting of IT vendors by cyber criminals contributed to a 37% increase in reported ransomware incidents in the third quarter of 2019 compared to

News BrokersInsurance

How to advise your clients on reducing flood risk

November 1, 2019 by Adam Malik

Helping homeowners assess flood risk is great way for brokers to increase the value they provide clients –  and it’s easy for them to do so, a climate expert says. All it takes is walking the client through potential hotspots,

News InsuranceTechnology

Data exchange: does it make sense for the insurer to compete with the mail service?

November 1, 2019 by Greg Meckbach

Imagine if each insurance company set up its own courier service to compete with Canada Post, instead of having a common carrier for the industry. Joseph Carnevale conjures up this scenario to illustrate why it’s a bad idea for every

News Insurance

What carrier CEOs said when asked if MGAs should be regulated

November 1, 2019 by David Gambrill

Managing General Agencies (MGAs) in Canada have been attracting attention in the industry recently, and not just because of their hybrid status as both distributors and underwriters of insurance products. Their regulatory status in Canada is nebulous, and some are

News AdjustersClaims CanadaInsuranceLegalLegislation / Regulation

The ‘interpretative stumbling block’ in figuring out whether off-road vehicle accidents are insured

October 31, 2019 by Greg Meckbach

Confused about whether Ontario accident benefits applies if your client has an out-of-province accident involving a dirt bike or all-terrain vehicle? The Court of Appeal for Ontario tried to address this confusion in Benson v. Belair Insurance Company. If an

News Insurance

Court overturns bad faith award against AIG in jewellery theft claim

October 31, 2019 by David Gambrill

The Court of Appeal for Ontario has overturned a bad faith punitive award against AIG Insurance Company of Canada in a jewellery theft claim, ordering a trial to be held on the merits of the insurer’s contention that the claim

News InsuranceLegislation / Regulation

Why ‘salesperson’ will no longer be defined in this insurance law

October 31, 2019 by Greg Meckbach

The Ontario government plans to make several changes to the Insurance Act, including the removal of the definition of “salesperson” from the law. Legislation was tabled Monday by Prabmeet Singh Sarkaria, the associate minister of small business and red tape

News EmploymentInsurance

How to find talent from outside the P&C industry

October 31, 2019 by Adam Malik

Chances are high that you didn’t choose to work in insurance. Which means that if you are seeking new talent within the four walls of the industry, you are probably limiting your brokerage’s ability to find fresh new talent, experts

insPRESS Insurance

Ontario Brokers Raise $23,000 for Women in Insurance Cancer Crusade

October 31, 2019 The Insurance Brokers Association of Ontario (IBAO)

Toronto, ON, October 31, 2019/InsPress/ – The Insurance Brokers Association of Ontario (IBAO) and insurance brokers across the province raised $23,000 in support of the Women in Insurance Cancer Crusade (WICC)—an organization that supports cancer research and education. Fundraising took

News InsuranceMergers and Aqcuisitions

This might drive additional insurers to demutualize

October 30, 2019 by Greg Meckbach

Mutual insurers that are concerned about their small size placing them at a competitive disadvantage could choose to follow in the footsteps of Economical and start the demutualization process, suggests an executive who is looking to invest about $500 million

News Insurance

How the industry is mobilizing ‘small armies’ to help reduce flood risk

October 30, 2019 by Adam Malik

Intact’s Centre on Climate Adaptation is “zeroing in” on flood risk mitigation, educating professionals in other industries about flood risk so that more eyes are watching out for dangers in homes across Canada. Blair Feltmate, head of the Intact Centre

News BrokersInsurance

How new equivalencies for Alberta broker wannabes will work

October 30, 2019 by Greg Meckbach

For Alberta brokerages, the ability to use a Chartered Insurance Professional (CIP) designation won’t necessarily make it easier for brokers to get licensed, but it will probably provide a better learning experience, officials with the Insurance Institute of Canada suggest.