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One theory why Lloyd’s underwrites so much Canadian business

May 6, 2018 by David Gambrill

Insurance professionals fresh to Canada’s property and casualty insurance market from Europe may notice how much of Canada’s commercial business is underwritten by Lloyd’s of London. “Lloyd’s (as a market) is again the largest commercial writer in Canada [in 2017],

News BrokersMarkets / CoveragesMergers and Aqcuisitions

Why this broker sold into the independent broker channel

May 6, 2018 by Jason Contant

When Ron Bagnell was looking to retire, handing over his brokerage to the family was not an option, so he sold into the independent broker channel. “My children had no interest in taking over the business, so I knew that

News BrokersInsuranceMarkets / CoveragesTechnology

Strength of Canadian broker channel may lead to agnostic tech solutions

May 3, 2018 by Jason Contant

With an estimated 45% of personal insurance written through the broker channel in Canada, tech vendors understand the importance of the channel. “Our only business is broker,” Jeff Purdy, senior vice president of international operations with Applied Systems, told reporters

News BrokersInsuranceMarkets / Coverages

After Toronto van attack, what should brokers tell their rental firm clients?

April 30, 2018 by Greg Meckbach

The van attack that killed 10 people and wounded 14 in Toronto Monday highlights the importance of brokers giving proper coverage advice to fleet owners, an insurance defence lawyer says. Eric Grossman, founding partner of Zarek Taylor Grossman Hanrahan LLP,

News Markets / Coverages

Trial run coming next week for Canada-wide emergency alert system

April 30, 2018 The Canadian Press

OTTAWA – Millions of cellphones, tablets and other portable devices will sound off across the country next week to test Canada’s new public emergency alert system. The country’s broadcast and telecom regulator says the tests will be carried out next

News ClaimsInsuranceMarkets / Coverages

2 reasons why it’s hard to model crop risk in Canada

April 27, 2018 by Jason Contant

Fluctuating loss ratios and an evolving mix of crops in Canada are two factors contributing to the difficulty in modelling crop risk in the country, AIR Worldwide said recently. Rebecca Arias, the catastrophe modelling firm’s product marketing manager, wrote in

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Will more Canadian commercial insurers look south for acquisition targets?

April 26, 2018 by Greg Meckbach

Buying American commercial insurers is a “strategy that could prove rewarding” for Canadian insurance companies, executives from Toronto-based DBRS wrote in a report released Thursday. Expanding into the U.S. commercial space “requires significant resources,” wrote Stewart McIlwraith, senior vice president

News InsuranceMarkets / Coverages

Auditor’s report reinforces risk managers’ warnings about trade risk

April 26, 2018 Greg Meckbach, Associate Editor

Uncertainty over the 24-year-old North American Free Trade agreement is probably discouraging some investment in Ontario, the province’s auditor general suggested in a report released Wednesday. Uncertainty over NAFTA is “almost certainly causing at least a temporary chilling effect on

News InsuranceLegalMarkets / Coverages

How machine learning can help you predict court decisions

April 26, 2018 by Jason Contant

Machine learning is now able to analyze court decisions and predict how judges may respond in certain situations, based on an analysis of existing caselaw. Artificial intelligence technology is currently available to analyze tax and employment caselaw, but it’s easy

News AssociationsClaimsInsuranceLegislation / RegulationMarkets / Coverages

B.C. projects big savings from new minor injury cap

April 24, 2018 by Jason Contant

The Insurance Bureau of Canada (IBC) is congratulating British Columbia’s proposed legislative changes that would introduce a minor injury cap of $5,500 in the province, a move aimed at reversing the public auto insurer’s skyrocketing legal and administrative costs. The

News Markets / CoveragesTechnology

Could machine learning help firms select better board directors?

April 23, 2018 by Jason Contant

In the not-too-distant future, machine learning techniques will fundamentally change the way corporate boards of directors are chosen, with shareholders being the beneficiaries, a recent study has predicted. The study, Selecting Directors Using Machine Learning, involved the use of a

News InsuranceLegislation / RegulationMarkets / Coverages

What does Vancouver’s new short-term rental bylaw mean for insurers?

April 23, 2018 by Jason Contant

Ridesharing insurance is again in the spotlight, now that the City of Vancouver has announced it is regulating short-term rentals such as Airbnb, and allowing residents to apply online for a business licence as of April 19. Vancouver City Council approved