Topic
Markets / Coverages
Busy broker fined $500 for remitting premium to insurer four months late
April 7, 2018 by David GambrillA “very busy” Manitoba broker working alone with no support staff has been fined $500 by the provincial broker regulator for failing to remit an insured’s crop hail insurance premium to an insurer until four months after the due date.…
Oil spill case resolved after party that was not at fault paid for the clean-up
April 5, 2018 by Greg MeckbachA homeowner whose insurance did not cover the full cost of cleaning up his furnace oil spill was recently awarded $473,000 in legal costs after he sued the fuel company. The December 2008 incident, in which hundreds litres of oil…
Why re-using online passwords is so dangerous
April 4, 2018 by Jason ContantBrokers should be advising their clients that the re-use of passwords across multiple websites and accounts could be a disaster waiting to happen, a cybersecurity specialist told Canadian Underwriter Wednesday. Lisa Baergen, marketing director of Vancouver-based NuData Security, a Mastercard Company,…
Despite late notice to claimant, court green-lights priority dispute between insurers
April 2, 2018 by David GambrillIn a priority dispute between insurers over accident benefits payments, the claimant does not necessarily have to be notified about the priority dispute at the same time as the other carrier, the Ontario Court for Appeal has ruled. The major…
Human intervention not required to sell insurance online, digital broker says
March 29, 2018 by Jason ContantProposed regulatory changes allowing the sale of property and casualty insurance in Quebec without human intervention might actually benefit consumers and not harm them, a digital brokerage told Canadian Underwriter Wednesday. Scott Loong, co-founder and CEO of Montreal-based digital brokerage…
Intact to offer new D&O products for commercial brokers in Canada
March 29, 2018 by Greg MeckbachBrokers placing directors and officers (D&O) liability insurance can expect “more new products” this spring from Intact Insurance, given the company’s acquisition of OneBeacon Insurance Group Ltd. in September 2017, an official said Monday. Speaking during Intact’s Investor Day, Mike…
Ontario budget 2018: What’s in it for the industry
March 29, 2018 by Greg MeckbachThe Ontario government’s 2018-19 budget document provides some comfort for auto insurers because the province is committing to having the new regulator up and running by April 2019. The Financial Services Regulatory Authority, which will effectively replace the Financial Services…
Healthcare providers billing ‘impossible’ hours treating car crash victims
March 29, 2018 Colin Perkel - THE CANADIAN PRESSTORONTO – Hundreds of health-care providers in Ontario are billing insurance companies for an improbable number of daily hours spent treating car crash victims, recent insider data suggest. However, no one appears to be leading a charge against the potentially…
Why Intact is prepared to lose market share in personal auto
March 28, 2018 by Greg MeckbachCanada’s largest property and casualty insurer is prepared to lose market share on auto in order to improve its bottom line, company officials said Monday. “We have been and continue to be prepared to lose market share in order to…
What underwriters want to know from brokers when placing cyber coverage
March 28, 2018 by Greg MeckbachBrokers placing cyber insurance should take a good look at their clients’ information security culture, a computer security expert advises. What is “often overlooked by brokers is that underwriters really care about the security culture of an organization [applying for…
You’ve got your clients’ data locked down, but can you prove it to a regulator?
March 28, 2018 by David GambrillInsurance organizations may be good at protecting their own clients’ data, but can they prove it? “In general, I would say that insurers are good at securing their data,” French Caldwell, a former advisor to the White House on cybersecurity,…
Profitable global cyber market one incident away from a correction, analyst warns
March 27, 2018 by Greg MeckbachGlobally, commercial insurance customers are getting a great deal on cyber insurance right now, but this will only last until a major cyber incident causes a huge, one-time loss for the property and casualty insurance industry, a computer security expert…