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News InsuranceLegislation / RegulationMarkets / Coverages

Condo deductibles need to be clearer: provincial regulator

November 6, 2018 by Jason Contant

Proposed regulations on deductibles for condominium insurance in Quebec need to be clear, affordable and consider the number of units in the building, the province’s self-regulatory body for brokers, agents and claims adjusters said Monday. “The government is saying, ‘Well,

News BrokersConstructionMarkets / Coverages

Navacord continues to expand its construction practice with latest partnership

November 5, 2018 by Jason Contant

Effective Nov. 1, commercial brokerage Navacord Corp. continued to expand its construction practice with the addition of Westmount Guarantee Services Inc. as a broker partner. Founded in 2011, Markham, Ont.-based Westmount Guarantee provides Tarion bonds (developers’ surety), condominium deposit insurance

News AppointmentsInsuranceMarkets / Coverages

Canadian travel insurance provider names new CEO

November 5, 2018 by Jason Contant

Travel insurance and assistance provider Allianz Global Assistance Canada (AGAC) has appointed Chris Van Kooten as chief executive officer, effective immediately. Van Kooten brings extensive insurance industry experience to his new position, having held executive leadership roles with several Canadian

News InsuranceMarkets / CoveragesProducts

Direct damage coverage available for cannabis product movement

November 2, 2018 by Jason Contant

A United States-based underwriter of marine cargo coverage has entered the Canadian cannabis market with a product that provides direct damage coverage to goods moving through the supply chain. North Kingstown, RI-headquartered Falvey Cargo Underwriting, which has a Canadian office

News InsuranceMarkets / Coverages

Nearly 99% of Canadians do not purchase travel medical insurance for short trips

November 1, 2018 by Jason Contant

Almost 99% of Canadians who take one or two-day trips don’t purchase travel medical insurance, Allianz Global Assistance Canada (AGAC) said recently. Data show less than 1.4% of single trip medical policies purchased through its various distribution channels are for

News InsuranceMarkets / Coverages

Insurer CEO explains why Lloyd’s model must adapt

October 29, 2018 by Greg Meckbach

If the Lloyd’s insurance business model is going to survive, it needs to adapt to today’s digitized world, suggests the chief executive officer of a large global insurer. “The Lloyd’s marketplace is important to the industry but it has longer

News InsuranceLegalMarkets / Coverages

Why this insurer is ‘shrinking’ its D&O liability business

October 26, 2018 by Greg Meckbach

Lawsuits arising from corporate mergers and acquisitions and “creative theories of liability” are reducing Chubb Limited’s appetite to insure directors’ and officers’ liability. Since 2016, there has been an increase in the frequency of lawsuits against directors and officers, said

News InsuranceMarkets / Coverages

Welcome news for employee benefit providers in Canada

October 24, 2018 by Jason Contant

Employer medical cost inflation in Canada is trending lower than global averages, which is “welcome news for employers providing employee benefits in Canada,” commercial brokerage Aon said Tuesday. For the second year in a row, medical cost inflation in Canada

News BrokersClaimsInsuranceMarkets / Coverages

Signs of the hardening market in property lines

October 23, 2018 by Jason Contant

One multi-location brokerage in Nova Scotia is seeing hardening of property lines in the province, in line with a recent spike in property claims ratios across the country. Canadian federally regulated insurers have incurred $5.5 billion in property claims up

News BrokersInsuranceMarkets / Coverages

Why this brokerage doesn’t focus on performance-based compensation

October 22, 2018 by Jason Contant

Creating competition in the workplace is not a good environment for growing teamwork and is one of the reasons an independent insurance brokerage in Nova Scotia doesn’t focus on performance-based compensation. “Our notion on compensation is that we are trying

News InsuranceMarkets / CoveragesTechnology

What small business clients value about cyber insurance

October 21, 2018 by Jason Contant

Small business clients gravitate to cyber insurance not for the insurance, per se, but for the accompanying services following an incident, a cyber underwriter said recently. “If you think about it in the context of car insurance, they’re buying their

News Legislation / RegulationMarkets / Coverages

Why clients need advice on ‘litigation hot spots’

October 21, 2018 by Greg Meckbach

Commercial brokers advising Canadian clients with operations in foreign countries need to understand consumer protection and pollution laws in those countries. “It’s up to a broker to make sure that he or she is well versed in what those countries’