Topic Brokers
Small business struggling amid COVID-19 pandemic looks for aid in Liberals’ budget
April 13, 2021 by Jordan Press, The Canadian PressOTTAWA — A group representing thousands of the country’s small businesses says many hope the Trudeau Liberals heed their concerns and reshape aid in the upcoming federal budget to help them survive the COVID-19 pandemic. The Canadian Federation of Independent…
Cautionary tale for brokers when payment time quickens
April 12, 2021 by Adam MalikSince insurance brokers act as intermediaries between client and insurer, the risk of them falling victim to fraud increases as payment turnaround time decreases, says a cyber insurance expert. In fact, brokers “regularly top our list of industries that are…
Brokerage interest in M&A dips slightly in early 2021: CU survey
April 12, 2021 by David GambrillFor Canadian brokerage principals, interest in mergers and acquisitions as a growth strategy increased dramatically in September 2020, during the second wave of the pandemic, but seems to have cooled somewhat since then, according to the results of Canadian Underwriter’s…
Households expect return to pre pandemic spending within a year, Bank of Canada says
April 12, 2021 by Jordan Press, The Canadian PressOTTAWA — Canadian household spending will eclipse earnings in the coming months as vaccinations increase and uncertainty from the pandemic recedes, The Bank of Canada said in a report released Monday. The central bank says the gap between spending and…
How to bring the risk of catastrophic events home to your clients
April 9, 2021 by Jason ContantCanada’s property and casualty insurance industry needs to ramp up its public education efforts to bring the risk of catastrophic events home to the Canadian population, speakers said Thursday during the virtual CIP Society Symposium 2021. “I don’t like to…
Three large Canadian brokerages announce separate M&A deals
April 8, 2021 by Jason ContantThree large Canadian brokerages have announced recent acquisitions of other brokerages. On Thursday, Westland Insurance reported it closed its acquisition of MBS Insurance Brokers, effective Apr. 1. Navacord Corp. added LL Renaissance Insurance Brokerage Canada Limited to its ranks, while…
Brokers: pay attention to these insurance fraud ‘red flags’
April 7, 2021 by Jason ContantIf your client is trying to rush the insurance buying process or is not concerned about price, that’s often a red flag that the transaction is fraudulent, RSA told Canadian Underwriter recently. “We know the majority of customers aren’t looking…
Navacord builds up war chest to finance future M&A
April 6, 2021 by Greg MeckbachNavacord has built up a sizeable war chest to fund future mergers and acquisitions. The Toronto-based group of brokerages recently completed $1.05 billion in financing, a portion of which is to be used to take advantage of unspecified “M&A opportunities,”…
Sky’s still the limit for Canadian P&C industry consolidation: broker exec
April 6, 2021 by Adam MalikCanadian property and casualty insurers have seen many a deal take place over the years — and it would be no surprise to see more to come, says a broker executive. During the latest edition of the Insurance Institute of…
Why the new hybrid office model may have less flexibility than you think
April 1, 2021 by Adam MalikThose pining for the freedom to pick and choose when they’ll work from home and when they’ll go to the office may be in for a surprise, panellists of a recent insurance webinar warned. On one hand, it’s unlikely that…
Behind the popularity of pay-as-you-go insurance
March 31, 2021 by Adam MalikCustomers want more choice and control over how they spend their insurance dollars, which explains the skyrocketing popularity of pay-as-you-go insurance, says the president of CAA. The insurer has seen a three-fold increase in customers to its pay-as-you-go insurance product…
Canada to see a faster payments system in 2022. Opportunity knocks for brokers
March 29, 2021 by Adam MalikWhile many are eager to see the imminent arrival of a new system that promises to make day-to-day financial transactions quicker, cyber risk experts are warning that such a system may elevate the risk exposure to cybercrime, potentially opening the…