Topic Commercial
Addressing a shortage of qualified commercial underwriters
November 28, 2023 by Alyssa Di SabatinoNicholas Hudescu is a rarity in the insurance industry. The 23-year-old attended Wilfrid Laurier University, earning a Bachelor of Business Administration degree specializing in insurance and risk management. While there, he joined the student-run Laurier Insurance and Risk Association (LIRA)…
Aviva Canada to acquire “capital light” MGA
November 27, 2023 by David GambrillAviva Canada is acquiring Optiom O2 Holdings Inc., a managing general agent (MGA) that specializes in vehicle replacement insurance in Canada. The $170-million Cdn deal is subject to regulatory approval and is expected to close in the first quarter of…
Proactive climate adaptation can cut Ontario public infrastructure costs: watchdog
November 23, 2023 by Jordan Omstead - THE CANADIAN PRESSTORONTO – The dangers of a changing climate could add more than $4 billion per year to the cost of maintaining Ontario’s public infrastructure over the rest of the century, the province’s financial watchdog said Wednesday. But the report from…
Fighting inflation half-heartedly would be ‘huge mistake,’ Bank of Canada warns
November 22, 2023 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – Bank of Canada Governor Tiff Macklem warns fighting inflation half-heartedly and living with its consequences would be a huge mistake. The governor acknowledged during a speech Wednesday that interest rates may already be high enough to bring inflation…
What worries Canadian businesses about Quebec’s language law
November 22, 2023 by Jason ContantQuebec’s recently enacted French-language law is causing some Canadian businesses concerns about compliance and even fear of losing employees, a new business risk report from Beazley suggested. Bill 96, An Act respecting French, the official and common language of Québec,…
What carriers can expect for reinsurance renewals
November 22, 2023 by Alyssa DiSabatinoPrimary insurance carriers can expect for the most part flat to high single-digit premium increases during Jan. 1, 2024, reinsurance renewals, Matt Wolfe, Aon Canada’s president and CEO of Reinsurance Solutions tells Canadian Underwriter. It’s a far cry from the…
Price tag for the insured wildfire losses in Northwest Territories
November 20, 2023 by David GambrillInsured wildfire damage in Hay River and Yellowknife, NWT, during the summer — which led to Canada’s largest evacuation ever — cost the P&C insurance industry a total of more than $60 million, Catastrophe Indices and Quantification (CatIQ) Inc. reported…
How the M&A environment will affect carriers’ business models
November 17, 2023 by Jason ContantCanadian P&C insurance industry carriers and service providers will need to transform their business models to help control claims and operating costs in an M&A environment featuring competing demands for capital, speakers said Thursday at KPMG’s 2023 Insurance Conference in…
Whose insurer pays when e-scooter drivers crash?
November 17, 2023 by Philip PoradoNews reports about drivers of stand-up e-scooters injuring pedestrians in several Canadian cities are raising questions about insurance coverage for the vehicles — and how injured pedestrians might recover damages. But what about the e-scooter drivers themselves? Can they recover…
Marsh McLennan creates new role for Canada and U.S. operations
November 16, 2023 by David GambrillMarsh McLennan has appointed Susan Potter as U.S. and Canada commercial officer, effective immediately. “We are fortunate to have Susan assume this new role,” Pat Tomlinson, Marsh McLennan’s U.S. and Canada CEO, said of Potter’s appointment. “Her exceptional leadership experience,…
Why there’s no such thing as ‘bad risk’
November 14, 2023 by Adam MitchellNew leads are crucial for any brokerage’s growth and continued business success. Although that’s a no-brainer, here’s something to remember when it comes to converting those leads into clients: there’s no such thing as good risks and bad risks. The…
Why this insurer doesn’t have to defend an injured bar patron’s lawsuit
November 13, 2023 by Alyssa DiSabatinoAn Ontario insurer is not required to defend a Woodstock, Ont., sports bar against a “mixed” claim from a patron who said he sustained injuries after he was over-served and then forcibly removed from the bar, the Ontario Superior Court…