Topic Commercial
Brokerage wins limited injunction against regulator’s new rule
July 19, 2023 by David GambrillFS Insurance Brokers (FSIB), a B.C. insurance broker that has common ownership with a strata property management company, has won a limited injunction against a new rule proposed by the province’s broker regulator, pending judicial review of the new rule.…
How new sources of capital are changing (re)insurance
July 18, 2023 by Glenn McGillivrayBack in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost…
Navacord broadens benefits practice with new acquisition
July 17, 2023 by Alyssa DiSabatinoNavacord has announced its acquisition of Belay Advisory, a benefits consulting and wealth advisory firm based in Alberta. This deal follows the burgeoning trend of P&C firms expanding their offerings into the financial services realm, in order to become a one-stop…
Will markets soften after 2022’s strong performance?
July 14, 2023 by Glenn McGillivrayFor 2021, a year-in-review for the P&C industry began with the sunny news that it “was the most generally favourable for Canadian insurers in a long while.” But that same review ended with the suggestion that those rosy numbers may…
By how much premiums increased in the first quarter
July 14, 2023 by Alyssa DiSabatinoWhile consumers might have noticed their insurance rates are still increasing, prices are flattening out compared to last year’s single- or double-digit increases, two new reports from Applied Systems showed. Commercial lines saw an overall rate increase of 7.39% in…
Large Canadian brokerages announce latest M&A deals
July 13, 2023 by Jason ContantCanadian P&C brokerage merger and acquisition activity continues to burn red-hot in the second half of 2023, with large brokerages BrokerLink and Acera Insurance announcing a combined three deals recently. BrokerLink acquired Ontario-based Donnell Insurance Brokers Ltd. and New Brunswick-based…
Has COVID-19 changed restaurant insurance forever?
July 13, 2023 by Jason ContantCanada’s hospitality sector was particularly hard-hit by the COVID-19 pandemic, with government-mandated shutdowns and restrictions grinding the industry to a halt. Now, as restaurants return to pre-pandemic foot traffic and revenue levels, the need for insurance solutions and capacity is…
How much Intact paid in second quarter Cat losses
July 13, 2023 by Alyssa DiSabatinoIntact Financial Corporation saw an estimated $335 million in catastrophe losses in Canada for the second quarter of 2023, the insurer revealed in a release. Comparatively, the company handled over a million claims and paid out over $10 billion globally in…
Don’t believe the hype: Why the hard market is softening
July 11, 2023 by David GambrillCanada’s P&C insurance industry is showing signs of market softening despite the many reasons for a hard market to persist, according to a June 2023 Marketplace Insights report from Lloyd Sadd, a Navacord brokerage. The report cites many reasons industry…
Human error may have caused data breach involving thousands in P.E.I.
July 11, 2023 by The Canadian PressCHARLOTTETOWN – Prince Edward Island says the personal information belonging to thousands of people may have been part of a privacy breach caused by human error. It says the information of 5,600 clients enrolled in a provincial employment program was…
How insurers can reduce cyber claims without slashing coverages
July 6, 2023 by Alyssa DiSabatinoCyber insurers are finding that acting as incident response services for their small- to mid-sized business clients is helping to reduce overall claims, experts shared during an industry conference. Insurers should be the first ones to open the lines of…
Why you need to better understand data from your BMS
July 5, 2023 by Jason ContantBrokers who can effectively capture data from their broker management systems (BMS) or other digital technology tools will be able to reap the benefits not only for their brokerages but for clients as well, panellists said during a Canadian Underwriter…