Topic Insurers
Why private equity firms should partner with just one insurer
October 14, 2021 by Jason ContantPrivate equity firms should consider partnering with one carrier who is able to handle multiple lines of insurance for both the private equity firm and its portfolio companies, a mutual insurer told Canadian Underwriter. “We’ve seen benefits of having the…
As cyber attacks increase, insurers in the space face rising losses
October 13, 2021 by James Langton - Advisor's EdgeAmid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line…
The shifting trends in cargo theft
October 13, 2021 by Jason ContantThe COVID-19 pandemic has affected a number of P&C insurance industry segments from auto to business interruption, and cargo theft is no exception. Large events such as the pandemic will result in shifts to the methods and types of goods…
Ontario auto claimants seek leave to appeal HST dispute to Supreme Court
October 13, 2021 by Greg MeckbachA dispute over the handling of sales tax in Ontario auto accident benefits claims could reach the Supreme Court of Canada. In 2018, several auto clients filed lawsuits in Ontario against accident benefits insurers. Plaintiffs allege those carriers either included…
How to prevent auto insurance fraud
October 12, 2021 by Brooke SmithThere are honest drivers on the roads. In fact, a 2021 survey by ValuePenguin indicates that 78% of consumers say they’ve never lied to their auto insurers. However, 8% have “misinformed” their insurers about the drivers in their households, and…
Double extortion: The new cyber threat
October 12, 2021 by Jason ContantYour cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are just crippling organizations now,” said Greg Markell, president and CEO of Ridge…
How auto insurance rates are trending in Alberta, Ontario and Atlantic Canada
October 8, 2021 by Jason ContantAuto insurance rates plunged in Alberta and Ontario this spring, while rates stayed flat in Atlantic Canada, according to Q2 2021 results from LowestRates.ca’s latest Auto Insurance Price Index Report. In Alberta, rates decreased 11% quarter-over-quarter after a steep incline…
Home insurance can be more expensive in smaller towns: experts
October 8, 2021 by Salmaan Farooqui - THE CANADIAN PRESSAs some Canadians are priced out of larger cities and look to move to smaller communities, insurance experts say homebuyers should be aware that life in a small town can often mean higher home insurance premiums. According to financial products…
Auto client loses GAP insurance coverage dispute
October 6, 2021 by Greg MeckbachA New Brunswick judge ruled last week in favour of a guaranteed asset protection (GAP) insurance provider that denied a claim from a motorist who borrowed money to buy a vehicle which was later destroyed by fire. In 2017, Jason…
What consumers want from the claims experience
October 6, 2021 by Jason ContantConsumers are looking for a hybrid claims processing model — an intermixing of virtual and self-service with human adjuster interaction, according to the Future of Claims 2021 Report from LexisNexis Risk Solutions. “No matter how great the technology is, consumers…
A fire season like none other
October 6, 2021 by Jason Contant, Online EditorEven as B.C. wildfires continue to burn, investigations begin and claims start rolling in.
Canadian cyber MGA looking for carrier partners for international expansion
October 5, 2021 by Greg MeckbachCanadian managing general agent BOXX Insurance Inc. is about to set up an office in Miami and is looking for carriers to underwrite its cyber coverages outside of Canada. Toronto-based BOXX announced last week it is expanding to the United…