Topic Insurers
Should insurers help customers build back better…or not at all?
January 4, 2024 by Philip PoradoIncreased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to…
Why broker commissions are going down
January 3, 2024 by David GambrillBroker commissions in Canada’s property and casualty insurance industry were down by about 5% to 7% in personal lines last year, as noted in the Canadian Council of Insurance Regulators’ 2022 Annual Statement on Market Conduct Public Report. In personal…
What Jan. 1 renewals wrought on the industry
January 3, 2024 by Alyssa DiSabatinoJanuary 1 reinsurance renewals are behind us, and it seems a more stable, predictable property Cat market has materialized, just as industry experts predicted. In Canada, reinsurance renewal pricing varied broadly by buyer, based on overall performance, Gallagher Re in…
MPI’s Top 5 auto fraud claims of 2023
January 2, 2024 by Jason ContantA customer who claimed amnesia following an auto collision and another who said their symptoms were so severe they were unable to work were among Manitoba Public Insurance’s (MPI) Top 5 fraud claims of 2023. Every year, it’s estimated auto…
Car dealership fined for not sending premiums for warranties to insurer
January 2, 2024 by David GambrillAn Alberta car dealership selling equipment warranties but not submitting the premiums to the insurer has been fined $85,000 by the province’s insurance regulator. Alberta Insurance Council [AIC] noted in its November 2023 decision that Penhold Car Farmers sold 17…
BrokerLink completes 20 acquisitions in 2023
January 2, 2024 by Alyssa DiSabatinoBrokerLink has completed 20 total acquisitions in 2023, including two new brokerage deals — one in Alberta and one in Ontario. “The company remains a top succession option for principals who are thinking about the future of their operation…
2024 Executive Outlook | Shelley Willick, Sandbox Mutual Insurance
December 28, 2023 by Canadian Underwriter StaffShelley Willick, president, CEO, Sandbox Mutual Insurance In many ways, 2024 will be similar to 2023 for the Canadian P&C insurance industry. We will continue to face increased consumer expectations, climate change, urbanization, and inflation, along with increased regulation and…
2024 Executive Outlook | Rob Wesseling, Co-operators
December 28, 2023 by Canadian Underwriter StaffRob Wesseling, President, CEO, Co-operators The growing protection gap, the affordability of insurance, and our ability to continue providing adequate insurance protection will continue to be a critical issue in 2024. The growing risks from climate change affected Canadians from…
2024 Executive Outlook |Matthew Turack, CAA Insurance, Echelon Insurance, Orion Travel Insurance
December 28, 2023 by Canadian Underwriter StaffMatthew Turack, Group President, CAA Insurance, Echelon Insurance, Orion Travel Insurance Collaboration will be key for the insurance industry in 2024. We are seeing complex issues take hold that cannot be solved by one organization, industry or sector. The rising rate…
2024 Executive Outlook | Celyeste Power, Insurance Bureau of Canada
December 27, 2023 by Canadian Underwriter StaffCelyeste Power, president, CEO, Insurance Bureau of Canada Canada’s political and regulatory environment is evolving, creating both opportunities and challenges for the industry. We’re seeing a growing trend toward sweeping regulations, new taxation and increased government intervention. We’ve seen regulators’…
2024 Executive Outlook | Dave Partington, Gallagher Global Brokerage – Canada
December 27, 2023 by Canadian Underwriter StaffDave Partington, CEO, Gallagher Global Brokerage – Canada Canada’s property and casualty insurance industry will start to see the return on investments in artificial intelligence in 2024. Many organizations have invested heavily to develop AI solutions that deliver benefits to…
2024 Executive Outlook |Kenny Nicholls, Western Financial Group
December 26, 2023 by Canadian Underwriter StaffKenny Nicholls, president, CEO, Western Financial Group If there’s ever been a time for all industry players to come together and focus on the consumer, it is now. Much of the insurance industry’s focus over the past few years has been on…