Topic Insurers
Institute launches new phase of industry-wide recruitment initiative
April 4, 2024 by David GambrillSupporting an industry-wide effort to bring new talent into the Canadian property and casualty industry, the Insurance Institute of Canada today introduced its ‘Accelerated Competence Series,’ a program of five new learning modules for industry hires. “The Accelerated Competence Series…
How insurers verify truck fleet sizes before insuring them
April 3, 2024 by Alyssa DiSabatinoCommercial truck fleets trying to get more favourable insurance rates by only reporting the trucks on the road, and not the ones on their lots, might find themselves outwitted by the industry’s scrutiny, sources tell Canadian Underwriter. But whether due…
How lithium-ion batteries threaten recycling facilities
April 3, 2024 by Philip PoradoIntroduction of lithium-ion batteries has introduced new hazards into the everyday lives of Canadians due to their ability to catch fire spontaneously – a phenomenon known as ‘thermal runaway.’ What began as concerns about fires started by cell phone and…
Canadian businesses are at risk of insolvency — here’s how insurance factors in
April 2, 2024 by Alyssa DiSabatinoIn Canada, corporate insolvencies have noticeably increased year over year, but brokers can step in to assist their clients with cash flow management and risk mitigation solutions, one expert shares. Insolvencies, defined as a business’s inability to abide by their…
Got retention problems? P&C firms with diverse leadership don’t
March 28, 2024 by Alyssa DiSabatinoIf your brokerage is looking to solve its labour retention problems, consider this: The more diverse a P&C brokerage’s leadership team is, the less likely staff are to consider leaving their jobs. So finds a Canadian Underwriter survey, asking P&C…
Desjardins president on why the direct writer expanded into the broker channel
March 28, 2024 by Alyssa DiSabatinoDesjardins’ acquisition of The Insurance Company of Prince Edward Island (ICPEI) will enable the direct writer to diversify its distribution model and expand its national reach, Desjardins General Insurance Group president and chief operating officer Valerie Lavoie tells Canadian Underwriter. …
What the P&C industry thinks of Ontario’s 2024 budget
March 27, 2024 by Jason ContantProposed reforms to Ontario auto insurance will make life simpler for accident victims but could increase premiums and costs for insurers, says David Marshall, who’s served as senior advisor to the provincial government on auto insurance and pension funds. In…
Desjardins expands into broker channel through M&A deal
March 27, 2024 by David GambrillDirect writer Desjardins is acquiring the Insurance Company of Prince Edward Island (ICPEI), an insurer that distributes solely through the broker channel. “With this acquisition, we’re strengthening Desjardins’ position in the Canadian commercial insurance market,” Guy Cormier, Desjardin’s president and…
How to keep cyber criminals from capitalizing on company culture
March 26, 2024 by Alyssa DiSabatinoHumans continue to be the weakest links when it comes to corporate cyber security, but companies looking to reduce phishing or ransomware attempts must first address their company culture, one expert tells Canadian Underwriter. Over the past two to…
Onlia acquired by PE firm focused on Canadian P&C distribution
March 26, 2024 by David GambrillSouthampton Financial Inc., a private equity firm focused on the Canadian property and casualty insurance distribution space, has agreed to acquire Onlia Insurance from Achmea and Fairfax Financial Holdings Ltd. Headquartered in Toronto, Onlia is a digital insurance agency that…
Insurer’s Top 5 insurance fraud claims of 2023
March 25, 2024 by Jason ContantAn intoxicated driver who reported her car stolen to avoid the consequences of impaired driving and fake invoices for high-end jewellery reportedly stolen from a vehicle were among Saskatchewan Government Insurance’s (SGI) Top 5 insurance fraud claims of 2023. The…
Innocent victim of insurance fraud? Why a tribunal found otherwise….
March 25, 2024 by David GambrillAn injured motorcyclist claiming he was the innocent victim of fraud had the wherewithal to know he was not carrying valid insurance, thus disqualifying him from receiving accident benefits, the Ontario Licence Appeal Tribunal (LAT) ruled Thursday. The tribunal said…