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Fewer brokers in 10 years, insurance exec predicts

March 24, 2021 by Adam Malik

Brokers may not disappear over the next 10 years but their ranks will definitely thin out, an insurance brokerage executive predicted during a recent webinar. Commoditization of the insurance industry will cut out transactional procedures that many brokers find themselves

News ClaimsClaims TechnologyCommercial AutoInsurersPersonal AutoTechnology

Collisions saw ‘drastic reduction’ last year

March 23, 2021 by Adam Malik

With road traffic down due to stay-at-home orders and business closures to prevent the spread of COVID-19, the frequency of auto collisions in Canada was halved at one point, according to a new report. But police data show the fatality

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2020 results: Did Canada’s insurers “outrun the bear” of claims inflation?

March 23, 2021 by David Gambrill

Canada’s P&C insurance industry survived the pandemic year of 2020 in good financial health, although some insurers wound up with healthier balance sheets than others, according to financial data published in the forthcoming MSA Research Q4-2020 Outlook Report. “The Canadian

News BrokersClaimsInsurersPersonal Auto

CAA says driving has dropped. By how much?

March 22, 2021 by Adam Malik

CAA Insurance has seen driving halved since the start of the COVID-19 pandemic, according to its president. Through its pay-as-you-go program, MyPace, and what customers have told the insurer about the number of kilometres they are now travelling, CAA president

News InsurersOperations

COVID’s impact on the Canadian P&C industry’s capital base

March 22, 2021 by David Gambrill

COVID-19 may have affected the earnings of individual P&C insurers unevenly, but the industry’s overall capital base reached the unparalleled height of $52.6 billion during the first three quarters of 2020, according to the Property and Casualty Insurance Compensation Corporation

News InsurersLoss TrendsOperationsPersonal AutoTechnology

How COVID has influenced usage-based auto insurance adoption

March 19, 2021 by Greg Meckbach

Motorists who are driving fewer kilometres than they were before the pandemic are more likely to select usage-based auto insurance, Intact Financial Corp. observes. “COVID has pushed consumers to recognize that maybe UBI would be a tool that will immediately

News CommercialCommercial AutoInsurersPersonal AutoPersonal HomePropertyTechnology

Opinion: This is where insurance companies need to look to be ready for tomorrow’s customers 

March 18, 2021 by Anthony Grosso, EIS

The acceleration of digital transformation in the pandemic era means insurance companies need to evolve, and that starts with reimagining your core technology systems. Over the insurance industry’s long history, a key hallmark has been its promise of peace-of-mind, trust

News B.C.CyberInsurersTechnology

ICBC says COVID-19 rebate cheques delayed after cyberattack on third party

March 18, 2021 by The Canadian Press

VANCOUVER – The Insurance Corporation of British Columbia says it’s temporarily delaying the delivery of COVID-19 rebate cheques due to a cyberattack on a third-party vendor contracted to provide printing and distribution services. ICBC says in a statement the vendor

News InsurersMergers and AqcuisitionsOperations

M&A report: Where Intact-RSA sits among Canada’s largest Q4 deals

March 17, 2021 by David Gambrill

Intact and Danish insurer Tryg’s $10.4-billion play for RSA Insurance Group plc topped the list of Canada’s largest deals announced in 2020 Q4, according to a recent report by corporate law firm Miller Thomson. The report defines the largest M&A

News InsurersLegalManagementOperations

Economical sets date for final policyholder vote on demutualization

March 17, 2021 by Greg Meckbach

A key step in Economical Insurance’s demutualization process, the third and final policyholder vote, is scheduled May 20, the Waterloo, Ont.-based insurer announced this week. If a client had a policy – either mutual or non-mutual – with Economical in

News BrokersInsurersNova ScotiaPersonal Auto

RSA Canada approved for credit scoring in auto

March 16, 2021 by David Gambrill

Nova Scotia’s insurance regulator has approved RSA Canada’s proposed introduction of a “Quality Rating Factor” (QRF), which uses credit scoring for rating auto insurance. RSA Canada’s proposed QRF, obtained with the client’s consent, will only apply to writing new auto

News BrokersClaimsCommercialInsurersLegalMergers and Aqcuisitions

ARAG-DAS deal unites Canada’s titans in legal expense insurance

March 16, 2021 by Adam Malik

Legal expense insurance company ARAG Group has announced that it will be acquiring competitor DAS Legal Protection in Canada. The deal was announced Tuesday in a move that will see the German-based company acquire the Canadian MGA. Terms of the