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Working from home or playing with the dog?
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How hybrid work can increase broker E&O risk

May 31, 2023 by David Gambrill

Workplace flexibility, one feature of a hybrid workplace, has proven to be a selling point to attract younger brokers. But the hybrid office makes it difficult to supervise newly recruited brokers to make sure they’re doing things correctly, broker E&O

Nails being bent by a hammer to illustrate business errors and the need to slow down and think
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What key factors spark E&O claims against brokers?

May 25, 2023 by David Gambrill

Senior broker retirements, a labour shortage that’s spurring firms to bring new, inexperienced employees into brokerages, and a hybrid office may be combining to increase a broker’s errors and omissions (E&O) exposure. “It’s very difficult to track [broker E&O] claims

Talent acquisition concept
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BrokerLink president shares thoughts on brokerage M&A

May 24, 2023 by Jason Contant

BrokerLink still sees plenty of M&A opportunities in provinces where it currently operates and doesn’t have any immediate plans to expand into new geographic areas, the brokerage’s president told Canadian Underwriter in an interview Tuesday. BrokerLink is focusing its resources

Accounting and bookkeeping
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How insurers are handling IFRS 17 reporting requirements

May 23, 2023 by Jason Contant

This is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we

One Size Fits All Clothing Label
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Does one-size-fits-all regulation work for the P&C industry?

May 23, 2023 by Alyssa DiSabatino

P&C insurance industry leaders called for bespoke, yet predictable, regulation at the Insurance Bureau of Canada Financial Affairs Symposium last week. When asked broadly about regulation, Celyeste Power, IBC president and CEO noted no two carriers are alike, and so

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How insurers will handle new third-party risk-management guideline

May 18, 2023 by Alyssa DiSabatino

Canada’s financial solvency regulator’s new guideline for managing risks associated with third parties (including brokers) will require insurers to find a ‘balance point’ for compliance, one industry expert said.  The Office of the Superintendent of Financial Institutions Guideline B-10: Third-Party

Joining a puzzle on a blue background; M&A concept
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What’s behind Lloyd Sadd’s latest brokerage deal

May 16, 2023 by Alyssa DiSabatino

Navacord founding partner Lloyd Sadd Insurance Brokers has acquired northern Alberta’s Casey Insurance, effective Apr. 1.   Casey Insurance is a full-service brokerage offering home, auto and business insurance solutions to clients within the region of Peace River, Alta., and

Man holding a card that reads 'auto insurance'
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How Intact’s personal auto segment fared in 2023 Q1

May 15, 2023 by Jason Contant

Intact Financial Corporation grew its Canadian personal auto premium volume 5% in 2023 Q1 from one year ago, and continues to see positive growth in the segment, CEO Charles Brindamour said during a 2023 Q1 earnings call last week. “Top-line

David Wong is the new president and CEO of ICBC
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ICBC announces new president and CEO

May 1, 2023 by Jason Contant

Insurance Corporation of British Columbia’s (ICBC) board of directors has appointed David Wong as its new president and CEO, effective May 15. Wong, a chartered professional accountant, will join ICBC following years of experience at the province’s power utility, BC

A lot of employees at insurance brokerages are planning to leave the industry
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What our 2023 survey says about broker job satisfaction

May 1, 2023 by Philip Porado

Beyond recruiting challenges, data from Canadian Underwriter’s 2023 National Broker Survey show retention will continue to be a major issue for property and casualty (P&C) insurance brokers this year. The survey, answered by more than 150 brokers nationwide, asked about

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Why the P&C broker talent crunch won’t end soon

April 28, 2023 by Philip Porado

While the hard market’s still a huge challenge for Canada’s broker distribution channel in 2023, finding qualified workers was also top concern for brokers. So said more than 150 nationwide respondents to Canadian Underwriter’s 2023 National Broker Survey. The survey,

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How brokerages are attracting and retaining key diverse talent

April 24, 2023 by Alyssa DiSabatino

Bringing new talent through the doors is a priority for brokerages nationwide, said 322 respondents to a recent Canadian Underwriter online survey.  About two-thirds (71%) of brokers, reporting all levels of diversity within their senior leadership, have seen at least some