Topic Ontario
Why it’s hard to make telematics ‘commercially viable’ in Canada
August 13, 2020 by Greg MeckbachIf regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good…
Ford recalls more than 60,000 vehicles in Canada due to safety issues
August 13, 2020 by The Canadian PressOAKVILLE, Ont. – Ford has issued two recalls affecting 63,367 vehicles in Canada, citing safety issues with the brakes and coil spring. The largest recall covers 62,876 Ford Edge vehicles with 2015 through 2018 model years, and Lincoln MKX vehicles…
Why this BrokerLink exec thinks COVID could accelerate brokerage M&A
August 12, 2020 by David GambrillBefore the pandemic, hard market conditions and the increasing digitization of brokerages were already reasons for some broker principals to ponder selling the business and moving on, but the novel coronavirus may have further accelerated the pace of M&A, says…
Forest fire continues to grow near town in northwestern Ontario
August 12, 2020 by The Canadian PressRED LAKE, Ont. – Residents of Red Lake, Ont., continue to flee the community as a nearby wildfire continues to grow. A spokesman for provincial Ministry of the Solicitor General says aircraft are available to help with evacuations, and about…
Why this home insurer has a duty to defend a road rage claim
August 11, 2020 by David GambrillPembridge Insurance Company of Canada has a duty to defend an insured who has liability coverage under a home insurance policy in a case in which the insured got out of his car and allegedly threatened another driver in a…
U.S. wholesale broker expands into Canada with acquisition of SUM
August 11, 2020 by Jason ContantA United States-based national wholesale insurance broker has acquired Strategic Underwriting Managers, Inc. (SUM), a Canadian managing general agency for property, casualty and other specialty insurance products. Boston-headquartered wholesale broker, program manager, and insurance aggregator One80 Intermediaries announced the acquisition…
BrokerLink closes nine brokerage acquisitions across the country
August 11, 2020 by David GambrillBrokerLink announced Tuesday the closing of nine acquisitions to date for 2020, including the acquisition of brokerages in Alberta, Ontario, Nova Scotia and New Brunswick. BrokerLink, a subsidiary of Intact Financial Corporation, continues to look to the future to carry…
More consolidation expected in Ontario cannabis stores
August 11, 2020 by Tara Deschamps - THE CANADIAN PRESSTORONTO – More than a year after winning the chance to open one of Ontario’s first cannabis stores through a provincial lottery, Lisa Bigioni has walked away from her Niagara Falls pot shop. The store had become like a second…
Crane collapses in downtown Toronto again, no serious injuries reported
August 7, 2020 by Adam MalikTORONTO – The mayor of Toronto is calling for a speedy investigation into the cause of a crane collapse in the city’s downtown — the second such incident in less than a month. Toronto Mayor John Tory says that while…
Guy Carpenter names new head of Canadian operations
August 5, 2020 by David GambrillPeter Askew has been named president and CEO of the Canadian business of global reinsurance specialist Guy Carpenter & Company LLC, a business of Marsh & McLennan Companies. Effective immediately, Askew will be responsible for Guy Carpenter’s reinsurance broking activities…
Why regulation holds auto insurers back from using advanced modelling
August 4, 2020 by Greg MeckbachAuto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s…
How high cat losses could go this year
August 4, 2020 by Adam MalikAlberta has become the epicentre for cat losses this year as combined insured damage could reach, if not exceed, $2 billion in the province alone after multiple natural catastrophes have hit various regions over a four-month span. The calculations come…