Topic Ontario
Why McFarlan Rowlands decided to sell
October 27, 2023 by Alyssa DiSabatinoA desire for scale, coupled with a rapid succession of shareholder retirements, compelled McFarlan Rowlands to sell to a subsidiary of Definity earlier this year, a senior exec told the Insurance Brokers’ Association of Ontario’s annual convention in Toronto. …
Accelerant scoops up Omega Insurance Holdings
October 27, 2023 by David GambrillAccelerant Holdings U.K. Ltd. has officially entered the Canadian property and casualty insurance market, closing the deal to acquire Omega Insurance Holdings Inc. from Till Capital Corporation. Accelerant will pay Till Capital approximately $13 million Cdn in exchange for all…
Why auto insurance concerns might hinder electric vehicle adoption
October 26, 2023 by Alyssa DiSabatinoAs governments gear up for a national push toward electric vehicles (EVs), Canadians are harbouring anxieties about their auto insurance policies. Seventy eight per cent of Canadians are concerned about the cost of their insurance premiums on an electric vehicle,…
Make sure your talent recruiter is licensed — or else!
October 25, 2023 by David GambrillIf your Ontario P&C business is using a recruiter or temporary staffing organization to find talent, make sure they’re licensed as of Jan. 1, 2024. Otherwise, you may be subject to a hefty fine in the New Year. As of…
Where auto and home insurance rates are headed
October 24, 2023 by Jason ContantHard market conditions in personal lines across Canada are not slowing down in 2023 Q3, according to data from tech vendor Applied Systems. Auto and homeowner premiums are rising year-over-year in all provinces. In 2023 Q3, personal auto premiums in…
Why P&C execs predict 2024 will look similar to 2023
October 23, 2023 by David GambrillThanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens…
Claims veteran announces retirement
October 23, 2023 by Jason ContantLorri Frederick will retire as president of ClaimsPro North America at the end of this year. Frederick’s insurance career spans more than 30 years in the industry, including 10 years at independent adjusting firm ClaimsPro. “During her 10 years with…
Regulator imposes hefty penalties in auto repair fraud case
October 20, 2023 by Jason ContantOntario’s financial services regulator has fined an auto body shop $75,000 and one of its employees at the time $15,000 in connection with fraudulent business practices. The Financial Services Regulatory Authority of Ontario (FSRA) imposed a compliance order and administrative…
P&C industry needs help fighting auto theft: IBC CEO
October 19, 2023 by Alyssa DiSabatinoCanada’s P&C insurance industry is doing its part to combat auto theft, but more support is needed from car manufacturers and governments to prevent this trend from worsening, Celyeste Power, president & CEO of the Insurance Bureau of Canada (IBC),…
New president for national brokers’ association
October 18, 2023 by Alyssa DiSabatinoTraci Boland is the new president of the Insurance Brokers Association of Canada (IBAC). Boland is partner and manager at Ontario West Insurance Brokers and Bill Blaney Insurance Brokers. She holds more than over 20 years’ experience in the industry…
Behind the industry’s ‘modest decline’ in auto premiums
October 17, 2023 by Jason ContantCanada saw an overall “modest decline” of 3.5% in personal auto insurance premiums last year, AM Best reported during an industry event in Toronto earlier this month. Lower profit margins in Canadian auto insurance are likely to remain under pressure…
Why clients get dropped from their auto policies without knowing
October 17, 2023 by Alyssa DiSabatinoDrivers used to get a reminder in the mail that their license or plate renewal is approaching. But in 2022, the Ontario government stopped mailing out physical notices for expiring licenses. Some drivers didn’t get the memo. Mitch Insurance is…