Canadian Underwriter

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Wooden cubes spelling out International Financial Reporting Standards
News CommercialLegalOperations

Will IFRS 17 make insurers’ results harder to compare?

January 25, 2023 by Philip Porado

At best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance

Talent magnet: Attracting the best people
News HROperations

Try these innovative approaches to attract talent

January 17, 2023 by Jason Contant

Canada’s P&C insurance industry has been in the middle of the war for talent for a while now, so it would be well-served to take a look at some under-used or innovative approaches to hire and retain talent, as suggested

Lower shot of a businessman in a white button up shirt and red tie stopping a set of wooden dominoes with his hand
News BrokersBusiness InterruptionCatastrophesClaimsCommercialCommercial AutoCyberEmerging RisksEnvironmentalInsurersOperationsProperty

What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),

Busy businessman working in the office
News CommercialHRMGAsOperations

How MGAs are dealing with underwriter shortages

December 12, 2022 by Jason Contant

Canadian P&C managing general agencies (MGAs) are dealing with a lack of underwriters due to increased demand for products and services combined with traditional staff turnover, an industry executive told Canadian Underwriter. “MGAs are, from what we see, the fastest

Cloud file folder being accessed by an insurance broker
News BrokersHRInsurersManagementMergers and AqcuisitionsOperationsTechnology

Do digitally efficient brokerages make better acquisition targets?

December 2, 2022 by Alyssa DiSabatino

Brokerage owners shouldn’t just invest in digitization for its own sake, says one financial advisor. They should do it to make a purchase and integration easier for consolidators. Consolidators don’t necessarily expect small brokerages to digitize before acquisition, said Alex

News BrokersInsurersManagementOperations

Meet BFL Canada’s new president

November 30, 2022 by Alyssa DiSabatino

BFL Canada has appointed Lisa Giannone as president and chief operating officer, effective Jan. 1, 2023.   She succeeds Barry Lorenzetti who founded BFL in 1987. After a 35-year tenure as president and CEO, Lorenzetti will continue to serve as

IFRS 17 accounting standard
News Emerging RisksInsurersLoss TrendsOperations

How ready are Canadian insurers for IFRS 17?

November 30, 2022 by Jason Contant

Canadian insurers appear to be in a ‘pretty good place’ when it comes to implementation of the upcoming IFRS 17 insurance accounting standard but Canada’s federal solvency regulator recognizes the change is complex and will be challenging. “Accounting systems are

Close up shot of four businesspeople's hands. Each person is reaching forward and holding the piece of a puzzle next to their colleague's hands.
News BrokersInsurersManagementOperationsTrusted Advisor

Why financing your brokerage ownership aspirations should come last, not first

November 29, 2022 by Alyssa DiSabatino

Financing is usually the last piece of the brokerage ownership puzzle, suggests one P&C financial advisor, even though 57% of young brokers see financing as their biggest obstacle to ownership, according to Canadian Underwriter survey results.  Broker entrepreneurs should ensure

Mergers and acquisitions concept
News BrokersInsurersMergers and AqcuisitionsOntarioOperations

Definity’s plans for brokerage, insurer M&A

November 28, 2022 by Jason Contant

Definity Financial Corporation is interested in both P&C brokerage and carrier acquisitions, the insurer’s president and CEO Rowan Saunders confirmed during a recent virtual fireside chat with RBC Capital Markets. “Even though we’ve just recently done a significant acquisition in

Covid-19 virus image
News AdjustersClaimsClaims ProfessionalsClaims TechnologyCommercialCommercial AutoConstructionHRLegalLiabilityManagementOperationsPersonal AutoPersonal HomeProperty

Does an immuno-compromised adjuster have to return to field work?

November 23, 2022 by The CIP Society, Insurance Institute of Canada

For almost three years, there’s been confusion around COVID-19 protocols. It’s made it hard for people to get on with their daily lives. An example of how these stresses burden our industry is illustrated in a dilemma faced by a

Rollercoaster of interest rates and inflation
News Emerging RisksInsurersLoss ControlLoss TrendsOperationsSupply Chain

How OSFI expects insurers to react to market volatility

November 18, 2022 by Jason Contant

Canada’s solvency regulator is acutely focused on the current macroeconomic environment and expects insurers to practice ‘capital conservation’ due to market volatility, a senior executive said at an industry event Thursday. The Office of the Superintendent of Financial Institutions (OSFI)

Shopping cart representing selling a business
News BrokersCommercialCommercial AutoConstructionCyberHRLegalManagementMergers and AqcuisitionsOperationsPersonal AutoPersonal HomePropertyTrusted Advisor

Three options for selling your brokerage

November 11, 2022 by Philip Porado

A consistent stream of property and casualty brokerage acquisition announcements over the past few years likely has a lot of brokerage owners thinking about how they’ll eventually exit the business. For most sales transactions, there are three basic options. One