Property and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers…
MONTREAL – A Montreal health agency has been forced off-line as authorities deal with a cyberattack. Quebec Health Minister Christian Dube said Thursday that specific attacks hit systems at the regional health agency covering west-central Montreal, which oversees the Jewish…
The COVID-19 pandemic has permanently changed the way property insurance clients want their claims handled, a technology vendor suggests. “COVID has been the awakening for many companies,” said James Swayze, Toronto-based executive for Canada at CoreLogic Inc. After COVID-19 was…
A group representing Canadian insurance companies say it is launching a team that will help small businesses find affordable coverage as rates rise because of the pandemic. The Insurance Bureau of Canada, an association that represents the industry, says the…
If there’s a silver lining to the COVID-19 pandemic, it’s that the pandemic might actually aid in talent acquisition – even if that talent comes from outside Canada. It’s no secret there’s an ongoing “war for talent” in Canada’s property…
Brokers who are concerned about carriers having “too direct” of a relationship with the broker’s customers should consider what service those customers are expecting, an industry consultant suggests. “As an industry, we have a number of places where we have…
With a week to go before Hallowe’en, Ontario brokers heard some spooky stories last week about what happens if a brokerage does not invest in keeping up to date with technology. “Technology is going to be a much more permanent…
Brokers are more satisfied with their jobs now than they have been over the past three years, Canadian Underwriter’s 2020 National Broker Survey reveals. What’s more, they like their bosses better than their bosses think they do (at least, this…
When Bob Tisdale started his career about 40 years ago, insurers were more likely to get into financial trouble. “When I first started in this industry in the early days, I was doing commercial underwriting and there were a lot…
Despite the economic disruption from the COVID-19 pandemic, some brokerage owners could sell their business for multiples of more than four times revenue, but there is potential downside to this, Ontario brokers heard Wednesday at their annual convention. “About 15…
Okay, so your brokerage is going digital: Should you build your own technology, or buy someone else’s? The answer is largely situational, with panellists at the Insurance Brokers Association of Ontario’s 2020 virtual convention offering their best advice to brokers…
COVID-19 has been good for the broker channel, in the sense that it has accelerated digital growth at brokerages by at least four to five years, a digital broker told the Insurance Brokers Association of Ontario (IBAO) virtual convention Wednesday.…