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IBC announces new president and CEO
November 10, 2022 by Canadian Underwriter StaffCelyeste Power will succeed retiring Insurance Bureau of Canada (IBC) president and CEO Don Forgeron at the end of 2022. Power, who takes over as president and CEO on January 1, 2023, is currently executive vice-president for strategic initiatives and…
Are your clients’ short-term rental properties properly insured?
November 9, 2022 by George LongoWith COVID-19 safety protocols all but eliminated in Canada, many people are travelling and need places to stay. As an alternative to hotels, some are taking short-term rental spaces through services like Airbnb, VRBO and other online platforms. Now that…
BrokerLink starts the month with 3 new M&A deals
November 8, 2022 by Jason ContantBrokerLink continues to expand in Ontario and Alberta with the acquisition of three more brokerages in those provinces. The Intact Financial Corporation subsidiary acquired D.G. Smith Insurance Brokers and Teck Insurance Brokers Limited (both Ontario-based) and Robinson Insurance Centre of…
How Cats will impact insurers’ and reinsurers’ pricing and investments
November 3, 2022 by Philip PoradoRising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row…
RCMP vehicles, property damaged during rural house party, police say
November 1, 2022 by The Canadian PressEAST ST. PAUL – Mounties in Manitoba are investigating a large house party in a rural area outside Winnipeg that they say resulted in at least one assault and extensive damage to the property and police vehicles. Red River North…
M&A deals boost the volume of mutual insurers
November 1, 2022 by Jason ContantCollectivfide Insurance Group has closed the acquisition of majority stakes in two Ontario-based brokerages, its 7th and 8th deals since its formation in 2019. “We are continuing to achieve our goal of growing and protecting mutual volume with the addition…
Yes, brokers and consumers do define value differently
October 31, 2022 by Alyssa DiSabatinoPersonalized service is what consumers across Ontario most value in their relationships with P&C brokers, with broker expertise coming in second, found a market research expert speaking at the recent Insurance Brokers Association of Ontario (IBAO) Convention. On the other…
City of Ottawa awaits answers on derecho storm compensation
October 31, 2022 by Cindy Tran - THE CANADIAN PRESSOTTAWA – More than five months after a powerful storm damaged property and left people without power for days, the City of Ottawa has yet to be reimbursed by the provincial government for its recovery costs. The derecho, a line…
Selling your brokerage? Don’t forget to tell your clients
October 31, 2022 by Michael CareyImagine you’re a client who calls your broker to talk about renewing a policy, only to find they’ve sold the business and moved to Florida. It’s hardly an elegant retirement notification. A client would much rather be told about the…
New storm approaches B.C. as province cleans up after first powerful fall tempest
October 28, 2022 by The Canadian PressVANCOUVER – BC Hydro says electricity has been restored to most of its more than 100,000 customers blacked out during the first powerful storm of British Columbia’s late-arriving fall, but forecasters warn more foul weather is on the way. The…
P&C insurers call for a real estate climate risk score
October 26, 2022 by David GambrillCanadian P&C insurers are banding with Canada Mortgage and Housing Corporation (CMHC) to push for the disclosure of a real estate “climate score,” indicating the likelihood of a building or property being damaged during a natural catastrophe. Insurance Bureau of…
Communication around claims must be top priority: CEOs
October 24, 2022 by David GambrillSupply chain pressures and labour shortages mean Canada’s P&C industry and its suppliers need to focus on communications around claims service to maintain consumer trust and high service levels, insurance executives told a broker conference last week. Matthew Turack, group…