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Look back, but not too far: Why some perils need a new approach
June 14, 2021 by Jason ContantThe insurance industry needs to look at the “more recent past” and take a shorter-term view of catastrophic perils to see their effects going forward, Swiss Re told Canadian Underwriter recently. “When we’re looking at recent events, including the 2020…
How to be really customer-centric: Lessons from the global insurance market
June 11, 2021 by Jason ContantCanada’s property and casualty insurance industry should look towards the global insurance market for some insights about how to increase take-up rates, particularly among marginalized and low-income people, speakers said Thursday at the CatIQ Connect virtual conference. In the global…
M&A growth sets Navacord on course for $3 billion in premium
June 10, 2021 by Jason ContantNavacord Corp. has finalized a record number of brokerage acquisitions in one month, with four deals already closed across the country in June. The latest transactions represent a total of 18 new locations and over 430 employees. More deals are…
Where Canada sits with national low-cost residential flood insurance
June 10, 2021 by Greg MeckbachSix possible flood insurance models for homes at high risk of flood are about to go through an actuarial review, a federal government official suggests. The Task Force on Flood Insurance and Relocation is going to hand off those possible…
MGA simplifies purchase and validation of tenant’s insurance online
June 9, 2021 by Greg MeckbachLandlords often require their tenants to have insurance coverage as a condition of the leases, but it could be quite a paper chase to keep track of thousands of tenants and their insurance status. Vancouver-based insurtech and managing general agent…
Westland closes two new acquisitions in Canada
June 8, 2021 by Jason ContantWestland Insurance Group Ltd. has closed two new acquisitions in Saskatchewan, both in locations where the large brokerage didn’t have a presence before. The brokerage announced Monday it had closed the acquisitions of HK Insurance in Regina and Smith Agencies…
How home insurance rates in Canada are trending
June 8, 2021 by Adam MalikHome insurance rates in Alberta today have jumped nearly two-and-a-half times more than what they were 10 years ago, according to an analysis from a rate aggregator. Average home insurance premiums in Alberta have gone from $741 to $1,779 since…
Why Canada could be in the path of stronger hurricanes in the future
June 7, 2021 by Jason ContantCanada could see heightened hurricane risk in the future, as climate change and fluctuations in ocean temperature are increasing the likelihood of stronger hurricanes making landfall further north, according to Swiss Re. “We see an increased likelihood of intense hurricanes…
Why this quote comparison site launched its own brokerage
June 7, 2021 by Greg MeckbachComparison website vendor Ratehub Inc. is now operating its own property and casualty insurance brokerage. “When it’s our own sales staff, we have the full insight into close ratios and contact ratios,” said Alyssa Furtado, co-CEO of Ratehub Inc. and…
What’s contributing to rising reconstruction costs in Canada?
June 4, 2021 by Jason ContantSupply shortages and the skyrocketing price of lumber have combined with project delays and the continued effects of the pandemic to raise property reconstruction costs in Canada, according to the latest reconstruction cost update from Opta Information Intelligence. Opta’s recent…
Evacuations and flood warnings, watches issued as rivers swell in northwest B.C.
June 4, 2021 by The Canadian PressRapid snow melt or heavy rains have prompted flood warnings, watches or high streamflow advisories in British Columbia from the central coast north to the Yukon boundary and along most of the eastern length of the province. Evacuation orders and…
Tribunal sides with Intact in home insurance co-payment spat
June 3, 2021 by David GambrillA B.C. homeowner who is listed along with a second person on his home insurance policy has lost his bid to have Intact issue him a payment directly for his own personal items damaged in a flood, instead of issuing…