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Opinion: Personal lines cyber insurance a growing need
January 12, 2021 by Jephunneh Lattiboudeaire, CyberscoutWith much focus placed on commercial cyber insurance, not enough attention has been directed to personal customers and making sure they’re protected — and know what to do — when a cyber event hits them. And insurers are the key…
How many people TD says will soon buy insurance online
January 12, 2021 by Adam MalikCanadian customers may have been slower to adopt to digital options when it comes to insurance in the past but one insurer executive expects the tables to turn rather quickly, predicting half of its customers buying insurance online in the…
Opinion: Why you should pursue subrogation more often
January 7, 2021 by Wilfred Tioh, SIAdvisers Consulting & SolutionsThe most lucrative opportunities are often hidden in plain sight, and that is true of subrogation. Subrogation has long been overlooked as an opportunity for insurers to generate a lucrative revenue stream and improve long-term business. A detailed investigation for first-party…
Brokerage M&A off to a strong start in 2021
January 7, 2021 by Jason ContantLarge Canadian brokerage Westland Insurance Group Ltd. now has a coast-to-coast presence with its acquisition of Storm Insurance Group, which has offices in Nova Scotia and Quebec. The deal, which closed Wednesday, is one of three acquisitions closed or announced…
The case for retaining clients instead of finding new ones
January 5, 2021 by Adam MalikThe insurance industry is putting a disproportionate amount of effort in bringing new customers to their business and not investing enough in client retention, which is a far more affordable strategy, says an industry observer. Further plaguing the industry is…
Missing signature takes homeowner off the hook for paying restoration service bill
January 4, 2021 by Greg MeckbachA restoration firm dispatched by an insurer to respond to water damage at a British Columbia strata unit cannot collect the nearly $1,400 the contractor says the client owes for emergency services. This is the result of a recent British…
The ‘strange and new opportunity’ for insurance from open banking
January 4, 2021 by Greg MeckbachIf Canada proceeds with so-called “consumer-directed finance,” technology firms could potentially get access to consumers’ insurance data, a Microsoft Canada expert told brokers during a recent webinar. The federal finance department appointed its Advisory Committee on Open Banking in 2018.…
Thousands still without power after snow and wind storm hits B.C.
December 22, 2020 by The Canadian PressVANCOUVER – BC Hydro crews worked through the night to restore power to thousands of customers in southern British Columbia following a wicked snow and wind storm that arrived on the first day of winter. Hydro was reporting as many…
‘Expensive, extreme:’ Environment Canada releases annual Top 10 weather stories list
December 16, 2020 by Bob Weber - THE CANADIAN PRESSIt was another year of record-breaking disasters and crazy, dangerous weather from coast to coast, says Environment Canada’s senior climatologist. A vicious hailstorm in Calgary wrote off more cars than Albertans normally buy in an entire year. Heat in Ontario…
Ontario wind storm costs the industry $87 million
December 15, 2020 by Jason ContantAdd $87 million to the more than $2.1 billion that the Canadian property and casualty insurance industry has paid out in claims thus far in 2020. An Ontario windstorm in November hit the Greater Toronto Area, the areas of Hamilton,…
Defying The Grinch may cost your clients home insurance coverage
December 11, 2020 by David GambrillAre your clients tempted to defy The Grinch who stole Christmas and have large holiday gatherings during the pandemic regardless of what public health orders might say? You might want to tell them about pandemic exclusions in their home insurance…
A sign that insurers are actually investing in technology
December 11, 2020 by Adam MalikInsurers have talked about the need to be more digital for years now but there is one clear sign that they’re actually following through on their plan, according to a KPMG insurance expert: A significant number of them are investing…