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News InsuranceLegislation / Regulation

How insurers respond to proposed ban on territorial ratings

October 16, 2018 by Greg Meckbach

Calls this week for a ban on territorial ratings in auto insurance, by politicians from across the political spectrum, shows that Ontario needs to change its rate filing system, an Insurance Bureau of Canada spokesperson said. Bill 42, the Ending…

6 Chris Floyd, president, Insurance Brokers Association of Ontario (IBAO) and president, individual insurance, Ontario Teachers Insurance Plan (OTIP) News AssociationsInsurance

IBAC announces new president

October 16, 2018 by Greg Meckbach

Chris Floyd, president of individual insurance services at the Ontario Teachers Insurance Plan (OTIP), is the new president of the Insurance Brokers Association of Canada. IBAC announced Monday its new leadership team, which was confirmed October 5 at its annual…

News Insurance

First day of legal pot use: Here’s what brokers and insurers can do

October 16, 2018 by David Gambrill

The first day of legalized recreational pot use is now upon us, launching an era in which insurers will ask homeowners about their plans to partake – and if so, how much. “One of the big concerns that has been…

News InsuranceMarkets / CoveragesTechnology

How brokers should define cyber to clients

October 16, 2018 by Jason Contant

Cyber insurance needs to be explained using plain language, rather than by “insurance people using insurance-isms,” a large cyber underwriter said recently. “Part of the problem with cyber is the fact that it’s called cyber,” said Andy Holmes, chief underwriter…

News Insurance

Coroner pushes to bring ignition lock rules for repeat drunk drivers

October 16, 2018 by The Canadian Press

MONTREAL – A Quebec coroner is recommending the province move quickly to implement a rule that would force repeat drunk drivers to have their vehicles fitted with ignition locks for at least a decade. Andree Kronstrom is urging the province’s…

News Insurance

Paid IFRS 17: Filling the Gaps in Data & Technology Systems

October 15, 2018 by BDO

IFRS 17 is an accounting standard that will result in a complete overhaul of an insurer’s financial statements, though finance alone cannot work through this complex change in isolation. Considering the significance of the impact across the organization, IFRS 17…

News InsuranceRisk

Winter tire program has kept auto rates in check, insurer reports

October 15, 2018 by Jason Contant

Manitoba Public Insurance (MPI) is continuing its low-interest Winter Tire Program, which has helped keep provincial auto insurance rates in check, the public insurer said last week. Prior to the introduction of the program four years ago, Manitoba had one…

News RiskTechnology

Why feds don’t call bitcoin a currency

October 15, 2018 by Greg Meckbach

One of the biggest risks posed by blockchain-based currencies is financing of terrorism and it is reasonable to ask whether there should be tighter regulation of this technology, federal finance minister Bill Morneau told a Senate committee. Bitcoin is one…

News Legislation / Regulation

How a Canada Post interruption could play out

October 15, 2018 by Greg Meckbach

The federal government will probably consider legislating Canada Post employees back to work if they go on strike or are locked out, a labour lawyer told Canadian Underwriter Monday. “I think it’s likely that the Liberals will consider” back-to-work legislation,…

News BrokersInsuranceMarkets / Coverages

Why cyber insurance discussions should include real estate agents

October 15, 2018 by Jason Contant

Brokers scoping out new leads for selling cyber should consider this new opportunity in the professional class: real estate agents. Real estate agents move large sums of money when houses are selling. There is also typically a time cluster when…

News InsuranceTechnology

Canadian businesses spent $14B on cybersecurity in 2017

October 15, 2018 by The Canadian Press

OTTAWA – Statistics Canada says Canadian businesses reported spending $14 billion on cybersecurity in 2017 as they confront greater risks in the digital world. The StatCan survey finds that more than one in five companies said they were impacted by…

News BrokersTechnology

How to carve out more time to advise your small business clients

October 14, 2018 by Greg Meckbach

Small business clients want to spend less time filling out insurance application forms and more time getting advice from their brokers, an insurance technology expert says. “Unlike personal insurance, where there is more propensity to go direct, small business owners…