Segment
Brokers
Intact’s take on regulating commercial ‘middle players’
October 26, 2020 by Greg MeckbachGovernment and the industry should take a close look at the structure and regulation of “middle players” in the commercial property and casualty insurance market, Ontario brokers heard last week at their annual convention. “We know there are some things…
Industry execs to discuss how to navigate the condo insurance market
October 23, 2020 by David GambrillSelling and underwriting condo insurance these days is a tough gig, but the property and casualty insurance industry is no stranger to tough market cycles. Mainstream media are filled with stories about condo corporations seeing their premiums and deductibles increase,…
The downside of selling for 4 times multiple during COVID
October 23, 2020 by Greg MeckbachDespite 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…
Digital brokers: Should you build your own tech, or buy someone else’s?
October 22, 2020 by David GambrillOkay, 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…
Why reinsurers are now ‘hesitant’ to support some Canadian insurers
October 22, 2020 by Greg MeckbachOne lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital…
How Lloyd’s says the industry can make commercial policies easier to read
October 21, 2020 by Greg MeckbachTraditional insurance policies can be hard to read on mobile devices and legalistic language can make them difficult to understand, Lloyd’s suggested in a recent report. The design and format of policy documents is important, Lloyd’s said in Building simpler…
How COVID accelerated broker tech by 4-5 years
October 21, 2020 by David GambrillCOVID-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.…
How to survive a pandemic
October 20, 2020 Rob Vosseler, Executive Vice President, Principal Broker, Union Power Insurance Brokers Inc.A broker principal shares his story about how his fledgling brokerage managed to navigate its way through the various business disruptions caused by COVID-19
Continuity during COVID: Executive of national broker association stands pat
October 19, 2020 by Greg MeckbachKent Rowe, vice president of commercial lines for Wedgwood Insurance, is staying on for another year as president of the Insurance Brokers Association of Canada. IBAC held its annual general meeting Sept. 23. IBAC announced Monday that its 2019-20 executive…
Switching your client’s carrier? Don’t forget to tell the client
October 19, 2020 by David GambrillA Manitoba broker received a $250 fine recently for failing to advise a client that his policy had been moved to a different insurer until two weeks after the policy had expired. In its decision, the Insurance Council of Manitoba…
Big Moves: New CEO at Guy Carpenter Canada
October 19, 2020 Canadian Underwriter StaffPeter Askew succeeds Donald Callahan as president and CEO of the Canadian operations of Guy Carpenter, Marsh & McLennan’s reinsurance arm
NBS 2020 Broker principals reveal their favourite way to pay producers
October 16, 2020 by David GambrillIn the dog-eat-dog world of trying to generate sales during a global pandemic, brokerage principals are increasingly turning to performance-based compensation to help improve the performance of their brokers, according to Canadian Underwriter’s 2020 National Broker Survey. Of the more…