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How the taxi industry plans to deal with a lack of insurance coverage

March 6, 2020 by Greg Meckbach

There is a movement afoot to set-up a mutual insurer or something similar, by which Ontario taxi operators can self-insure the commercial auto insurance they need. “We are going to take a new approach, which is self-insuring,” Yellow London Taxi

News BrokersInsuranceMergers and AqcuisitionsTechnology

Selling your brokerage? What your potential buyers are looking for

March 4, 2020 by Jason Contant

Brokers who can best balance online distribution with personal advice will reap the benefits in the current merger and acquisition (M&A) environment, a brokerage M&A expert noted recently. “In Canada, brokers have generally been successful in defending against pure direct

News BrokersInsuranceLegislation / Regulation

Broker banned for committing insurance fraud

March 4, 2020 by David Gambrill

A B.C. broker has been banned from holding a licence for five years and fined $5,000 for committing insurance fraud. The province’s broker regulator, the Insurance Council of B.C., found that Martin Hroch submitted 74 false insurance claims for physiotherapy

News BrokersCommercial LinesInsuranceLegalMarkets / CoveragesTechnology

How to negotiate the nuanced world of email fraud coverage

March 3, 2020 by Jason Contant

Your commercial client may think they are covered for all types of business email compromise (BEC) fraud automatically, but policy triggers are often nuanced, a speaker said recently at NetDiligence’s Cyber Risk Summit in Toronto. “The biggest misconception of our

News BrokersClaimsInsurance

Quebec broker offers his take on one major advantage of the province’s auto insurance model

March 3, 2020 by Jason Contant

While Quebec’s auto insurance model offers low bodily injury compensation amounts, it also limits the amount of fraud in the system, a Quebec broker told Canadian Underwriter Monday. In Quebec, the government’s Société de l’assurance automobile du Québec (SAAQ) pays

News AssociationsBrokersInsuranceLegislation / Regulation

What IBC and brokers think would improve condo insurance affordability in B.C.

March 2, 2020 by Jason Contant

Insurance Bureau of Canada (IBC) has issued a series of policy recommendations to help improve the affordability of strata insurance in British Columbia, some of which touch upon suggestions made by the province’s broker association. IBC’s recommendations include: Mandatory education

News BrokersClaimsInsurance

Here’s one thing on which Canadian drivers and insurers can agree

February 28, 2020 by Adam Malik

Canadians and insurers agree on one thing: Distracted driving is the biggest threat to safe roads. A recent survey by Rates.ca shows that 40% of Canadians think distracted driving is the top cause of car-related deaths, surpassing impaired driving at

News BrokersProductsReinsurance

Should you outsource your response to silent cyber?

February 28, 2020 by Jason Contant

Some insurers are specifically allocating internal resources to address silent cyber, while others are outsourcing it, speakers noted recently at NetDiligence’s Cyber Risk Summit in Toronto Feb. 21. Melinda Parker Thompson, an underwriting specialist with Allianz Global Corporate & Specialty

News BrokersInsurance

Intact announces new crimes coverage options

February 28, 2020 by Adam Malik

Intact Insurance has updated and expanded its crime coverage to include “social engineering,” which describes a situation in which nefarious online actors dupe unsuspecting employees into sending money or products to criminals. “What we’ve taken is the crime coverages that

News ClaimsClimate ChangeInsurance

The cascading societal effects of insurance flood claims

February 27, 2020 by Adam Malik

Insurance flood claims have a much broader societal impact than on just the property and casualty insurance industry alone — which is another reason why it is critical to start adopting flood mitigation and prevention measures now, a climate expert

News BrokersCommercial LinesInsuranceMarkets / CoveragesTechnology

How easy is it for brokers to get terms in the cyber market?

February 27, 2020 by Jason Contant

Capacity is still readily available to cover cyber risks, but more insurers are approaching the coverage cautiously, a speaker said Friday at NetDiligence’s Cyber Risk Summit in Toronto. In terms of procedure, clients’ applications for cyber coverage must clear more

News InsuranceTechnology

Why Amazon and Google aren’t eating your lunch in Canada

February 27, 2020 by David Gambrill

While the hardening market has taken a significant bite out of the industry’s profits, it may also be insulating brokers and insurers from competing against giant tech disruptors such as Amazon and Google for insurance sales, says a former financial