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Commercial bond demand prompts new hire at AXA XL

August 22, 2022 Canadian Underwriter Staff

Continued demand among Canadian businesses for commercial bonds prompted AXA XL to appoint Cedric Franklin as vice president and regional director for Canada, the company said. “Commercial bonds are in high demand from companies seeking alternative financial solutions at a

News Climate ChangeTechnology

Ontario cheers U.S. bill proposing EV tax credits, but still no local incentives

August 22, 2022 Holly McKenzie-Sutter THE CANADIAN PRESS

Plans to expand a proposed U.S tax credit on electric vehicle purchases to cover North American-made cars is a boon for Ontario’s auto sector, but the province isn’t planning any buyer incentives for local drivers. Ontario’s economic development minister, Vic

A blue car bumper is smashed
News BrokersClaimsInsurance

Do new cars reduce fatality for women in accidents?

August 19, 2022 by Alyssa DiSabatino

Women are safer driving newer cars, a new report by the U.S. National Highway Traffic Safety Administration suggests. Female fatality risk compared to male fatality risk is significantly reduced in newer vehicles, starting with model year 2000, the report finds.

Business merger and acquisition concept
News Insurance

Behind the scenes of an aggressive brokerage consolidator

August 19, 2022 by Jason Contant

Synex Business Performance plans to end this year with more than $1 billion in premium, a far cry from its humble beginnings of $3 million in premium just seven years ago. Currently, the Quebec City-based holding company has about $800

Smoke and fire burns through a dense evergreen forest
News BrokersClaimsClimate ChangeInsuranceRisk

Why B.C’s heat dome puts the industry on alert for wildfires

August 18, 2022 by Alyssa DiSabatino

A heat wave building across western Canada and the Prairies could worsen wildfires, which have already burned more hectares this year over last despite fewer fires to date, one industry expert observes. This week, Alberta, British Columbia and Saskatchewan will

Father handing son car keys
News BrokersInsuranceLegislation / Regulation

B.C. broker suspended one year for misrepresenting principal driver of her car

August 18, 2022 by David Gambrill

A B.C. broker’s license has been suspended for one year after a regulatory investigation into her processing her own ICBC Autoplan transactions uncovered that she had misrepresented the principal driver of her personal vehicle on several ICBC policies. “Council found

Marketing financial products to women
News BrokersEmploymentInsuranceProfessional Development

Are brokers and agents marketing effectively to women?

August 18, 2022 Canadian Underwriter Staff

More than 60% of women don’t have an insurance agent, compared with fewer than half (48.1%) of men, according to a new study from Zelros, a Paris-based insurtech with offices in Montreal and New York. The survey includes data from

Business team connecting pieces of a gear, symbolizing partnership
News Insurance

Navacord enters new province with latest M&A deal

August 18, 2022 by Jason Contant

Navacord Corp. has entered into a new province with the acquisition of Winnipeg-based ONYX Financial Group. ONYX’s portfolio encompasses benefits consulting and wealth management services, “and they have fortified a well-known presence within Manitoba and [northwestern] Ontario because of their

High cost of housing repairs are fueling rising insurance claims costs
News BrokersClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesRestoration

Deloitte report: How microeconomic factors will impact claims costs

August 17, 2022 Philip Porado

Yes, overall inflation is high. One trip to the grocery store demonstrates that faster than a macroeconomics refresher lecture. So will a glance at Canada’s June 2022 Consumer Price Index, which jumped 8.1% over the prior year to mark its

Man at gas pump can't bear to look at the price he'll pay to refuel.
News BrokersCommercial LinesConstructionInsuranceMarkets / CoveragesProducts

As inflation and supply chain concerns ease, will insurers adjust pricing?  

August 16, 2022 Philip Porado

Supply chain issues driving inflation since early in the COVID-19 pandemic remain a concern, although emerging signs suggest some trends impacting global goods pricing are starting to abate. “We’ve seen some easing of the supply chain challenges,” said Colette Taylor,

little boy in high grass searching for something...
News CatastrophesClaimsEarnings / RatingsInsuranceMarkets / CoveragesRisk

Why Deloitte doesn’t anticipate a soft market ‘for the next few years’

August 15, 2022 by David Gambrill

Canada’s commercial P&C insurance market may not soften “for the next few years,” said a report on the industry published by Deloitte. “While there may be products where the market becomes more competitive on new business with good claims experience,

Business people negotiating a contract
News Insurance

Hub acquisition targets credit insurance, risk management

August 12, 2022 by Jason Contant

Hub International has strengthened its credit insurance and risk management capabilities by acquiring Ottawa-based Jaimac Risk Management Inc. Chicago-based global brokerage Hub announced the acquisition Friday. Jaimac is an independent insurance brokerage specializing in risk management and credit insurance for