Segment
Brokers
Budget proposals on business sales could affect brokerage owners
March 30, 2023 Philip PoradoThe big deal for Canada’s P&C insurance industry in 2023’s federal budget was a $31.7 million commitment over three years to protect households at high risk of flooding and without access to adequate insurance. But there was some less-noticed news.…
How insurers are deliberately addressing silent cyber
March 30, 2023 by Jason ContantCyber insurers are now deliberately addressing silent cyber coverage in insurance policies, a Marsh executive said Wednesday at NetDiligence’s Cyber Risk Summit in Toronto. “With property [insurance policies]…I’m not seeing silent cyber anymore. I’m seeing very purposeful underwriting,” Karen Continenza,…
Will fragile economy make it harder for brokers to sell D&O?
March 28, 2023 Philip PoradoA double-whammy of negative pricing shifts and claims uncertainty is hitting the Directors and Officers (D&O) insurance segment in the U.S., said a recent report from Fitch Ratings. It’s happening at a time when Canadian D&O lines are seeing some…
Why brokers say APIs must reach critical mass
March 27, 2023 David GambrillFor the long-sought application programming interface (API) tech solution to truly benefit the P&C insurance process, brokers stress, it’s important to reach critical mass. Without that, APIs wind up being just one more of many solutions brokers must incorporate into…
Brokers, insurers respond to 2023 Ontario budget
March 24, 2023 by Jason ContantOntario’s broker association is glad to see auto insurance as well as enhancing Ontario’s emergency response remains on the provincial government’s agenda. In its 2023 Ontario Budget, the government said it will “continue to make progress on previous commitments, including…
Can cyber coverage recover from past high loss ratios?
March 20, 2023 Jason ContantThe Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…
What’s new with API links between broker and carrier systems?
March 17, 2023 David GambrillBefore the pandemic, brokers started work on a breakthrough application programming interface (API) tech solution, designed to improve communication between a broker BMS and insurance companies’ back-end systems. Where do we stand on this project to date? It’s been a…
How to make a profit on cyber coverage
March 16, 2023 Jason ContantHow does the industry make cyber insurance a viable and profitable line of business going forward? “I would say cyber is a viable and profitable business line,” said Neal Jardine, global cyber risk intelligence and claims director with Boxx Insurance. “I…
Hub announces new practice leaders in Canada
March 16, 2023 by Alyssa DiSabatinoHub International named two new senior executives to its Canadian operations this month. Diane Stone has been appointed as education specialty practice leader in Canada. The appointment reflects Hub’s strategic investments in insurance, benefits and retirement, risk management, and…
Direct bringing competition to small-business space
March 15, 2023 Philip PoradoDirect writer TD Insurance has launched TD Insurance for Business, which will offer commercial property, commercial auto for business vehicles and commercial general liability coverage to Canadian small businesses. Coverage will initially be available in Ontario, followed by other provinces, according…
Where brokers and insurers stand on seamless data interfaces
March 14, 2023 David GambrillWorking on application programming interfaces (API), the industry’s leading-edge technology for broker-carrier connectivity, is a lot like doing a home renovation project, said Michael Loeters, ProLink’s senior vice president of commercial insurance and risk management. “You think it’s going to…
Hub acquires two western Canadian hail insurance providers
March 13, 2023 by Jason ContantHub International Limited has acquired two western Canadian crop hail insurance companies within a two-week period. Hub announced on Mar. 4 it had acquired Leduc, Alta.-based AG Direct Hail Insurance Ltd. It acquired Regina-based Canadian Hail Agencies Inc. on Feb…