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Businessman places wooden block on top of a tower of blocks which have 2023 through to 2020 written on them. hard market stabilized
News BrokersInsuranceMarkets / Coverages

Will the P&C hard market stabilize or soften in 2023?

January 20, 2023 by Alyssa DiSabatino

The P&C hard market isn’t going to soften anytime soon, but it will stabilize, suggested Phil Cook, P&C consultant and chairman of Omega Insurance Holdings Inc. at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar.  Why? The industry’s

Houses along the shores of Lake Erie following December's 'bomb cyclone'
News BrokersCatastrophesClaimsClimate ChangeInsuranceRisk

Why Ontario should worry about worsening weather

January 19, 2023 by Alyssa DiSabatino

Final numbers for 2022 show another year of NatCats reaching over $3 billion in insured damages (and, at $3.1 billion, the third highest total NatCat losses in Canadian history).  Those figures don’t just point to more insured damages losses for

College students in a classroom.
News BrokersCommercial LinesConstructionInsuranceLegislation / RegulationProfessional Development

Can a new college program draw talent to commercial brokerages?

January 18, 2023 Alyssa DiSabatino

The specialized nature of commercial brokering is causing a talent shortage now that veterans are retiring in droves. “I literally get three or four different companies a week that ask for talent, and it’s amplified across the industry,” said John

Lower shot of a businessman in a white button up shirt and red tie stopping a set of wooden dominoes with his hand
News BrokersCatastrophesClaimsCommercial LinesInsuranceRisk

What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),

man wearing a white hardhat and yellow safety vest is onlooking a large blue shipping container on a truck
News BrokersClaimsCommercial LinesInsuranceRisk

How much cargo theft rose in 2022

January 16, 2023 by Alyssa DiSabatino

Cargo theft across Canada and the U.S. rose by 15% in 2022 from the previous year, equal to 1778 recorded theft incidents, a cargo theft recording firm reports. And cargo insurers should be aware of an emerging threat: fictitious cargo

Sealing the M&A deal with a handshake
News AnnouncementsAppointmentsBrokersCommercial LinesInsuranceMarkets / CoveragesMergers and AqcuisitionsProfessional Development

Industry veteran joins Westland following acquisition

January 13, 2023 by Jason Contant

Industry veteran Doug Morrow has joined Westland Insurance as its new vice president of commercial insurance for Alberta, the brokerage announced earlier this week. Most recently president and CEO of Excel Insurance Group, Morrow joined Westland as vice president, commercial

Figurines of six businesspeople examining a concrete globe
News BrokersCatastrophesClimate ChangeCommercial LinesInsuranceRisk

Which risks will trouble the globe in 2023?

January 13, 2023 by Alyssa DiSabatino

The cost-of-living crisis poses the biggest worldwide risk in 2023, according to findings in the World Economic Forum’s Global Risks Report 2023.  Two years from now, experts expect the cost of living will still be the number one risk on

Provincial flag of Alberta
News BrokersCommercial LinesConstructionInsuranceLegislation / RegulationMarkets / CoveragesRisk

How an Alberta election may impact decisions on captive insurance

January 12, 2023 Philip Porado

Companies looking at the benefits of setting up an Alberta captive insurance company appear to be taking a ‘wait-and-see approach’ with respect to tax treatment. At the moment, the province’s tax authorities have indicated captives will be treated the same

Financial results graph in blue
News AnnouncementsBrokersCatastrophesClaimsClimate ChangeCommercial LinesInsurance

Intact reveals fourth quarter catastrophe loss estimate

January 12, 2023 by Alyssa DiSabatino

Intact’s Canadian segment experienced an estimated $77 million, pre-tax, in catastrophe losses during the last quarter of 2022, the company said in a report. That figure is below the previous year’s fourth quarter losses.  The Canadian cat losses were mostly

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News Insurance

What the Alberta NDP’s auto rate freeze would mean for insureds and insurers

January 11, 2023 by Alyssa DiSabatino

Alberta brokers and insurers believe a New Democratic Party proposal to freeze auto insurance rates won’t solely reduce auto premiums and will instead make it harder for drivers to obtain coverage, auto insurance experts tell Canadian Underwriter. A better solution

News AnnouncementsAppointmentsBrokers

New leadership team at Arch Insurance Canada

January 10, 2023 by Alyssa DiSabatino

Jean-Pierre (J.P.) Galipeault is now president of Arch Insurance Canada. Galipeault will also be keeping his title of chief regional executive. He joined Arch’s Warranty and Lender Solutions group in 2013, when he held the role of vice president of

Business merger and acquisition concept
News BrokersInsuranceMarkets / CoveragesMergers and Aqcuisitions

How two of Canada’s largest P&C brokerages closed 2022

January 9, 2023 by Jason Contant

Westland Insurance Group and BrokerLink ended 2022 with a bang, closing several merger and acquisition deals in December and bringing combined yearly transactions to more than 50 acquisitions. Westland announced in December the acquisition of Nova Scotia-based Gateway Insurance Group