Segment
Brokers
Top cyber concerns for Canadian business leaders
February 26, 2020 by Jason ContantBusiness leaders in Canada are concerned about cyber extortion and social engineering fraud, such as business email compromise (BEC) and email account compromise (EAC), Aon reported. “The last year has seen a tremendous increase in cyber-related claims in Canada,” said…
These Canadian brokerages are re-branding to NFP
February 26, 2020 by Greg MeckbachDalton Timmis Insurance Group Inc. and McLean Hallmark Insurance Group Ltd. are among the Canadian brokerages who are now adopting the NFP brand name, New York City-based NFP announced Tuesday. NFP closed its acquisition of Toronto-based McLean Hallmark this past…
Commission payments: How the court resolved this dispute between the broker principal and producer
February 25, 2020 by David GambrillA recent case in Ontario serves as a warning to broker principals not to use an employment offer letter as the sole means to describe the brokerage’s commission structure to a new producer. If a commission structure is complicated, the…
Crash-prone cars you may think twice about underwriting
February 21, 2020 by Adam MalikMid-sized and luxury sports cars are the most collision-prone vehicles on the road, including the Hyundai Sonata, Infinity Q50, Lexus GS 350, and the Acura TLX, according to new research by QuoteWizard.com, an online insurance comparison platform. At the other…
Do insurance pros have a duty to restore a client’s well-being after a loss?
February 20, 2020 by Adam MalikBrokers are taught the principles of indemnity early in their training: Return the client to the same financial position they were in prior to the loss. But what about their clients’ mental well-being? Can the industry restore that to what…
Don’t make this common M&A mistake
February 20, 2020 by Adam MalikGrowing your business doesn’t necessarily mean you’re creating more value for it. That’s a common mistake people make during merger and acquisition deals, according to one expert. Value is created only when the business gets a return on capital in…
How today’s rail blockades could change tomorrow’s policies
February 19, 2020 by Adam MalikBased on Canada’s railway blockades, commercial clients that haven’t considered insurance coverage in the event of unforeseen disruption might be more keen to discuss their options going forward, according to industry experts. The ongoing railway blockades across the country –…
Brokers on what would help bring down skyrocketing condo insurance premiums
February 12, 2020 by Jason ContantInsurance should be mandatory for all condo unit owners in the condo corporation, an executive with the Insurance Brokers Association of B.C. (IBABC) told Canadian Underwriter Monday. “Strata/condo building managing councils should encourage their member unit owners to vote in…
Two ways to address rising condo insurance premiums
February 11, 2020 by Jason ContantOne broker association is calling for consultation among all key stakeholders to discuss owner liability in condo corporations, with a focus on proposed achievable legislative action. As condominium (strata) insurance premiums and deductibles continue to rise across the country, the…
How are you managing your mental health?
February 11, 2020 by Adam MalikInsurance professionals can run the gamut of emotions over the course of a claim, which is what makes managing mental health a challenge, according to industry experts. Whether it’s the broker fielding the call from a panicked client to the…
The potential downside for brokers of ICBC’s new care-based model
February 10, 2020 by Jason ContantThe government of British Columbia’s recent announcement that it will be removing lawyers and legal costs from the system to reduce insurance premiums by about 20% and increase care benefits has been met with approval from the provincial brokers association.…
What brokers and trial lawyers think about ICBC’s new care-based model
February 7, 2020 by Jason ContantThe government of British Columbia has announced it will be “removing lawyers and legal costs from the system” to lower public auto insurance rates by about 20%, a move applauded by the province’s brokers association but panned by trial lawyers.…