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Frustrated brokers ready to drop carriers over flood confusion

November 24, 2017 Greg Meckbach, Associate Editor

Swirling in the eddies of confusion about overland coverage, frustrated Canadian brokers are threatening to drop carriers and are worried about errors and omission (E&O) claims related to overland flood insurance. Canada-wide, there is a “host of wordings out there”

News InsuranceMarkets / Coverages

One reason why Canadian businesses aren’t buying terrorism coverage

November 23, 2017 Greg Meckbach, Associate Editor

Canadian businesses are taking a pass on terrorism insurance because they are not convinced they face a high enough risk to warrant the extra premium of at least $2,500 a year, brokers say. Property and commercial general liability policies tend

News AssociationsInsuranceProfessional DevelopmentTechnology

Why future recruits will flock to the automated insurance workplace

November 23, 2017 David Gambrill, Editor-in-Chief

While it remains to be seen whether or not the industry’s anticipated move to automate “paper pushing” roles over the next decade will spawn major job losses, the industry may have an easier time attracting youth to the more advanced

News AssociationsClaimsInsuranceMarkets / Coverages

Provincial brokers hearing consumer demand for electronic pink slips

November 23, 2017 Greg Meckbach, Associate Editor

Nova Scotia motorists will probably get permission early next year to present electronic proof of auto insurance without having to carry paper pink slips in their vehicles, the president of the province’s broker association predicts. Insurance Brokers Association of Nova

News InsuranceMarkets / CoveragesProductsTechnology

A broker’s guide to cyber insurance

November 23, 2017 Jason Contant, Online Editor

Given the “fairly fluid coverage situation” in the cyber insurance market, it’s imperative for brokers to educate themselves about the array of available cyber products to establish the right limits of cover for their clients. “I think brokers struggle with

News AssociationsInsuranceMarkets / Coverages

Proposed law requires minimum number of broker quotations

November 22, 2017 David Gambrill, Editor-in-Chief

The Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ), a Quebec broker association, is concerned about a proposed change to provincial law that would require brokerages to quote a minimum of four markets on any insurance proposal. Quebec introduced

News InsuranceMarkets / Coverages

How a terror attack could spawn E&O claims against brokers

November 22, 2017 Greg Meckbach, Associate Editor

If a terrorist attack takes place in Canada, brokers could face errors and omissions (E&O) claims from business clients whose property and liability policies do not cover them, the director of a Canadian managing general agent suggested Wednesday. A typical

News InsuranceMarkets / CoveragesProfessional DevelopmentTechnology

Broker CE on mobiles. What’s next, Virtual Reality classrooms?

November 20, 2017 David Gambrill, Editor-in-Chief

Continuing Education (CE) for brokers will likely make its way onto mobile devices in the short term, with the world of Virtual Reality classrooms to follow over the longer term — perhaps in the next five to 10 years, says

News InsuranceMarkets / CoveragesTechnology

Insurer looking at automated underwriting solution

November 20, 2017 Jason Contant, Online Editor

Brokers placing coverage with Economical Insurance wanted the insurer to “clearly articulate [its] appetite and become competitive in specific areas,” so the insurer has created new core segments in small business, agriculture and transportation, and specialty lines. Matthew Buchalter, vice

News Earnings / RatingsInsuranceMarkets / Coverages

Feds looking to tax broker dividend strategy

November 20, 2017 Greg Meckbach, Associate Editor

Brokerage owners who pay their young adult children dividends to help with post-secondary education should “reassess” that strategy in light of proposed tax changes, an accounting expert suggested Monday. Among the proposed changes announced in July by Finance Minister Bill

News InsuranceMarkets / CoveragesProfessional Development

Commercial brokers close to “holy grail” of data integration

November 19, 2017 by Canadian Underwriter

Toronto Insurance Conference (TIC), an association of Canadian commercial insurance brokers, is poised to launch a proof of concept leading towards real-time data integration — the “the holy grail” of commercial lines insurance. It’s a big step towards real-time data

News InsuranceMarkets / CoveragesTechnology

How A.I. can help brokers deal with their carriers

November 19, 2017 David Gambrill, Editor-in-Chief

Brokers are excited about the potential of artificial intelligence (A.I.) to help streamline interactions—not just between brokers and consumers, but also between brokerages and insurance companies. Chatbots are often cited as an A.I. tool to help brokerages automate and streamline