Segment
P&C Companies
How the hard market impacts public risk managers
October 25, 2023 Alyssa Di SabatinoBudgeting is where risk managers of publicly owned organizations feel the hard market the most. Public risk managers must often buy insurance for their entire region or branch while predicting what future losses may be. Like all risk managers, they…
Insurance Institute names new board leader
October 24, 2023 Canadian Underwriter StaffValérie Lavoie is now head of the Insurance Institute of Canada (IIC)’s board of governors. The Insurance Institute is the educational arm of the property and casualty (P&C) insurance industry. IIC is charged with setting professional standards for the industry…
Regulator imposes hefty penalties in auto repair fraud case
October 20, 2023 by Jason ContantOntario’s financial services regulator has fined an auto body shop $75,000 and one of its employees at the time $15,000 in connection with fraudulent business practices. The Financial Services Regulatory Authority of Ontario (FSRA) imposed a compliance order and administrative…
How higher interest rates and inflation affect brokerage M&A
October 19, 2023 Jason ContantFinancial institutions, more often than not, have surplus capital. “To satisfy their shareholders, either they need to invest that capital or buy into businesses so they can have a return,” notes Suzanne Pountney, president of Insurance Brokers Association of Ontario…
Behind the industry’s ‘modest decline’ in auto premiums
October 17, 2023 by Jason ContantCanada saw an overall “modest decline” of 3.5% in personal auto insurance premiums last year, AM Best reported during an industry event in Toronto earlier this month. Lower profit margins in Canadian auto insurance are likely to remain under pressure…
Which commercial line needs more capital?
October 16, 2023 by Jason ContantEven though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this…
How the industry is using GenAI
October 13, 2023 by Jason ContantCanadian insurance industry players are using generative AI (GenAI) not just to simplify tasks like ‘traditional’ artificial intelligence, but for a variety of applications ranging from marketing and fraud detection, to legal documents, speakers said during a recent industry event.…
Is FSRA planning to license aggregators?
October 6, 2023 Philip PoradoOntario’s insurance regulator has confirmed it is considering whether or not aggregators need to be licensed. Since August, when Ontario’s financial services regulator issued a report outlining concerns about auto insurers’ compliance with take-all-comers requirements, Canada’s P&C insurance industry has…
New Aviva Canada partnership targets rent deposits
October 5, 2023 by Jason ContantAviva Canada has partnered with technology company RentHaven Inc. to offer tenants a product that provides an alternative to large upfront security and last month’s rent deposits through a surety bond. Underwritten by Aviva Insurance Company of Canada, the surety…
Behind this specialty insurer’s hybrid underwriting model
October 4, 2023 by Jason ContantSpecialty insurer Mosaic Insurance’s expansion across Canada in five specialty lines provides a unique hybrid underwriting model that allows the company to take a Lloyd’s syndicated approach locally in Canada, executives told Canadian Underwriter. Mosaic announced its expansion last month…
How auto insurance will navigate a world with self-driving cars
October 4, 2023 Tim Crljenica, Thomas Gold Pettingill LLPSelf-driving cars have been a part of visions of the future for decades, and what was once only imaginary has started to become reality. Not only do self-driving cars exist, but five U.S. states (Arizona, California, Michigan, New Hampshire and…
Help small business clients deter cyberattacks
October 3, 2023 Jason ContantWhen it comes to cybersecurity in 2023, employees are usually the weakest link, ethical hackers told Canadian Underwriter. This is especially true for smaller businesses, which often have no visibility into their corporate networks, little or no budget for cybersecurity,…