The Power of Broker Specialization
October 27, 2018 by David GambrillThis story is one in a series reporting on the results of 2018 National Broker Survey, conducted by Canadian Underwriter. The survey of more than 800 P&C brokers nationally was designed to identify the success strategies of both producers and principals. Find other instalments in the…
Broker’s licence suspended for cheating on CAIB 3 exam
October 26, 2018 by Jason ContantFor the second time this year, a broker in British Columbia has had their license suspended for cheating on a CAIB 3 exam. In the latest incident, the proctor observed the broker open PDF files of exam notes twice during…
The special insurance needs of art collectors
October 24, 2018 by Greg MeckbachA recent prank by an anonymous street artist shows that collectibles – which require special insurance – can become more valuable if they are damaged. “Normally when a piece of art is damaged, it would drop in value,” Kelly Juhasz,…
Why you might need an investment banker to help place commercial insurance
October 24, 2018 by Greg MeckbachIf your mid or large-sized commercial clients are involved in mergers and acquisitions, there are risks involved and insurance to address those risks, but it’s not like selling fire insurance. “It is not a simple case of saying, ‘Fill out…
Signs of the hardening market in property lines
October 23, 2018 by Jason ContantOne multi-location brokerage in Nova Scotia is seeing hardening of property lines in the province, in line with a recent spike in property claims ratios across the country. Canadian federally regulated insurers have incurred $5.5 billion in property claims up…
Intact-backed insurtech cracks the Fintech100 list
October 23, 2018 by Greg MeckbachA French robo-broker and an auto insurer backed by Canada’s largest property and casualty carrier are among the insurtechs “driving disruption” in financial services, a report released Tuesday suggests. KPMG announced Tuesday the fifth annual Fintech100, a report that highlights…
How rotating postal strikes are affecting these major insurers
October 23, 2018 by Jason ContantAfter much hand-wringing about the impact of a postal strike on the insurance industry, rotating strikes by Canada Post workers have seemed to have had little impact on major insurers. Aviva Canada told Canadian Underwriter Tuesday the immediate impact of…
Why this brokerage doesn’t focus on performance-based compensation
October 22, 2018 by Jason ContantCreating competition in the workplace is not a good environment for growing teamwork and is one of the reasons an independent insurance brokerage in Nova Scotia doesn’t focus on performance-based compensation. “Our notion on compensation is that we are trying…
Wawanesa brings U.S. learnings to Canadian brokers
October 21, 2018 by David GambrillBrokers can learn a valuable lesson from Wawanesa’s $9.5-million investment in an online platform to provide direct-to-consumer quotes for rental insurance, the company’s president of Canadian P&C operations told brokers attending the 2018 IBAO Conference last week. Don’t try replicating…
Why clients need advice on ‘litigation hot spots’
October 21, 2018 by Greg MeckbachCommercial brokers advising Canadian clients with operations in foreign countries need to understand consumer protection and pollution laws in those countries. “It’s up to a broker to make sure that he or she is well versed in what those countries’…
Brokers need to intensify lobby on auto file: Intact president
October 18, 2018 by David GambrillFacing an imminent hard market in auto insurance lines, brokers need to intensify their lobbying efforts to inform Ontario MPPs about the pricing issues associated with the auto insurance product, a senior executive of Canada’s largest insurer told brokers Thursday.…
How new tax laws could affect brokers’ retirement plans
October 18, 2018 by Greg MeckbachBrokerage owners looking for ways to reduce their tax bill could have more incentive in 2019 to max out their registered retirement savings plan, a tax expert told Canadian Underwriter. For some family-owned businesses, there is “an added reason” for…