What needs to be done to address independent adjuster mobility
December 10, 2018 by Jason ContantThe Canadian Independent Adjusters’ Association (CIAA) has proposed a “national emergency licensing protocol” to address mobility issues facing independent adjusters in Canada. It has also proposed a national licensing qualification, a longer-term solution that would require legislative changes to Insurance…
What could stop insurers from being ‘uberized’
December 7, 2018 by Greg MeckbachAmazon and Google may disrupt the insurance industry some day, but don’t expect either of these firms to start underwriting, suggests the head of one of Canada’s largest property and casualty insurers. “The Googles and Amazons of this world might…
Why A.M. Best gave the global reinsurance segment a ‘stable’ outlook
December 6, 2018 by David GambrillCORRECTION: An earlier version of this story incorrectly stated that A.M. Best had changed its outlook for the global reinsurance sector from ‘Stable’ to ‘Negative.’ In fact, the outlook changed to ‘Stable’ from ‘Negative.’ Canadian Underwriter apologizes for the error.…
Why this commercial line is unprofitable
November 27, 2018 by Greg MeckbachCommercial brokers could see fewer carriers offering directors and officers (D&O) liability in the future. That’s because “market consolidation is something that you might see on the carrier side,” said Ian Fraser, assistant vice president of technology, cyber and professional…
What carriers want from this insurtech brokerage
November 27, 2018 by Greg MeckbachSome insurers are looking for brokers who can help them use big data to customize products for small businesses, an insurtech founder suggests. “Big data is a loose term,” Mark Morissette, founder and CEO of Foxquilt said Tuesday in an…
A new technology that could reduce crash risk
November 12, 2018 by Greg MeckbachCould vehicle collision frequency drop once fifth-generation (5G) cellular wireless technology rolls out in Canada? 5G wireless can allow vehicles talk to each other, said Peter Linder, head of 5G marketing for North America at Telefonaktiebolaget LM Ericsson. “You can…
Insurance without the carrier coming soon
November 7, 2018 by Greg MeckbachA blockchain-based business insurance model that could see non-regulated investors as the capital providers is coming sooner that you think, although it may not necessarily arrive in Canada in the short term, predicts an executive who has led two major…
Top court could hear disputed claim arising from $550-million ponzi scheme loss
November 5, 2018 by Greg MeckbachA major bank’s disputed $300-million professional liability insurance claim – arising from a Ponzi scheme in Florida – could reach the Supreme Court of Canada. Toronto-Dominion Bank bought an insurance policy from a syndicate of insurers, including Lloyd’s Underwriters in…
These two Canadian regions will face major insurance workforce issues
October 31, 2018 by Jason ContantThe Canadian property and casualty insurance industry’s entry-to-exit ratio is declining, meaning insurance organizations will find it harder to grow in the years to come. Few regions should be as concerned as Atlantic Canada and Saskatchewan when it comes to…
Bank of Canada raises interest rate, signals future hikes
October 24, 2018 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The Bank of Canada raised its trend-setting interest rate Wednesday and sent signals that future hikes could be upon Canadians sooner than previously expected. With a big source of trade uncertainty finally out of the way, the central…
Crawford’s Top 3 claim loss predictions from marijuana legalization
October 18, 2018 by Jason ContantClaims adjuster Crawford & Company (Canada) Inc. sees auto, commercial and workplace-related losses as the Top 3 claims arising from the legalization of marijuana. Auto losses related to cannabis usage; commercial losses to cannabis producers, retailers and distributors; and employee…
Is this the beginning of the end of a soft commercial market in Canada?
October 4, 2018 by Jason ContantThe commercial insurance market in Canada may be starting to see indications of premium rate hardening, Hub International Canada president Tina Osen told Canadian Underwriter recently. “It hasn’t all hit yet, so I want to be clear on that,” Osen…