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…
Rates likely to rise if pot legalization leads to more impaired driving
October 30, 2018 by Greg MeckbachIf cannabis legalization results in more stoned drivers, auto insurance rates could rise, a comparison shopping provider suggests. Some Criminal Code offences for marijuana possession were taken off the books effective Oct. 17. This means it is no longer a…
Why this insurer is ‘shrinking’ its D&O liability business
October 26, 2018 by Greg MeckbachLawsuits arising from corporate mergers and acquisitions and “creative theories of liability” are reducing Chubb Limited’s appetite to insure directors’ and officers’ liability. Since 2016, there has been an increase in the frequency of lawsuits against directors and officers, said…
Root cause of commercial auto woes hard to pinpoint: Insurer CEO
October 25, 2018 by Greg MeckbachCommercial auto losses have been worse than expected for The Travelers Companies Inc., and company officials are not exactly sure why. “It’s a line that has been challenged from a profitability perspective for a while,” Travelers chairman and CEO Alan…
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…
Former brokerage president voted in as this city’s mayor
October 23, 2018 by Greg MeckbachEd Holder, who led a major expansion of commercial brokerage Stevenson and Hunt Insurance Brokers Ltd., is the new mayor of London, Ontario. All Ontario municipalities held elections Monday. Unofficial results published Tuesday indicated Londoners elected Holder, who was president…
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…
Why feds don’t call bitcoin a currency
October 15, 2018 by Greg MeckbachOne of the biggest risks posed by blockchain-based currencies is financing of terrorism and it is reasonable to ask whether there should be tighter regulation of this technology, federal finance minister Bill Morneau told a Senate committee. Bitcoin is one…
Canadian Broker Network appoints next chairman
October 11, 2018 David GambrillCanadian Broker Network, Canada’s leading network of independent insurance brokers, is pleased to announce the appointment of Andrew Kemp, co-president of CapriCMW Insurance Services Ltd., as the next CBN chairman. “We welcome Andrew Kemp as chairman whose industry experience and…
New Allianz head of global liability has Canadian roots
October 10, 2018 by Greg MeckbachCiara Brady, who previously worked in Toronto for both Swiss Re and Chubb, becomes head of global liability for Allianz Global Corporate and Specialty effective Jan. 1, AGCS announced Tuesday. Brady will work out of Zurich and succeed Michael Hohmann…
The common commercial property exclusion one carrier is addressing
October 9, 2018 by Greg MeckbachRadioactive contamination and extended business interruption are among the new products that brokers can offer Canadian manufacturers later this fall, The Sovereign General Insurance Company announced. Nuclear risks are normally not included in property and casualty insurance policies, though some…