How this province is tackling inconsistent adjuster licensing
May 24, 2019 by Jason ContantWill there soon be a consistent approach to adjuster licensing across Canada? New Brunswick is one province moving towards that goal. Earlier this month, the Insurance Division of New Brunswick’s Financial and Consumer Services Commission released a consultation paper on…
Is there culture after an acquisition?
May 23, 2019 by Adam MalikA question posed at a recent event asked how many of the approximately 30 people in the room had ever been part of an acquisition or merger. Almost every hand went up. It seems just about every broker has been…
These risks call for better models
May 22, 2019 by Greg MeckbachCommercial clients need better tools to help risk managers predict their financial exposure to climate change and geopolitical factors, Canadian risk managers say. The risk from climate change “will be pervasive and have a massive impact and it’s something that…
Huawei a small part of an ‘insurmountably hard problem’ of cybersecurity
May 22, 2019 by Greg MeckbachThe controversy over telecommunications equipment from Chinese manufacturer Huawei is just the tip of a large cyber risk iceberg, an Internet security expert warns. “The question is, should we trust the country in which the company whose products and services…
Fairfax chief financial officer died suddenly
May 21, 2019 by Greg MeckbachDavid Bonham, chief financial officer of Fairfax Financial Holdings Ltd., died suddenly this past weekend, the Toronto-based company announced Tuesday. Fairfax is the corporate owner of Northbridge Insurance and several international property and casualty insurers, including OdysseyRe, Brit PLC, Allied…
How this type of client is reducing fraud risk
May 17, 2019 by Greg MeckbachBiometrics and two-factor authentication will become more popular tactics for mitigating cyber crime risk, a British Columbia credit union executive predicts. “I feel like I do a lot of biometrics,” said Marilyn Mauritz, chief transformation and governance officer at Vancouver-based…
Brokers await regulations on bank fintech changes
May 17, 2019 by Jason ContantAs the federal government drafts regulations related to recent Bank Act amendments, the Insurance Brokers Association of Canada (IBAC) is confident that the fundamental aspects of their position have been upheld. Bill C-74, which received royal assent in June 2018,…
How career prospects are looking in risk management
May 16, 2019 by Greg MeckbachAre you one of those brokers who’s thinking of changing jobs so that you’re buying commercial insurance instead of selling it? “There is a shortage of supply [of risk managers], so if anybody is looking for a fast way to…
How Intact lost this battle over vehicle storage fees
May 16, 2019 by Greg MeckbachCanada’s largest P&C insurer has suffered a setback in its quest to minimize vehicle storage fees. A recent Ontario court ruling means that, for the time being, Intact Insurance has to pay J.P. Towing Service & Storage Limited storage fees…
Making auto reform happen
May 16, 2019 by Adam MalikInsurance reform is long overdue, says the head of a medical evaluation company. Don Kunkel, president of Ontario-based AssessMed, which operates in eight provinces, says previous efforts to reform auto insurance have produced results that have been less than desired.…
Provinces asking feds for $138 million to help buy out flooded properties
May 16, 2019 Jordan Press - THE CANADIAN PRESSOTTAWA – Flood-ravaged provinces are asking the federal government to provide almost $138 million to move or buy out homeowners affected by previous years’ inundations, according to new data that gives a glimpse into the national costs of helping residents…
When cyber breaches can kill
May 15, 2019 by Greg MeckbachYour client’s property and life are getting increasingly exposed to cyber attacks because just about everything today has computing power, an information security expert warns. “It used to be what with computer security, we were worried about computers, desktops and…