How stay-at-home order impacts Ontario brokers
January 15, 2021 by Greg MeckbachSome Ontario brokers still need to work in their bricks-and-mortar offices amid the strict lockdown imposed Thursday by the provincial government. Although many brokerages are digital and have staff working from home, others are at the “opposite end of the…
IBAO’s stance on electronic termination of coverage
November 24, 2020 by Greg MeckbachInsurers should be allowed to terminate auto policies electronically if consumers consent, the Insurance Brokers Association of Ontario’s CEO says. In its budget document released Nov. 5, the Ontario government said the next phase of its previously-announced “blueprint” for auto…
IBC talking to feds about future pandemic risk transfer
November 2, 2020 by Greg MeckbachThe Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the…
How IBC plans to help restaurants find insurance
October 29, 2020 by Greg MeckbachClients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s…
What carriers are telling brokers who don’t invest in technology
October 26, 2020 by Greg MeckbachWith a week to go before Hallowe’en, Ontario brokers heard some spooky stories last week about what happens if a brokerage does not invest in keeping up to date with technology. “Technology is going to be a much more permanent…
Intact’s take on regulating commercial ‘middle players’
October 26, 2020 by Greg MeckbachGovernment and the industry should take a close look at the structure and regulation of “middle players” in the commercial property and casualty insurance market, Ontario brokers heard last week at their annual convention. “We know there are some things…
The downside of selling for 4 times multiple during COVID
October 23, 2020 by Greg MeckbachDespite the economic disruption from the COVID-19 pandemic, some brokerage owners could sell their business for multiples of more than four times revenue, but there is potential downside to this, Ontario brokers heard Wednesday at their annual convention. “About 15…
Why reinsurers are now ‘hesitant’ to support some Canadian insurers
October 22, 2020 by Greg MeckbachOne lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital…
Why brokers are going to get sued over pandemic business interruption claims
October 21, 2020 by Greg MeckbachSome brokers are going to get sued by clients whose COVID-19 business interruption claims were denied, a keynote speaker warned Insurance Brokers Association of Ontario (IBAO) members Wednesday. “The main area of claim will be failure to advise of potential…
Will a hard market fuel or stall M&A?
June 11, 2019 by Adam MalikMergers and acquisitions during a hard market are likely to play out differently depending on whether you’re looking at things as a broker or a carrier. On one side, a hard market may be the fuel to keep the fire…
Industry in the dark on auto reform
January 15, 2019 by Greg MeckbachNearly two years after David Marshall released his report on Ontario auto insurance reform, there is still no indication on where the government plans to go with it. “We haven’t had a concrete yes or no that they are going…
The first priority for the Insurance Brokers Association of Ontario
January 9, 2019 by Greg MeckbachReforming auto insurance is top of mind for Jeff Gatcke, the new president of the Insurance Brokers Association of Ontario. “Our Number 1 priority would be working with insurance companies and the government on changes to the auto insurance product…