How your brokerage might benefit from partnering with an innovation hub
February 11, 2019 by Jason ContantA brokerage in Nova Scotia has partnered with an innovation hub in Atlantic Canada to “up its game” in the digital space. AA Munro Insurance, which has more than 20 locations in Nova Scotia, has partnered with Volta Labs. This…
Ontario auto discussions ‘very encouraging,’ Intact reports
February 11, 2019 by Greg MeckbachOntario’s new government and auto insurance regulator are “focussed on the right areas,” a senior manager for the province’s largest auto insurer said recently. The Financial Services Regulatory Authority (FSRA) is scheduled to replace the Financial Services Commission of Ontario…
B.C. limits court experts in auto insurance to spur early settlements, savings
February 11, 2019 THE CANADIAN PRESSVICTORIA – The British Columbia government is clamping down on the use of experts to cut costs and reduce delays in settling claims in motor vehicle accidents. Attorney General David Eby says the changes to B.C. Supreme Court civil rules…
The aftermath of ‘firm action’ in Lloyd’s market
February 8, 2019 by Greg MeckbachEight Lloyds syndicates have closed and some clients insured by the London market are seeing premiums increase four-fold, the head of a major Bermuda insurer suggests. “After some firm action by Lloyd’s in (2018), we saw the closure of eight…
What the industry learned from the costliest catastrophe of 2018
February 7, 2019 by Jason ContantThe sheer volume of claims following the windstorm that swept through southern Ontario and Quebec last May led to critical service disruptions, after so many consumers called at once to report their claims to their insurers. “I’m not sure people…
Why brokers hail the D/X Initiative as “the start of the revolution”
February 7, 2019 by David GambrillA “watershed moment” of industry cooperation could lead in April to what brokers are heralding as the most significant technology breakthrough in broker-carrier connectivity in decades. Representatives of every broker association across the country met in Toronto on Jan. 29,…
Top court won’t hear appeal of controversial waiver decision
February 7, 2019 by Greg MeckbachA 2018 Court of Appeal for Ontario ruling on waivers, described as “great news” for liability insurers, is now final. The Supreme Court of Canada announced Thursday it will not hear an appeal of Schnarr v. Blue Mountain Resorts Limited,…
The changes to B.C. auto injury lawsuit rules that this review recommends
February 7, 2019 THE CANADIAN PRESSVICTORIA – A review of legal cases involving British Columbia’s public insurer says despite public perception, the agency isn’t lowballing claimants in its settlement offers. The review conducted by legal counsel in the Ministry of the Attorney General was released…
How breaking up can ruin your cheaper insurance premiums
February 6, 2019 by David GambrillIf you are together as a couple, it might make sense to register the shared vehicle in the name of the person who can get the lowest insurance rates. But it can get complicated when the couple breaks up and…
Has Intact noticed the impact of pot legalization on auto claims?
February 6, 2019 by Greg MeckbachRecreational cannabis has been legal for nearly four months, but it’s too early for Canada’s largest property and casualty insurer to tell whether it’s having an impact on auto claims frequency. Senior managers with Intact Financial Corp. were asked Wednesday…
How clients can cash in on demutualization
February 5, 2019 by Greg MeckbachEconomical Insurance clients looking forward to cashing in on demutualization might have to hold on to their shares in the company for nearly six months. In Economical’s demutualization proposal, one restriction on common shares (issued as a benefit to demutualization)…
The “perfect storm” conditions for commercial rate increases
February 4, 2019 by Jason ContantThe past few years have created a perfect storm leading to an increase in commercial insurance rates, Signature Risk Partners Inc. says in a white paper released last week, entitled Hard Commercial Insurance Market on the Way. One factor is…