New cyber insurance platform offers quotes using single piece of data
May 23, 2019 by Jason ContantWhile online quote and bind systems have historically been cumbersome, one specialist insurer will soon offer a cyber insurance platform with single-question quoting capabilities. Using a single piece of client data, brokers will be able generate a cyber insurance quote…
Why your clients may not be covered when there’s an active wildfire
May 21, 2019 by Jason ContantWith wildfire season already underway in Alberta and British Columbia, brokers will be looking at how insurance can help their clients mitigate any losses. But brokers and clients alike may not know that the ability to bind coverage could be…
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…
Paid IoT Solutions and Claims Reductions
May 17, 2019 Eddy SolutionsAt just after 10 am on an average Thursday morning, a 20-floor apartment building in downtown Toronto experienced a leak in their riser stack between the 5th and 6th floor. The leak was detected by an IoT sensor system, which…
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…
Allstate Canada debuts telematics app
May 16, 2019 by Jason ContantAllstate Insurance Company of Canada has joined the ranks of insurers providing telematics apps. Allstate Canada said Monday it has debuted a “personalized app for the modern driver” as National Road Safety Week (May 14-20) kicks off in Canada. Several other…
Why digital transformation gives brokers the edge over directs
May 14, 2019 by David GambrillIt’s a common misperception that large direct insurance companies have lots of money to invest in the best, most innovative technology, creating a divide between them and smaller, “have not” brokerages. But digital transformation is actually levelling the playing field…
CU Total Loss Series: Where are the bottlenecks?
May 13, 2019 by David GambrillTotal Loss Series, Part 2: Bottlenecks Imagine Canada’s auto insurance industry saving millions of dollars each year in total loss costs and passing that along to Canadian drivers in the form of premium decreases. And all by simply reducing total…
How Fairfax’s Allied World acquisition is working out
May 10, 2019 by Greg MeckbachOld medical malpractice claims with Allied World Assurance Company are still affecting the bottom line of Canada’s Fairfax Financial Holdings Ltd., which bought the majority of Allied World nearly two years ago. With a combined ratio of 102.3%, Zug, Switzerland-based…
ICBC plants seed for online auto renewals
May 8, 2019 by Adam MalikA day many British Columbia policyholders have been calling for finally appears to be on the horizon. But it may force some brokers to change how they do business. While hosting an AMA (ask me anything) session on popular social…
How kitty litter can impact insured property losses
May 8, 2019 by Greg MeckbachWhile spring rains and thawing have caused overland flooding of Biblical proportions, drain backups are also the bane of some insurers’ existence. In multi-storey commercial and residential buildings, drain backups are the number one cause of damage, said Adam Bartman,…
Is sinkhole damage covered under a standard home insurance policy?
May 7, 2019 by Jason ContantEditor’s Note: This story has been edited to include additional comments. Is damage from a sinkhole covered under a standard homeowner’s policy? “Earth movement” is typically excluded under a standard policy, but an earthquake endorsement may provide coverage. The…