Underwriting margins will need to improve by at least six to nine points in major western markets to deliver sustainable returns, according to the latest sigma report from global reinsurer Swiss Re. The report Profitability in non-life insurance: mind the…
The Insurance Bureau of Canada (IBC) is calling for the creation and regulation of P&C group insurance in Quebec. P&C group insurance allows for a number of people, or a group, to be insured in a single contract. For example,…
Two yet-to-be named Canadian firms, which are using information technology to get “intelligence” from insurers’ data, will be recognized next month in Toronto. Insurance Nexus is accepting nominations for Canadian Insurance Carrier of the Year and Canadian Insurance Innovator of…
If the insurance industry wishes to sell more products to Millennials, the industry must adapt to what Millennials want, and not the other way around, according to a recent white paper from Cake & Arrow, a New York City-based agency…
A B.C. broker caught cheating on her CAIB 3 broker licensing exam has had her general and life insurance licenses suspended for a year. The Insurance Council of B.C. noted the broker was not deceptive when confronted about her behaviour.…
Look for consolidation to continue within the Canadian property and casualty insurance industry, senior industry executives predicted at a recent conference. Also, expect insurers to take on a greater role in distributing the products. Speaking about consolidation, Adam Mitchell, the…
Just under one-third of customers globally (22.8% in Canada) are willing to buy insurance products from “BigTech” companies such as Amazon, Facebook and Google, a new report has found, suggesting a greater need for traditional insurance providers to “develop future-ready…
When Ron Bagnell was looking to retire, handing over his brokerage to the family was not an option, so he sold into the independent broker channel. “My children had no interest in taking over the business, so I knew that…
Bay Insurance & Financial, a smaller brokerage in Tantallon, Nova Scotia, has merged with one of Atlantic Canada’s largest brokerages, Archway Insurance. Bay Insurance’s existing location on Peggy’s Cove Road in the heart of the St. Margaret’s Bay Area will…
Carol Jardine has been appointed president of Winnipeg-based Wawanesa Mutual Insurance Company’s Canadian property and casualty (P&C) operation. Wawanesa CEO Jeff Goy made the announcement Thursday. Before her appointment, Jardine was senior vice president and chief strategy officer, a position…
Munich Re, which spent over $4 billion in 2017 for three hurricanes alone, is not saying how many jobs – if any – it is cutting in Canada. Published reports Thursday quoted Munich Re officials as saying the German reinsurer…
If you can’t beat the insurtechs, and you can’t buy them, then you may as well join them. Partnering with insurtechs may be the best way to go for most carriers and brokers lacking the resources necessary to acquire them,…