2018 ‘not a good year’ for Canadian P&C insurers: IBC
May 2, 2019 by Greg MeckbachWeak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property…
Ontario’s ‘most encouraging statement about auto insurance’ in 35 years
April 30, 2019 by Greg MeckbachThe recent Ontario budget document is giving some insurers hope that the government will actually fix the province’s auto insurance system. “Many people have said that the comprehensive package contained in the budget is frankly the most encouraging statement about…
Best incentives to get homeowners to move out of floodplains
April 29, 2019 by Jason ContantMassive flooding in Quebec has shined the spotlight on suitable incentives that may get homeowners to move out of floodplains. Quebec Premier François Legault said recently that the province will offer a maximum of $100,000 to homeowners dealing with flood…
Why your travelling clients shouldn’t rely on public health insurance
April 26, 2019 by David GambrillOntario residents who purchase private travel health insurance coverage before traveling outside of Canada will likely not notice the impact of the province’s new proposal to stop OHIP coverage for residents travelling abroad, one executive in the travel insurance business…
Help your client overcome the stigma of the “breach” word
April 23, 2019 by Greg MeckbachManaging cyber risk effectively means considering the business objectives and setting rules on who can declare a breach has occurred, speakers told insurance professionals at a recent conference. “There is a big connotation as it relates to the word ‘breach,’”…
Alberta’s new government: What next for the auto rate cap?
April 22, 2019 by David GambrillAs the newly-elected United Conservative Party (UCP) prepares to take power in Alberta, it remains an open question what the victory will mean for the province’s auto insurance companies and brokers. In his electoral victory speech, UCP Leader Jason Kenney…
How usage-based insurance affects this carrier’s profits
April 12, 2019 by Greg MeckbachPembridge Insurance Company is asking brokers in four provinces to tell auto clients how much they could save by using a usage-based insurance app. Some motorists do not want usage-based insurance, Bob Tisdale, president of Pembridge, said Friday in an…
Why brokers need to take ownership of data
April 11, 2019 by Jason ContantBrokers need to take ownership of the data they collect to personalize and improve the customer experience, a speaker suggested Tuesday at the CIP Symposium in downtown Toronto. “For the brokers in the room, how does your client feel if…
Where Canada’s largest insurer sits with board diversity
April 9, 2019 by Greg MeckbachWomen will comprise nearly half the boardroom of Canada’s largest property and casualty insurer if shareholders vote for Intact Financial Corp.’s recently-released slate of board nominees. Jane Kinney, a former global chief risk officer for Deloitte, is a new nominee…
Insurers object to characterization of Ontario auto as “profitable”
April 9, 2019 by David GambrillCanada’s home, auto and business insurers are objecting to a recent characterization of Ontario’s auto insurance regime as “profitable.” “The current trends are unsustainable for both drivers and insurance companies,” Insurance Bureau of Canada vice president of Ontario Kim Donaldson…
How will reputational harm coverage evolve?
April 8, 2019 by Jason ContantWill reputational harm coverage grow into its own coverage or will it remain sublimited, as is often the case? There is currently a lot of variance within the market in how this coverage is offered, if at all. Some insurers…
Why insurers are not calling it a hard market
April 5, 2019 by Greg MeckbachYour clients may be paying higher rates but hard market may not be the right way to describe it, speakers suggested at a recent insurance conference. “I don’t personally know if I would call it a hard market yet. What…