This AI tool is a ‘huge priority’ for some insurers
February 27, 2019 by Greg MeckbachChatbots are getting better at answering questions, and many Canadian insurers are taking a serious look at the technology, a fintech analyst said Tuesday. “Quite a few of the major insurers in North America are looking to chatbots as a…
How much business Sonnet writes for Economical
February 22, 2019 by Greg MeckbachDirect writer Sonnet accounted for about 5% of Economical Insurance‘s premiums in 2018, the Waterloo, Ont. mutual reported Thursday. “While Sonnet requires additional scale to achieve profitability, we now have sufficient insights and experience to improve performance, and we have…
How landmark voyeurism ruling impacts insurers
February 22, 2019 by Greg MeckbachIf your client is sued for breach of privacy, the judge could look to last week’s voyeurism ruling by the Supreme Court of Canada for guidance, a privacy lawyer suggests. In R. v. Jarvis, released Feb. 14, the Supreme Court…
One solution for non-damage business interruption
February 21, 2019 by Jason ContantParametric insurance can help fill a gap in some policies by covering non-damage business interruption, a speaker said Tuesday at AXA XL’s Fast Forward LIVE event in downtown Toronto. Caused by a variety of factors, including severe weather conditions, non-damage…
What it will take for another interest rate hike
February 21, 2019 Andy Blatchford THE CANADIAN PRESSOTTAWA – The head of the Bank of Canada says his trend-setting interest rate is low enough, at its below-inflation level of 1.75 per cent, that it’s delivering stimulative effects to the economy. But even in the stronger economy, governor…
The two main benefits of parametric insurance
February 20, 2019 by Jason ContantSpeed is one of the main benefits of parametric insurance compared to traditional forms of insurance, with the underwriting process taking just several days to two weeks, speakers from AXA Global Parametrics in France said Tuesday. Parametrics is index-based insurance,…
The impact of hardening Lloyd’s market on Fairfax
February 20, 2019 by Greg MeckbachA tough Lloyd’s market and California’s worst-ever wildfire led to an underwriting loss for Brit Plc, which Toronto-based Fairfax Financial Holdings Ltd. acquired in 2015. Fairfax officials faced pointed questions during its recent earnings call from one analyst who suggested…
NFP Corp acquires Ontario P&C brokerage
February 20, 2019 by David GambrillNFP Corp., a global insurance brokerage and consultant, has acquired Ontario-based property and casualty brokers Mass Insurance Brokers Limited and Easyway Insurance Brokers Inc (collectively known as Mass). Terms of the deal were not disclosed. NFP announced the deal, which…
How branding affected these insurers’ consumer scores
February 19, 2019 by Greg MeckbachAn insurer’s popularity among consumers can differ by brand alone, a recent J.D. Power survey indicates. “There are differences when it comes to products, when it comes to distribution, when it comes to your marketing messaging,” Tom Super, director of…
How expert witness restrictions impact insurers
February 15, 2019 by Greg MeckbachInsurance Corporation of British Columbia will save millions as a result of new auto injury lawsuit rules for the province, which will likely cut costs for other carriers as well, the provincial government says. ICBC, which is losing over $1…
Captive insurance programs target commercial auto in Canada
February 15, 2019 by Jason ContanteCaptiv, which provides alternative and captive insurance solutions in Canada and the United States, will be forming two group captives through an exclusive group of independent insurance brokers to “combat commercial auto trends in Canada.” The programs are in the…
How to keep clients happy if their auto premiums skyrocket
February 15, 2019 by Greg MeckbachA huge hike in auto rates does not mean your client has to be disgruntled. “There are things that insurers can do to soften the blow when [auto] insurance rate actions need to be taken,” Tom Super, director of the…