Stability, finally? What insurers and brokers can look forward to in 2022
November 12, 2021 Brooke SmithBrokers and insurers may see some stabilization in the market in 2022. “We saw tremendous rate pressure, high operating ratios, and low ROIs in 2019 and 2020,” said Kevin Neiles, president, Western Canada and chief markets officer at Gallagher, during…
How to make tenant insurance applications more user-friendly
June 10, 2020 by Greg MeckbachIf you think it is easy for clients to apply for tenant insurance, you might want to consider how much trivia those tenants actually know about the property they occupy. “Every insurance application has questions that aren’t user-friendly and they…
Dozens of businesses damaged after Montreal anti racism rally
June 1, 2020 THE CANADIAN PRESSMONTREAL – Eleven people were arrested after tensions flared between protesters and police on Sunday night following a Montreal demonstration demanding justice for a black man who died following a police intervention in Minnesota. Demonstrators had gathered to denounce racism…
What can go wrong if ‘actual cash value’ is not clearly defined in a property policy
May 19, 2020 by Greg MeckbachAfter a 132-year-old Cape Breton Island building was heavily damaged by a sprinkler line failure, there was a huge disparity between the property owner and insurer’s versions of “actual cash value.” The claimant said $1.59 million, while the insurer said…
How bad the industry’s loss has been in 2019 so far
September 13, 2019 by Greg MeckbachThe Canadian property and casualty industry lost money on underwriting during the first six months of 2019 – a performance worse than 2016, when Fort McMurray was devastated by wildfire, A.M. Best Company Inc. reported Friday. “2019 could be another…
What insurers requested of police chiefs
June 24, 2019 by Adam MalikInsurers are calling on greater collaboration with law enforcement to help fight auto insurance fraud. The cost of auto insurance fraud is overwhelming, and no one industry can tackle it alone, Don Forgeron, president and CEO of the Insurance Bureau…
The new trend for handling disputed property claims
June 24, 2019 by Greg MeckbachWhat happens when your client’s property is damaged and the insurer disagrees with the claimant on how much work is needed to restore it? Some of these claims disputes can result in lawsuits, when the claimant brings the insurer to…
What open banking means for brokers
June 21, 2019 by Greg MeckbachBrokers should see open banking as more of an opportunity than a threat, a partner with EY Canada suggests. Open banking is a system in which consumers could consent to sharing their banking transaction data with other financial services providers,…
Why climate change might be worse than you think
June 21, 2019 by Greg MeckbachIf you are using today’s climate models to predict the frequency and severity of tomorrow’s severe weather, your estimates could be off, suggests a recent convocation speaker at a major Canadian university. Recent unusual patterns in the jet stream are…
What brokers think of this tax change on auto insurance
June 20, 2019 by Jason ContantThe Insurance Brokers Association of Newfoundland and Labrador (IBAN) is happy with regulatory amendments that would eliminate the remaining 13% retail sales tax (RST) on auto insurance in the province. “IBAN is pleased to see the elimination of the RST…
Where Canada’s largest mutual is putting its new Winnipeg headquarters
June 19, 2019 by Greg MeckbachFour years from now, all of Wawanesa Mutual Insurance Company’s Winnipeg workers should be in a new office building. Wawanesa announced June 13 it will have a new North American headquarters at the southwest corner of Carlton Street and Graham…
Lussier Dale Parizeau continues M&A activity
June 18, 2019 by Jason ContantQuebec’s largest brokerage, Lussier Dale Parizeau, has merged with financial services firm Genius Financial Group. André Lussier, president of Lussier Dale Parizeau, announced the merger along with the four partners of Genius Financial Group: Jean-Pierre Gauvreau, Serge Gravel, Éric Émond…