This new statistic could prompt brokers to ask clients about house mates
February 20, 2019 by Greg MeckbachThe percentage of adults 25 and older who live with parents has nearly doubled over the past generation, Statistics Canada reported last week. In 1995, 5% of Canadians aged 25 to 64 (about 900,000 people) shared a residence with one…
What can happen if client fails to insure valuable shipment
February 20, 2019 THE CANADIAN PRESSHALIFAX – A top Canadian naval officer is out 50 rare coins he valued at $38,000 with little to show for it, after a Nova Scotia small claims court found FedEx Canada not liable for the full value of his…
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…
Opta acquires getClarity: linking property and risk data with consumer profiles
February 14, 2019 by David GambrillWith its recent acquisition of getClarity, Opta Information Intelligence is expanding into the area of customer and prospect behaviour. Opta is Canada’s largest property data aggregator and a provider of risk intelligence and loss control services. Its solutions include iClarify…
How your client’s directors could be blamed for cyber losses
February 14, 2019 by Greg MeckbachCyber risk awareness is on the rise among corporate directors, who could face liability risk if they are accused of being lax on governance. “Corporate clients are more likely to be aware today, compared to a few years ago, of…
Insurer CEOs react to hardening commercial market
February 13, 2019 by Greg MeckbachThe pace of the hardening market in commercial lines has come as a surprise to some executives at Canada’s largest property and casualty insurer. “We have seen a shift in commercial lines that is pretty abrupt in the past six…
Intact’s guesstimate of auto profitability improvement required by the industry
February 12, 2019 by Greg MeckbachThe Canadian auto insurance industry needs to improve its profitability by about 10 percentage points, executives with Canada’s largest property and casualty insurer suggest. Canada-wide and industry wide, personal lines auto has a loss ratio of about 75%, said Darren…
OSFI provides guidance on reporting cyber incidents
February 12, 2019 by Jason ContantMonths after Canada’s mandatory data breach notification law came into effect on Nov. 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) is now providing guidance on when to report cyber incidents to the financial regulator. In an…
Hub continues expansion into employee benefits
February 12, 2019 by Greg MeckbachHub International Ltd. has bought another Canadian employee benefits operation. Chicago-based Hub announced Tuesday it has acquired the assets of Toronto-based Firstbrook Pointon Benefits Incorporated. Tuesday’s announcement comes a month after Hub acquired Vancouver-based TRG Group Benefits and Pensions Inc. Firstbrook…
Lawsuit over flooding, catch-basin access could reach Supreme Court
February 11, 2019 by Greg MeckbachA property owner who was sued for more than $100,000 over laneway flooding is hoping to appeal to the Supreme Court of Canada. Marilyn Marks owns commercial property in the community of Tottenham, Ont., about 40 kilometres north of Toronto…
Why leaking sewers are contributing to higher flood risk
February 11, 2019 by Jason ContantBrand new storm and sanitary sewers are leaking water at an unacceptable rate, putting individual homes at higher risk of flooding, a civil engineer said last week at the CatIQ Connect conference in Toronto. “We have allowable leakage, a little…
Common misconceptions about business interruption insurance
February 8, 2019 by Jason ContantOne strong challenge to the broker channel, according to brokers, is consumer self-education about their insurance needs and options. Nowhere is this more evident than in the field of business interruption (BI) insurance, a very specialized coverage that is rife…