Why brokers need to check their dec pages
April 4, 2019 by David GambrillA Manitoba broker was fined $1,000 fine for not checking to make sure his client’s request for a Single Limit Endorsement was included as part of the client’s home insurance coverage. It wasn’t, as it turns out, and the client…
Long-range weather forecast: more flood claims for the P&C industry
April 3, 2019 by Jason ContantCoastal flooding is expected to increase in many areas of Canada, bringing with it increased risk of damage to coastal infrastructure, according to a report released Tuesday by the federal government. “Local sea level is projected to rise, and increase…
Canada ‘much closer’ to national flood program: IBC
April 2, 2019 by Greg MeckbachThe industry is making progress on getting a national flood insurance program, but a key challenge is getting all provinces, territories and Ottawa to agree on how it should work, the Insurance Bureau of Canada’s CEO suggested Tuesday. Unlike Britain…
Hub acquires personal and commercial lines brokerage in Alberta
April 2, 2019 by Jason ContantHub International announced Tuesday it has acquired Del Fisher Insurance, an independent brokerage offering personal and commercial lines. Based in Calgary, Del Fisher Insurance has provided personal and commercial insurance solutions, including home, auto, business and contract bonding to area…
Jardine Lloyd Thompson acquired by Marsh & McLennan
April 1, 2019 by Greg MeckbachMarsh & McLennan Companies Inc.’s acquisition of London, England-based Jardine Lloyd Thompson Group plc is now complete, New York City-based Marsh & McLennan announced Monday. The deal – which could form the world’s largest commercial property and casualty brokerage –…
Auto loss ratios ‘unsustainable’ in these provinces
March 29, 2019 by Greg MeckbachOntario auto insurance is profitable but loss ratios are unsustainable in Alberta and two of the Maritime provinces, Canada’s Property and Casualty Insurance Compensation Corporation notes. “Importantly for insurers, Ontario’s private passenger auto insurance market remained profitable with a loss…
Do your insureds understand a “material change in risk”?
March 29, 2019 by Jason ContantIt’s not necessary for an insurer to prove that an insured knew a change in risk was “material” to the carrier, the Supreme Court of British Columbia has ruled. In May 2014, Wawanesa Mutual Insurance Company voided a homeowner’s policy…
What’s holding back Lloyd’s price increases
March 28, 2019 by Greg MeckbachProperty risk could get harder to place in the Lloyd’s market this year. “Difficult decisions regarding existing accounts, or indeed the appropriateness of new accounts, will continue to have to be made during 2019,” the Corporation of Lloyd’s said of…
AIG Canada to stop underwriting new individual personal policies
March 28, 2019 by Jason ContantAIG Canada is pulling out of writing personal lines business in Canada. AIG communications director Lynn Woodburn confirmed to Canadian Underwriter Wednesday evening that it would no longer underwrite new policies in personal lines. This confirmed speculation among brokers that…
How environmental liability ruling could affect other insurance lines
March 27, 2019 by Greg MeckbachEnvironmental liability is not the only line of insurance that could be impacted by the recent Supreme Court of Canada ruling on a trustee in bankruptcy’s obligation do deal with inactive energy assets such as oil wells. In Orphan Well…
How tax rules affect brokers selling business to children
March 26, 2019 by Greg MeckbachIf you own your brokerage and are concerned you would face a hefty tax bill if you sell the business to your kids, the federal government wants to hear from you. In his 2019-20 budget document, Finance Minister Bill Morneau…
Pot legalization not a good reason to raise auto rates: Regulator
March 26, 2019 by Greg MeckbachNova Scotia’s auto insurance regulator is not letting The Dominion of Canada General Insurance Company take marijuana legalization into account when calculating this year’s rate increases. The Dominion said in a rate change application that claims frequency will likely go…