Intact announces departure of executive vice president
March 25, 2019 by Jason ContantIntact Financial Corporation (IFC) has announced that executive vice president Don Fox will be leaving the company effective May 3. Fox has been responsible for overseeing IFC’s investment management, corporate legal, corporate development, audit and finance functions. These key functions,…
What the blazes is going on with barn fires?
March 22, 2019 by David GambrillIf Ontario insurers want to reduce the risk of huge barn fires, they might want to consider advocating for the removal of an existing exemption for mandatory fire inspections of farms that is contained in the province’s Fire Code. As…
How small potatoes from federal budget can help insurers
March 20, 2019 by Greg MeckbachThe federal government’s commitment Tuesday to spend $1 million a year on hazard awareness training – from a total budget of nearly $350 billion – will go a “long way” towards helping Canadians understand property risk, the Insurance Bureau of…
Economical clears major hurdle to demutualization
March 20, 2019 by Greg MeckbachEconomical Insurance is a step closer to demutualization and becoming publicly traded on the stock exchange. An overwhelming majority (99%) of the insurer’s mutual policyholders voted Wednesday in favour of a demutualization proposal released in January. Several more steps are…
Trisura Guarantee announces new CEO
March 19, 2019 by David GambrillTrisura Guarantee Insurance Company has appointed Chris Sekine as president and CEO. He succeeds Mike George, who will continue to work with Trisura Guarantee on a consulting basis. Sekine has led Trisura Guarantee’s surety group since its inception. He has…
This Supreme Court ruling could drive environmental insurance sales
March 19, 2019 by Greg MeckbachBrokers could see more demand for environmental liability insurance because of a recent Supreme Court of Canada ruling in favour of the Alberta Energy Regulator, a Toronto underwriter suggests. In Orphan Well Association v. Grant Thornton Ltd., the Supreme Court…
What 5G technology means for the insurance and collision repair industries
March 18, 2019 by Jason ContantThe promise of 5G technology was one of the top stories coming out of this year’s Consumer Electronics Show. But what does that mean for the insurance and collision repair industries? A massive increase in connected devices that respond seemingly…
Flood victims win lawsuit against neighbour over laneway access
March 18, 2019 by Greg MeckbachA commercial property owner who was sued for $100,000 by neighbours over water damage is unable to appeal to the Supreme Court of Canada. The top court announced March 14 it is denying Marilyn Marks leave to appeal a Court…
How bad financials can affect your client’s insurance rates
March 15, 2019 by Greg MeckbachDo insurers really care about a client’s balance sheet? A former lawyer who represented The Trump Organization recently suggested clients could get a good rate if the broker could be certain that the client could pay the premium. Brokers contacted…
Broker fined for failing to review with his client a $1.4-million coverage change
March 14, 2019 by David GambrillA Manitoba broker is out of pocket $1,000 for failing to review with his client a $1.4-million change to a client’s commercial property insurance policy. On Dec. 12, 2011, an insurer requested renewal instructions from Manitoba broker Horace Smaczylo, as…
How recreational cannabis has created numerous challenges for insurers
March 14, 2019 by Greg MeckbachCannabis legalization is making things more complex for auto insurers and increasing risk for some commercial property clients, A.M. Best Company Inc. suggests in a recent report. About 25 insurers, most of whom are non-admitted, provide coverage for cannabis risks…
What insurtechs can learn from hackathons
March 13, 2019 by Greg MeckbachEditor’s Note: This article has been updated. A previous version incorrectly stated that duuo was launched at Slice Labs’ launch studio in Toronto. CU apologizes for the error. If you want to develop a new digital insurance product, it shouldn’t…