Ontario’s new government and auto insurance regulator are “focussed on the right areas,” a senior manager for the province’s largest auto insurer said recently. The Financial Services Regulatory Authority (FSRA) is scheduled to replace the Financial Services Commission of Ontario…
One 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…
Sparks flew during a recent conference discussion about mortgage impairment and earthquake loss, when a senior reinsurance company executive drew a link between the practices of Quebec brokers and the low take-up rates of earthquake insurance in the province. Philipp…
A “watershed moment” of industry cooperation could lead in April to what brokers are heralding as the most significant technology breakthrough in broker-carrier connectivity in decades. Representatives of every broker association across the country met in Toronto on Jan. 29,…
A 2018 Court of Appeal for Ontario ruling on waivers, described as “great news” for liability insurers, is now final. The Supreme Court of Canada announced Thursday it will not hear an appeal of Schnarr v. Blue Mountain Resorts Limited,…
Canada’s insurers are optimistic that a national flood program will be in place to protect high-risk properties sometime in the not-so-distant future, although it doesn’t appear to be likely before the next federal election scheduled for Oct. 21, 2019. “We’ve…
Nearly two dozen homes were damaged after one fatal incident Sunday near Toronto. An explosion demolished a house in Caledon, killing Joseph Westcott and damaging neighbouring properties, The Canadian Press reported. About 22 homes were “damaged to varying degrees,” Andrea…
Motorists insured by Aviva Canada will no longer have to make their own first notice of loss (FNOL) to the carrier if they report the accident to a collision reporting centre. This is because Aviva Canada is rolling out an…
Whether the industry faces a hard market or simply a “market correction,” commercial lines premiums are definitely on the rise, Canadian commercial brokers reported in an online poll by Canadian Underwriter. And they are starting to get concerned about it.…
Newfoundland’s auto insurance regulator, the Public Utilities Board (PUB), has tabled a thorough, 186-page report on what ails the province’s auto insurance system – with no recommendations to fix it. The chair of the PUB told the hearings held on…
Financial institutions looking to verify online users should use “security layers” to help devalue attacks to extract data from legitimate consumers, a Vancouver-based security company recommends. For insurers and banks, security layers with behavioural analytics and passive biometrics can allow…
The feeling that their opinions are heard and often implemented is just one of the reasons brokers report being satisfied with their choice of career. “I truly believe that I am a valued professional advisor,” Ryan McKenna, commercial and personal…