Why is New Brunswick’s loss ratio the highest in Canada?
June 12, 2019 by Jason ContantWhat is contributing to New Brunswick’s skyrocketing loss ratio? According to Canadian Underwriter’s 2019 Statistical Issue, the total (direct) loss ratio for the province last year was 100.8%, up 22 points from 78.8% in 2017. This makes it the highest…
Finding solutions as brokers face cancelled contracts
June 11, 2019 by Adam MalikReal, sustainable solutions are needed to curb what’s being called a “devastating” time for some brokers in Alberta. The Insurance Brokers Association of Alberta (IBAA) has put together a task force to come up with ways to resolve what the…
FSRA takes over Ontario insurance oversight from FSCO
June 11, 2019 by Greg MeckbachOntario’s new property and casualty insurance regulator is up and running. Effective June 8, the Financial Services Regulatory Authority of Ontario (FSRA) took over regulatory duties from both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation…
This business process is taking too long
June 10, 2019 by Greg MeckbachSome brokers and carriers are spending too much time and effort dealing with incoming paper, a former auto underwriter says. While technology advancements mean more forms can be entered electronically through web and mobile apps, brokers nonetheless have data coming…
Brokerage makes third acquisition in Ontario
June 10, 2019 by Jason ContantAlberta-based brokerage Western Financial Group is continuing its strategic expansion into Ontario with its third brokerage acquisition in the province. High River, Alta-headquartered Western acquired EGM Insurance Group effective May 31, Western said in a press release last week. Based…
Should cyber insurance products become more standardized?
June 10, 2019 by Jason ContantHow far along is the Canadian insurance industry in terms of cyber product standardization? While some of the standard language for base coverage has become more standardized over the years, there is still an overall general lack of standardization. There…
Is your client covered from business interruption arising from terrorism?
June 6, 2019 by Greg MeckbachWhat if a terrorist attack interrupts your client’s business, but causes no actual injuries or damage to that client? Some insurers today are covering non-damage costs and loss of attraction. This could come into play if there is a terrorist…
Large commercial brokerage expands presence in benefits space
June 6, 2019 by Jason ContantYet another commercial brokerage has expanded its presence in the benefits space in Canada. Toronto-headquartered Navacord Corp. announced Tuesday the acquisition of Toronto-based Future Benefits Management Inc. (FBMI), effective June 3. Founded in 1995 and exclusively focused on group benefits,…
How an insurtech uses pre-fill data to a homeowner’s best advantage
June 6, 2019 by Jason ContantOne insurtech based in the United States is pre-filling data in home insurance application forms to help answer questions that customers may not be able to answer themselves. California-based home insurance company Hippo Insurance uses trusted public data sources like…
How the EU’s data privacy law will apply to your Canadian clients
June 5, 2019 by Greg MeckbachThe European Union’s new data privacy law can affect your clients even if they don’t have offices in Europe, a cyber security expert with one of the world’s biggest brokerages warns. The General Data Protection Regulation (GDPR), which took effect…
How reliable are severe weather emergency alerts?
June 5, 2019 by Jason ContantTwo tornadoes that swept through the Ottawa region Sunday have prompted questions about the effectiveness of Canada’s emergency alert system. Questions arose after numerous residents reported that they never received warnings about a tornado that hit Orléans, an east-end suburb…
Regulator greenlights Echelon Insurance acquisition
May 31, 2019 by Greg MeckbachA $166-million deal aimed at getting CAA Insurance some new non-standard auto customers is a done deal. CAA Club Group’s acquisition of Echelon Insurance got final regulatory approval, Echelon Financial Holdings Inc. announced Thursday. The deal officially closed on May…