What ransomware attacks cost your clients
March 21, 2019 by Jason ContantBrokers selling cyber insurance may want to pay attention to a recent statistic: the average financial cost of downtime to a Canadian business following a ransomware attack is 7.5 times higher than the average ransom requested per incident. Canada not…
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…
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…
How this broker is binding Lloyd’s policies online
March 19, 2019 by Greg MeckbachA Calgary-based Lloyd’s coverholder has re-launched its website to make it easier for brokers to bind policies for special events without having to deal with a lot of paper forms. PAL Insurance Brokers Canada Ltd. has allowed clients to apply…
Is Aviva-Desjardins fraud collaboration the dawning of a new era?
March 19, 2019 by Jason ContantCould an insurance fraud collaboration between the second and third largest insurers in Canada herald the beginning of a broader trend across the industry? “Hopefully, this is laying the foundation for great, big things to come,” said Ashish Bhargava, vice…
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…
How waiving this government fee could reduce auto premiums
March 15, 2019 by David GambrillIf the Ontario government wants to take one small step towards reducing auto insurance premiums for its drivers, it might consider dropping its administrative charges for drivers and their insurers to obtain three-year driving records, one industry professional suggests. “Assuming…
What this direct writer learned by starting up its own broker channel
March 14, 2019 by David GambrillWe’ve all heard about multi-channel insurance companies that sell through the broker channel while at the same time beefing up their direct channel. But how about CAA Insurance, a direct writer that has become a multi-channel writer by building up…
Renowned independent broker returns to the big stage with a new brokerage
March 13, 2019 by David GambrillA big name in Manitoba’s independent brokerage community, Peter Leipsic, is making a return to the scene as a senior partner at a new brokerage called Dimensions Insurance Management Inc. He was executive vice president at Horizon Insurance (the province’s…
This global reinsurer is applying for a Canadian branch office
March 13, 2019 by David GambrillValidus Reinsurance Ltd., a Bermuda-based reinsurer acquired by AIG last year for $5.5 billion, is looking to establish a Canadian branch office. Validus intends to file an application with the Office of the Superintendent of Financial Institutions (OSFI) on or…
What hard market in liquor liability means for clients
March 11, 2019 by Greg MeckbachClients planning St. Patrick’s Day celebrations may find themselves short on luck when it comes to insurance coverage. It’s becoming more difficult for clients to get insurance for liquor-related losses with the terms they need, one managing general agent observes.…
Insurtech seeks to bring the ‘Uber-Netflix-Spotify-Amazon’ experience to commercial clients
March 11, 2019 by Greg MeckbachAn insurtech with offices in Ontario is looking for commercial and personal lines carriers who want to sell insurance the way Spotify sells music. “We are talking to several Canadian insurers who have an interest in launching new products” Philippe…