New risks arising from Canadian arctic shipping
July 17, 2018 by Greg MeckbachAs shrinking arctic ice opens up of new shipping routes through Canada’s Arctic Archipelago, this presents challenges for risk managers and insurers, Allianz Global Corporate and Specialty suggests in a report scheduled for release Wednesday. “Arctic ice has been thinning and…
How Canadian brokers can cut out the ‘middleman’ – the insurers
July 17, 2018 by David GambrillCanadian insurance brokerages have already made inquiries to an Estonian-based insurance company that is working on a revolutionary blockchain distribution model. Black Insurance is setting its sights on cutting out the “intermediaries” in the insurance sales process – the insurance…
Cyber catastrophe bonds: Coming soon?
July 13, 2018 by Greg MeckbachWith computer security incidents causing business interruption and privacy breaches, there is a “very real possibility” that a catastrophe bond covering cyber risk might be available, the head of a cyber risk modelling vendor predicts. Catastrophe bonds are a form…
Tips for brokers on insuring high-value homes
July 12, 2018 by David GambrillHigh-value homes are good for business, knowing how to rate them properly is a must. Brokers need to be aware that high-value, custom-built homes or renovations should not be put on Standard Build when determining insurance to value, a broker…
How blockchain will help brokers bypass traditional insurers
July 12, 2018 by David GambrillVancouver-based Fineqia International Inc. has taken an equity allocation in Black Insurance, a Tallinn, Estonia-based digital insurance startup on the blockchain that has set its sights on creating a direct investor-to-broker relationship, bypassing the need for a traditional insurance company.…
Insurers jumping out of the trampoline business
July 8, 2018 by Jason ContantCanadian insurers are jumping out of the trampoline business. Gina Bennett, vice president of Markel Canada’s western region, told Canadian Underwriter Thursday that there are few markets to approach for trampoline risks, as most sports insurance carriers have exited writing…
Beazley Canada appoints territory manager for eastern Canada
July 4, 2018 by Jason ContantSpecialist Lloyd’s insurer Beazley has appointed Jo-Anne Hawthorne as territory manager for eastern Canada. Reporting to Cheryl Hobbs, Hawthorne will be responsible for developing closer relations with brokers in Ontario, Atlantic Canada, Ottawa and Quebec, with a view to building…
Reinsurer with Toronto office could become publicly traded
June 28, 2018 by Greg MeckbachSirius International Insurance Group Ltd., which sells reinsurance in Canada through a Toronto office, will be publicly traded if a tentative merger agreement announced Monday is approved. Bermuda-based Sirius was sold in 2016 by White Mountains Insurance Group Ltd. to…
Canadian P&C consolidation will leave only “a few tables left”: broker
June 25, 2018 by Greg MeckbachLook for consolidation to continue within the Canadian property and casualty insurance industry, senior industry executives predicted at a recent conference. Also, expect insurers to take on a greater role in distributing the products. Speaking about consolidation, Adam Mitchell, the…
“Hey Broker, I need a quote.” Voice technology for brokerages arrives.
June 21, 2018 by Jason ContantAlexa, ask Excalibur Insurance for a car insurance quote. That possibility is just around the corner, as Wawanesa Mutual Insurance Company announced Thursday that it had opened an Innovation Outpost lab in Kitchener, Ont. that will connect customers with brokers…
Is investing in AI worth it for Canadian insurance carriers?
June 12, 2018 by Jason ContantWhile the vast majority (94%) of Canadian insurance professionals surveyed believe that artificial intelligence (AI) will transform the insurance industry, the jury is still out on whether carriers are receiving a return on investment from analytics yet. Insurance Nexus released…
The untapped potential of telematics in auto claims
June 12, 2018 by Greg MeckbachTelematics, which records data on vehicle behaviour, is used now mainly for underwriting, but the technology can also provide a treasure trove of information for claims adjusters, one vendor suggests. Auto insurance claims adjusters could potentially use telematics to determine…