Brokers and insurers may see some stabilization in the market in 2022. “We saw tremendous rate pressure, high operating ratios, and low ROIs in 2019 and 2020,” said Kevin Neiles, president, Western Canada and chief markets officer at Gallagher, during a recent Gallagher Talks webinar. Along with increasing claims costs, this environment “created prolonged and […]
By Phil | November 12, 2021
2 min read
If you think it is easy for clients to apply for tenant insurance, you might want to consider how much trivia those tenants actually know about the property they occupy. “Every insurance application has questions that aren’t user-friendly and they are not designed to have the consumer in mind,” said Jeff McCann, CEO of insurtech […]
By Greg Meckbach | June 10, 2020
3 min read
The Canadian property and casualty industry lost money on underwriting during the first six months of 2019 – a performance worse than 2016, when Fort McMurray was devastated by wildfire, A.M. Best Company Inc. reported Friday. “2019 could be another tough year,” A. M. Best associate director Raymond Thomson said during the ratings firm’s 13th […]
By Greg Meckbach | September 13, 2019
3 min read
DOVER, Del. – An American judge says an insurance company must extend liability coverage to a teenager who was convicted of criminally negligent homicide after a Wilmington, Del. school bathroom attack captured on cellphone video that left a 16-year-old girl dead. The Superior Court of Delaware ruled June 12 that USAA Casualty Insurance Company must […]
By Greg Meckbach | June 18, 2019
3 min read
Ottawa police laid more charges related to a busted a car theft ring that saw 50 vehicles stolen and totalled $2.5 million in value. It’s a case in which the Insurance Bureau of Canada (IBC) played a key role in helping police. But some things that insurance companies do can muddy the waters, says an […]
By Adam Malik | May 15, 2019
3 min read
Total Loss Series, Part 2: Bottlenecks Imagine Canada’s auto insurance industry saving millions of dollars each year in total loss costs and passing that along to Canadian drivers in the form of premium decreases. And all by simply reducing total loss cycle times by a week. How can the industry do this? Last month, we […]
By David Gambrill | May 13, 2019
7 min read
If you employ commissioned sales people, how are you calculating their vacation pay? Calculating employees’ vacation pay can be an issue for any company whose sales staff earn both a base salary and commission, Toronto employment lawyer Andrew Monkhouse, managing partner and owner of Monkhouse Law, said in an interview. Monkhouse Law announced Tuesday it […]
By Greg Meckbach | April 24, 2019
3 min read
Newfoundland & Labrador has introduced a slew of changes intended to help stabilize insurance rates – and a cap on minor injuries, implemented in many other Canadian provinces, isn’t one of them. Instead, the provincial government is proposing to raise its existing deductible on bodily injury claims from $2,500 to $5,000. Canada’s home, auto and […]
By David Gambrill | April 24, 2019
2 min read
A Manitoba broker was fined $1,000 fine for not checking to make sure his client’s request for a Single Limit Endorsement was included as part of the client’s home insurance coverage. It wasn’t, as it turns out, and the client only found out about the absence of coverage when making a claim in August 2017, […]
By David Gambrill | April 4, 2019
3 min read
If you own your brokerage and are concerned you would face a hefty tax bill if you sell the business to your kids, the federal government wants to hear from you. In his 2019-20 budget document, Finance Minister Bill Morneau promised the government will reach out this year to business owners to develop new proposals […]
By Greg Meckbach | March 26, 2019
2 min read