Industry
The digital revolution is expected to spread more rapidly and deeply into the insurance industry over the next few years, despite relatively modest demand from customers to date. “Brokers should be putting digital strategy as part of their overall business strategy moving forward. It is a very important element,” said David Kerr, a partner in […]
By Melissa Shin | October 12, 2021
2 min read
If open banking comes to Canada, this could make it easier for fintechs and banks to offer embedded insurance and it will be hard to stop firms from using open banking data for underwriting purposes, a technology executive predicts. Open banking can make it easier for a fintech to provide “embedded” insurance – for example […]
By Greg Meckbach | October 8, 2021
3 min read
Auto insurance rates plunged in Alberta and Ontario this spring, while rates stayed flat in Atlantic Canada, according to Q2 2021 results from LowestRates.ca’s latest Auto Insurance Price Index Report. In Alberta, rates decreased 11% quarter-over-quarter after a steep incline from 2020-2021 and are now roughly back to where they were this time last year […]
By Jason Contant | October 8, 2021
As some Canadians are priced out of larger cities and look to move to smaller communities, insurance experts say homebuyers should be aware that life in a small town can often mean higher home insurance premiums. According to financial products comparison site Ratesdotca, the average cost of insuring a home in places like the Windsor-Essex […]
Cyber insurance is set to become as essential as workers’ compensation insurance in the near future, a cyber insurance provider CEO has predicted. Vishal Kundi, CEO and co-founder of Toronto-based cybersecurity and insurance specialist MGA BOXX Insurance, told Canadian Underwriter that he foresees cyber insurance becoming mandatory as it increasingly becomes “vital to most countries’ […]
By Melissa Shin | October 7, 2021
Large brokerages Westland Insurance Group Ltd. and Hub International Limited have both announced recent mergers and acquisitions activity. On Tuesday, Surrey, B.C.-headquartered Westland said it had acquired personal and commercial lines brokerage Insurance Unlimited in Mississauga, Ont. The following day, Hub announced the acquisition of another personal and commercial lines brokerage — Montreal-based H.W. Hollinger […]
By Jason Contant | October 7, 2021
TORONTO – Ontario’s electricity system operator says phasing out natural gas generation by 2030 would result in rotating blackouts and higher electricity bills. The Independent Electricity System Operator examined the idea after 31 municipal councils in the province called for the move by the end of the decade. A report released today by the IESO […]
1 min read
Wedding revenues dropped by almost 40% drop in Ontario last year, according to HelloSafe.ca, due largely to the COVID-19 pandemic. Wedding insurance, as a result, was also affected. Pre-pandemic, Front Row Insurance Brokers was receiving about 200 orders a month for third-party general liability, said Mike Groner, the brokerage’s vice president. “That was what forced […]
By Melissa Shin | October 6, 2021
Consumers are looking for a hybrid claims processing model — an intermixing of virtual and self-service with human adjuster interaction, according to the Future of Claims 2021 Report from LexisNexis Risk Solutions. “No matter how great the technology is, consumers still want a human touch when they need it,” the white paper said. “Consumers appreciate […]
By Jason Contant | October 6, 2021
4 min read
OTTAWA – A group representing thousands of small businesses says uncertainty over the fate of federal pandemic supports is causing its members to lose confidence in their financial prospects, and pushing the Liberals to provide more life support for ailing companies. The Canadian Federation of Independent Business said sentiment in its monthly barometer from September […]
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