Industry
Accelerated digitization continues to drive strong M&A activity in P&C, with brokerages that prioritize the customer in their digitization strategies more likely to succeed. “Understanding the customer and how to change the customer experience will be the key differentiator for brokers going forward,” Philip Heywood, partner and national financial services deals leader with PricewaterhouseCoopers (PwC) […]
By Melissa Shin | October 5, 2021
2 min read
Canadian managing general agent BOXX Insurance Inc. is about to set up an office in Miami and is looking for carriers to underwrite its cyber coverages outside of Canada. Toronto-based BOXX announced last week it is expanding to the United States and has hired Hilario Itriago to lead that expansion. In Canada, BOXX’s insurer partners […]
By Greg Meckbach | October 5, 2021
Cybersecurity experts say a new poll that suggests nearly 70 per cent of Canadian organizations facing a ransomware attack last year paid the demands is evidence that such payments should be made illegal. Of the businesses surveyed, 17 per cent said they faced such attacks, according to the Canadian Internet Registration Authority’s (CIRA) annual cybersecurity […]
By Jason Contant | October 5, 2021
3 min read
Brokers need to be more proactive in reaching out to their business and consumer clients, according to the Canadian Underwriter Trusted Advisor 2021 survey. Only 36% of business respondents — and a considerably smaller proportion of consumers (26%) — said their most recent contact with their broker was broker-initiated. “The numbers don’t surprise me,” said […]
Prices in the cyber re/insurance market could rise sharply between 2021 and 2023, in some cases doubling from current levels, according to a report from S&P Global Ratings. “Depending on the region and [terms and conditions], policyholders could expect rate adjustments of up to 100% because the risk level has fundamentally changed,” S&P Global Ratings […]
By Jason Contant | October 4, 2021
OTTAWA – The gravel strewn across the bike path was the first sign of trouble. Ottawa resident Steven Grant was out for a ride on Sept. 19 when he noticed an LRT train stopped in the middle of the tracks. Gravel from the bed under the rails had been scattered all over the nearby path. […]
5 min read
Walter Neff from the 1944 film Double Indemnity is the quintessential insurance agent. Office-bound and clad in suit, tie and hat, Neff is symbolic of a bygone era. Times have changed, and so have dress codes. “More companies have started moving toward a business casual model versus office attire, where men were required to wear […]
By Melissa Shin | October 1, 2021
LAC-MEGANTIC, Que. – The Quebec government is moving ahead with plans to redistribute $39 million to those impacted by the 2013 rail disaster in Lac-Megantic, Que., that killed 47 people. About $20 million will go directly to victims recognized during the legal proceedings against Montreal, Maine & Atlantic railway. That amount will be deducted without […]
By Jason Contant | October 1, 2021
1 min read
Delivering Care services virtually has become a necessity. Are your clients rethinking the technologies and strategies they employ to manage abuse liability risk? Since the start of the COVID-19 pandemic, the Care Sector has had to rethink the way it adopts technologies to deliver services virtually – and with that, how to manage associated risks […]
October 1, 2021
Consolidation trends in the industry have some brokerage owners looking to larger brokerages as a succession plan. The insurance industry is evolving rapidly, and Western Financial Group President and CEO, Kenny Nicholls, is hopeful and excited about the future for brokers and consumers. What stands out to the CEO? A focus on people, strategy, and […]
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