Industry
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 […]
October 1, 2021
3 min read
Going digital doesn’t simply mean going paperless — it’s about the end-to-end customer experience, panellists participating in a Canadian Underwriter webinar advised. “When we talk about going paperless, it’s much broader and more robust than simply not mailing out paper documents to clients,” said Karen Hoflin, vice president of Go Insurance. “It’s about repositioning ourselves […]
By Melissa Shin | September 30, 2021
Manitoba Public Insurance (MPI) is reporting a 27% decrease in claims costs in the first quarter of 2021 compared to a year ago, primarily as a result of less vehicles on the road due to the COVID-19 pandemic. Claims costs in Q1 2021 were lower than the same period last year by $89.4 million. This […]
By Jason Contant | September 30, 2021
2 min read
TORONTO – The head of Canada’s banking regulator warned Wednesday of the potential for increased volatility in the global financial system as risks, especially around climate change and digital finances, are on the rise. “My new responsibility requires that I assume and plan for more frequent volatility storms,” said Peter Routledge in his first speech […]
The vast majority of Canadian companies have cyber security protocols in place, yet many still fall behind when it comes to testing their systems, according to new research from KPMG LLP. The Toronto-based firm’s 2021 Cyber Security Poll found that 94% of small- and medium-sized enterprises (SMEs) monitored for potential cyber attacks, but barely more […]
By Jason Contant | September 29, 2021
Clients may need a vacant home policy for several reasons. “The most common one right now is people purchasing properties and looking to either improve them or completely rebuild,” said Rhys Doiron, group home & auto coordinator with Ontario brokerage Youngs Insurance Brokers. “Other times they’ve been inherited, or it’s a recreational property.” However, the […]
By Melissa Shin | September 29, 2021
Small- and medium-sized enterprises (SME) surveyed by KPMG Canada have identified organic growth as a top strategy, followed by digital technology investments. Of the 505 respondents to KPMG’s Business Outlook Poll, nearly three-quarters (71%) identified organic growth as a top strategy, followed by digital technology investments. About half (46%) of Canadian SMEs polled identified mergers […]
CALGARY – Enbridge Inc.’s Line 3 pipeline replacement project, a critical piece of export infrastructure for Canada’s energy sector, will be in service on Friday. The pipeline giant said Wednesday the 1,765-km Line 3 – which will carry oil from Alberta to Enbridge’s terminal in Superior, Wis. – is “substantially complete.” “After more than eight […]
Home is where the heart is. But if your clients aren’t passionate about their home insurance policies, it’s your job to help them understand their coverages. While one part of a homeowner’s policy covers the building itself and the belongings inside, another part is “designed to respond to defend you in the event you were […]
By Melissa Shin | September 28, 2021
Canada’s Property and Casualty Insurance Compensation Corporation (PACICC) is considering whether it needs to increase the size of its compensation fund in the event of a P&C insurer failure. PACICC’s board has asked management to complete a formal review of the scope, scale and mandate of the fund as the priority issue for 2022, PACICC […]
By Jason Contant | September 28, 2021
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