Industry
A recent report from Deloitte details the benefits and threats of blockchain technology in P&C insurance, from improving underwriting and reducing fraudulent claims to challenging the status quo. “Given its ambitious potential to drive simplicity and efficiency through the establishment of new financial services infrastructure and processes, this technology is rapidly gathering momentum within the […]
By Jason Contant | August 9, 2021
2 min read
BrokerLink has doubled its presence in Atlantic Canada and is now one of the largest brokerages on the east coast following its acquisition of Archway Insurance and South Coast Insurance Agency Limited. BrokerLink, a subsidiary of Intact Financial Corporation, announced Thursday it had acquired Archway Insurance and its subsidiaries Upstairs Finance Inc. and C.D. Anderson […]
OTTAWA – The secretary-general of the United Nations says a new report “must sound the death knell for coal and fossil fuels,” raising renewed questions about Canada’s climate plan and the long-term viability of its traditional energy sector. The UN scientific paper says Earth is heating up so quickly due to human activity that temperatures […]
4 min read
Westland Insurance Group Ltd. has expanded their footprint in British Columbia and Ontario with the acquisition of two brokerages. The large independent Canadian-owned brokerage announced Wednesday the acquisition of National Brokers Insurance Services Inc. in Ontario and Lambert Insurance Agencies Ltd. in B.C. Both acquisitions, which include three branches in total, were effective as of […]
By Jason Contant | August 6, 2021
As the world economy steadily recovers from the COVID-19 pandemic, Swiss Re forecasts that global insurance premiums will reach a never-before-seen U.S.$7 trillion by the end of 2022. According to the global reinsurer’s recent World Insurance Sigma report, the pandemic has had a significant impact on the insurance industry. Risk awareness is up and insurance […]
The Insurance Bureau of Canada says 99% of Canadian organizations have reported an increase in cyberattacks since COVID-19 began, but many brokers appear to be struggling to sell cyber. “Anecdotally, Canadian brokers have indicated that many clients don’t believe a cybercrime is likely to happen to them and they don’t fully understand their exposures, which […]
3 min read
A massive hailstorm that hit Calgary on July 2 caused $247 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Hail, rain and wind damage from the severe storm resulted in extensive flooding of streets, underpasses and parking lots, with additional reports of a damaged gas line, downed trees, […]
MONTE LAKE, B.C. – Another British Columbia community has been devastated by a raging wildfire and more could be at risk from a blaze in the southern Interior between Kamloops and Vernon. Ken Gillis, chairman of the Thompson-Nicola Regional District, said he has been told damage is extensive in the community of Monte Lake and […]
Editor’s Note: In honour and celebration of Women and Insurance Cancer Crusade (WICC)’s 25th anniversary, Canadian Underwriter will be publishing each Friday a personal story of someone who has been touched by WICC’s fundraising activities in support of cancer care and research. There are four stories in all. Canada’s property and casualty insurance industry has […]
By Jason Contant | August 5, 2021
Wildfires raging across British Columbia have resulted in a lot of additional living expenses (ALE) claims, a property restoration firm told Canadian Underwriter Wednesday. “There’s just a lot of increases on the ALE [claims],” Shane Swinson, senior vice president, insurance portfolio at First Onsite Property Restoration, said in an interview. “That seems to be the […]
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