Industry
VICTORIA – A second insurance rebate is coming for British Columbia drivers thanks to lower claim costs due to fewer crashes during the COVID-19 pandemic. The government says the Insurance Corporation of B.C. will begin distributing rebates averaging $120 starting in mid-July, returning about $350 million to almost three million customers. Solicitor General Mike Farnworth […]
By Jason Contant | June 14, 2021
1 min read
Brokers are naturally social people. So how do they respond when they’re cut off from their typical social gatherings and unable to interact with people the way they’re used to? If they’re like people in other professions, it’s a heavy mental toll that has a heavy financial cost for employers, brokerage experts suggested during a […]
By Adam Malik | June 11, 2021
3 min read
Canada’s property and casualty insurance industry should look towards the global insurance market for some insights about how to increase take-up rates, particularly among marginalized and low-income people, speakers said Thursday at the CatIQ Connect virtual conference. In the global market, insurers will work with partners, non-governmental organizations, community finance institutions, and not-for-profit and community […]
By Jason Contant | June 11, 2021
4 min read
Gary Hirst is stepping down as president of the Canadian Association of Managing General Agents (CAMGA). “You might think it is strange that I am pleased to be stepping down,” Hirst, the CEO of CHES Special Risk Inc., announced during CAMGA’s annual general meeting Thursday. “The reason why I am pleased is the association is […]
By Greg Meckbach | June 11, 2021
EDMONTON – Alberta’s auditor general is criticizing the government for failing to fix problems pointed out six years ago in a program that’s supposed to guarantee coal and oilsands mines clean up after themselves. Doug Wylie says there’s so much confusion over who’s responsible for the government’s own contaminated sites that there’s no stable funding […]
Navacord Corp. has finalized a record number of brokerage acquisitions in one month, with four deals already closed across the country in June. The latest transactions represent a total of 18 new locations and over 430 employees. More deals are are expected this summer, “as [Navacord] progresses towards $3 billion in premium,” the large commercial […]
By Jason Contant | June 10, 2021
2 min read
Brokers and insurers need to change the way they speak to clients about cyber coverage and the types of products that are available, a cyber expert recently advised. Selling full-suite, one-size-fits-all cyber policies that don’t actually fit a client’s profile should go by the wayside, Lindsey Nelson, cyber development leader at CFC Underwriting, said during […]
By Adam Malik | June 10, 2021
Canada’s finance department is looking to avoid a situation in which the new IFRS 17 accounting standards may give Canadian P&C insurers a tax advantage over other Canadian business sectors. Canadian P&C insurers are working hard to update to new International Financial Reporting Standards (IFRS) before a deadline of Jan. 1, 2023. The aim of […]
By David Gambrill | June 10, 2021
FORT MCMURRAY, Alta. – A $600 fine has been issued after a gender reveal party led to a wildfire in Alberta. Travis Fairweather, a wildfire information officer, says the party was taking place about 10 kilometres west of Fort McMurray on May 31. An exploding target full of blue or pink powder didn’t just reveal […]
Ditch the emojis and shorthand — use proper language when communicating to clients in writing, an insurance executive urged during a recent webinar. Insurance professionals would be wise to make the extra effort to be clear to clients when communicating in a written format, according to Erin Fischer, senior vice president, chief claims and regional […]
By Adam Malik | June 9, 2021
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