Industry
The ongoing hard market means underwriters are asking commercial clients more in-depth questions about their organizations’ risk management practices and culture, suggests the new CEO of the Canadian Universities Reciprocal Insurance Exchange. “We are very much in a hard market,” said Patrick Lundy, CEO of Burlington, Ont.-based CURIE, in a recent interview. Therefore, commercial underwriters want […]
By Greg Meckbach | June 9, 2021
2 min read
The majority of insurers across the globe will spend US$20 million to implement the IFRS 17 insurance accounting standard into their operations, according to a new worldwide survey by Willis Towers Watson. The cost of implementation for Canadian P&C insurers is less clear. More than two-thirds of Canadian P&C insurers said they were budgeting between […]
By Jason Contant | June 9, 2021
4 min read
OTTAWA – The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent. The rate has been on hold at its rock-bottom level since the onset of the pandemic last year and the central bank has said it won’t increase the rate until the economy has recovered. Today’s announcement […]
Westland Insurance Group Ltd. has closed two new acquisitions in Saskatchewan, both in locations where the large brokerage didn’t have a presence before. The brokerage announced Monday it had closed the acquisitions of HK Insurance in Regina and Smith Agencies in Melfort, effective June 1. “Regina and Melfort are both new entries for Westland Insurance […]
Home insurance rates in Alberta today have jumped nearly two-and-a-half times more than what they were 10 years ago, according to an analysis from a rate aggregator. Average home insurance premiums in Alberta have gone from $741 to $1,779 since 2011, an increase of 140%, Ratesdotca reported recently. That includes a markedly sharp increase this […]
By Adam Malik | June 9, 2021
3 min read
VANCOUVER – Rainfall in the next three weeks is crucial if British Columbia hopes to avoid a devastating wildfire season, but the latest outlook from the BC Wildfire Service offers little optimism. The service says rainfall and temperatures were near normal across the northern half of the province in May, but the same period was […]
By Jason Contant | June 8, 2021
Caution and single-steps forward are not what brokers need from their insurance carrier partners as the industry accelerates into the digital age. The importance of digital distribution following the COVID-19 pandemic is undeniable. As a result, insurers need to keep pace. Over the past year, consumers have embraced digital channels for everything from telemedicine to […]
By Adam Malik | June 7, 2021
VICTORIA – The Insurance Corporation of British Columbia has created a new position aimed at ensuring the Crown-run auto insurer makes fair and transparent decisions related to its newly launched enhanced care plan. A statement from the Ministry of Public Safety and Solicitor General says regulations setting out the role of the fairness officer were […]
By Jason Contant | June 7, 2021
1 min read
Mired in a hard market, brokers need to give twice the typical amount of lead time these days when contacting underwriters to secure directors and officers (D&O) coverage for clients, according to a broker expert. The D&O market will remain hard because it has a long road to recovery, observed Raj Aujla, Calgary-based managing partner, […]
Hub International has made its second brokerage acquisition in two days with the purchase of a family-owned firm in Nova Scotia. Hub announced on Friday that it had acquired Sackville, N.S.-based Salvatore Insurance Brokers Ltd., which provides commercial insurance to clients in Atlantic Canada. The brokerage offers trucking and contractors insurance along with other types […]
By Jason Contant | June 4, 2021
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