Industry
Alberta is the only Canadian province where the average days billed for rental vehicles increased in 2020 Q4, according to a recent report. And it appears to be thanks to the almost $2 billion in insured damages the province suffered last year as a result of Fort McMurray flooding and the country’s worst-ever hailstorm. Enterprise-Rent-A-Car […]
By Adam Malik | April 8, 2021
3 min read
Three large Canadian brokerages have announced recent acquisitions of other brokerages. On Thursday, Westland Insurance reported it closed its acquisition of MBS Insurance Brokers, effective Apr. 1. Navacord Corp. added LL Renaissance Insurance Brokerage Canada Limited to its ranks, while Cal LeGrow and Synex Business Performance acquired GoToInsure.ca in a deal announced Mar. 30. Westland’s […]
By Jason Contant | April 8, 2021
2 min read
If your client is trying to rush the insurance buying process or is not concerned about price, that’s often a red flag that the transaction is fraudulent, RSA told Canadian Underwriter recently. “We know the majority of customers aren’t looking to defraud anybody, but the brokers’ experiences teach them when something feels wrong,” Lori Craig, […]
By Jason Contant | April 7, 2021
4 min read
Canada isn’t financially prepared to handle a major earthquake whenever it may come, says an industry observer. As a result, the property and casualty industry is at risk without a plan in place. Models are painting a grim picture of the potential for damage caused by an earthquake disaster, warns Alister Campbell, president and CEO […]
By Adam Malik | April 7, 2021
Even though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss details are at an all-time high, really,” said Meagan Maher, SIU (special investigations unit) specialist […]
By Jason Contant | April 6, 2021
Canadian property and casualty insurers have seen many a deal take place over the years — and it would be no surprise to see more to come, says a broker executive. During the latest edition of the Insurance Institute of Ontario’s At the Forefront series, a question was put to Danish Yusuf, founder and CEO […]
By Adam Malik | April 6, 2021
VICTORIA – British Columbia is applying for a partial stay in a recent B.C. Supreme Court ruling about jurisdiction over motor vehicle injury disputes, pending its appeal of the same decision, Attorney General David Eby said this week. The March 2 judgment set back the province’s plan to divert certain injury claims away from litigation […]
Those pining for the freedom to pick and choose when they’ll work from home and when they’ll go to the office may be in for a surprise, panellists of a recent insurance webinar warned. On one hand, it’s unlikely that most property and casualty insurance companies will mandate a full-time return to the office. But […]
By Adam Malik | April 1, 2021
Large mega-mergers and acquisition deals may be enticing, but smaller deals actually create more value for insurers, according to a recent report by global management consulting firm McKinsey & Company. The primary goal of six out of 10 transactions (representing 70% of deal value) has to been increase scale, according to McKinsey’s analysis of about […]
By Jason Contant | April 1, 2021
MONTREAL – Lawyers for residents and families suing a Montreal-area long-term care home ravaged by the pandemic’s first wave said Wednesday they had reached a $5.5-million settlement with the facility’s owners. The private Residence Herron was among the hardest hit in Quebec by COVID-19 last spring, and it has faced multiple investigations in addition to […]
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