Industry
The legal expense insurance market is still in its relative infancy and could grow more than six times its size in the next decade, two industry leaders predict. The current value of the market in Canada is about $80 million, observed Barbara Haynes, CEO of ARAG Services Corporation. If one were to look at Europe […]
By Adam Malik | March 26, 2021
3 min read
Mid-sized commercial clients are going to get bigger, so executives with Canada’s largest property and casualty insurer want to continue their expansion in specialty lines. “We are really scaling up our specialty lines capability here in North America,” Intact Financial Corp. CEO Charles Brindamour said during a recent virtual fireside chat with Jaeme Gloyn, equity […]
By Greg Meckbach | March 26, 2021
Early identification of potential insurance fraud schemes through automation can help prevent scenarios like the towing turf wars in Ontario from spiralling out of control, the CEO and co-founder of FRISS said Wednesday. “I think it is crucial for the industry…to detect these fraud schemes earlier, before they scale up and…get to that mess [resulting […]
By Jason Contant | March 26, 2021
MONTREAL – BRP Inc. announced an ambitious expansion into electric vehicles on Thursday, investing $300 million over five years as the company looks to adapt to market trends and broaden its appeal to a new set of customers. The maker of Ski-Doos and Sea-Doos plans to offer electric versions of its recreational vehicles in each […]
The size of your commercial client appears to influence their optimism about the future as Canada’s vaccination program starts to roll out, a trio of recent reports suggests. Bigger commercial clients are feeling a sense of optimism when looking ahead, say two recent reports that spoke to medium, large and global companies. A majority of […]
By Adam Malik | March 25, 2021
Fraudsters are taking advantage of anxieties arising from the COVID-19 pandemic to exploit victims in the Canadian P&C insurance space in novel ways, speakers said during a fraud webinar Wednesday. For example, some body shops are charging drivers extra cleaning fees and storage days for vehicle cleaning. In staged collisions, some fraudsters are using COVID […]
By Jason Contant | March 25, 2021
COVID-19 last year might have been the end of the world as we know it, to riff on a song by R.E.M., but Canada’s P&C insurance industry is doing fine — financially, at least. After a full year of the pandemic behind us, Canada’s federally regulated insurers posted an underwriting profit of $1.93 billion in […]
By David Gambrill | March 25, 2021
VANCOUVER – A newly approved pilot project will allow electric kick scooters to legally cruise the streets and bike paths of six British Columbia municipalities. Transportation Minister Rob Fleming said Tuesday the pilot project is all about looking at emerging forms of transportation. “E-scooters are growing in popularity, they’re not terribly well-suited for sidewalks and […]
A U.S.-based managing general agency (MGA) is expanding into the Canadian market to serve Canada’s growing logistics and cargo industry, the company announced Tuesday. Amwins Specialty Logistic Underwriters (ASLU) specializes in covering complex risk factors of the logistics and cargo industry. The Charlotte, N.C.-based MGA first launched in the United States in 2018 to offer […]
By Jason Contant | March 24, 2021
2 min read
Brokers may not disappear over the next 10 years but their ranks will definitely thin out, an insurance brokerage executive predicted during a recent webinar. Commoditization of the insurance industry will cut out transactional procedures that many brokers find themselves doing today, said Danish Yusuf, president and CEO of Zensurance. Instead, brokers of the future […]
By Adam Malik | March 24, 2021
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