Industry
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
3 min read
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 […]
By Jason Contant | June 11, 2021
4 min read
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
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
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
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 […]
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