Industry
Physical distancing or no, brokers still see referrals as being the best way to generate sales leads and gain new clients. “Word of mouth,” one broker in the 2020 National Broker Survey wrote, when asked about the most beneficial way to find new clients over the past 24 months. “Our brokerage is in a smaller […]
By David Gambrill | November 5, 2020
3 min read
Manitoba Public Insurance has hired Eric Herbelin, a former senior strategist for Zurich Insurance, as its new CEO, effective Jan. 4. Herbelin worked in Switzerland for Zurich from 2001 through 2016, according to his LinkedIn profile. MPI announced Herbelin’s appointment Oct. 20. Herbelin replaces Benjamin Graham, whose LinkedIn profile indicates he is now CEO of […]
By Greg Meckbach | November 4, 2020
2 min read
Canada’s solvency regulator has released a new draft guideline that tightens the regulator’s oversight of foreign insurance and bank branches in Canada. Among other changes to existing regulations, the Office of the Superintendent of Financial Institutions (OSFI) is requiring local branches in Canada to document the flow of funds between the Canadian branch and its […]
By David Gambrill | November 4, 2020
A common adage around the insurance industry is to hire for soft skills and teach the technical stuff later. While that’s still mostly true among brokerage leaders taking part in a recent panel, one noted that there are times when you need to hire for those harder skills. Everyone always puts soft skills at the […]
By Adam Malik | November 4, 2020
VANCOUVER – As a dispute over an acid spill that damaged thousands of vehicles winds its way through court, the Insurance Corporation of B.C. has been ordered to keep paying storage costs for the writeoffs. The corporation asked the B.C. Supreme Court to allow it to dispose of the 519 vehicles it had determined were […]
By Jason Contant | November 4, 2020
The insurance industry needs principles-based regulation instead of a system with rules for every situation, an Allstate Canada official suggests. “If you have a good system that creates boundaries and guiding principles, and you make sure that nobody violates that, you don’t need to tell me exactly what I can do and what I cannot […]
By Greg Meckbach | November 3, 2020
In a spirited debate about the insurance industry’s reputation during the COVID-19 pandemic, an insurance industry researcher said one big reason why some consumers don’t trust insurance companies is because when they submit a claim, they’re treated as if they’re criminals trying to put through a fraudulent claim. Christian Bieck, France-based insurance global research leader […]
By Adam Malik | November 3, 2020
VALCOURT, Que. – Bombardier Recreational Products Inc. and Arctic Cat say they have reached a global settlement to ongoing intellectual property disputes between the two makers of snowmachines. Under terms of the confidential settlement agreement, two active court cases in the U.S. and in Canada will be dismissed. Among the matters resolved is the dispute […]
By Jason Contant | November 3, 2020
1 min read
Property and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers have nowhere near the capacity needed to shoulder projected global output losses of more than […]
By Jason Contant | November 2, 2020
An Ontario property developer owed approximately $1.8 million by its contractor has failed in its bid to recover the money from the contractor’s insurer, the main reason being that it took nine years to notify the insurer of the claim. In Svia Homes Limited v. Northbridge General Insurance Corporation, property developer Svia Homes obtained an […]
By David Gambrill | November 2, 2020
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