Industry
OTTAWA – The economy appears to have avoided a worst-case scenario due to the COVID-19 pandemic, the Bank of Canada said Wednesday as it kept its key interest rate steady at its lower bound. The bank left its target for the overnight rate unchanged at 0.25 per cent, which it has said is as low […]
By Greg Meckbach | June 3, 2020
3 min read
Marc Lipman, former chief operating officer of American International Group (AIG) Canada, is the new president of Lloyd’s Canada. Lipman (pictured, above) replaces Lisa Duval, who had served as Lloyd’s Canada’s attorney in fact and chief agent, on an interim basis since October 2019. Duval is returning to Lloyd’s International Regulatory Affairs in London, the […]
By Greg Meckbach | June 1, 2020
Auto clients who think they are paying too much should consider telematics, the co-founder of LowestRates.ca suggests. With telematics, or usage-based insurance, the client normally installs an app on their smart phone or hardware into their vehicle diagnostic port, the OBD-II port, so the insurer can track things like when and where a vehicle is […]
By Greg Meckbach | May 29, 2020
VAUGHAN, Ont. – Four alleged organized criminal organizations that operated as rival tow truck companies involved in a violent battle for territory in the Toronto area have been dismantled, police said Tuesday. York regional police said the alleged crimes involved real collisions with jacked-up fees to drivers, staged collisions and extensive insurance fraud. The turf […]
By Canadian Underwriter | May 26, 2020
The novel coronavirus appears to have put broker-carrier data exchange connectivity into a temporary state of suspended animation. But the pandemic is a time to push forward with industry-supported data exchange innovations, not put them on hold, one carrier has challenged. “Let’s not use COVID-19 as an excuse to push off the work required to […]
By David Gambrill | May 21, 2020
If Intact Financial Corporation CEO Charles Brindamour had his way, Intact would be as big in property restoration as it is in the brokerage business. Brokerlink currently has more than 140 brokerage offices and 2,000 employees, and Intact is closing acquisitions of new brokerages on a regular basis. Intact announced in 2019 it agreed to […]
By Greg Meckbach | May 20, 2020
2 min read
The Lloyd’s market will pay “in the range” of $3 billion to $4.3 billion “as a result of the far-reaching impacts of COVID-19,” the Corporation of Lloyd’s announced Thursday. Comparing the overall COVID-related losses to the 2001 terror attack in New York and the impact of Hurricane Katrina in 2005, Lloyd’s went on to suggest […]
By Greg Meckbach | May 15, 2020
4 min read
VICTORIA – The COVID-19 pandemic has sideswiped British Columbia’s public vehicle insurer, but the attorney general says it’s too soon to assess the potential damage. David Eby, who is also the minister responsible for the Insurance Corporation of B.C., said Thursday claim costs are down by about $160 million because there have been fewer accidents […]
Don’t be surprised if you see Intact Financial Corp. announce the acquisition of a United States-based commercial specialty property and casualty insurer in the future. During a fireside chat Wednesday with John Aiken, Toronto-based financial service analyst with Barclays, Intact CEO Charles Brindamour was asked about about industry consolidation, acquisitions and how Intact is deploying […]
By Greg Meckbach | May 14, 2020
Saskatchewan Government Insurance is resuming road tests – suspended since mid-March – for some drivers. SGI had suspended driving tests in order to reduce the risk of spreading the novel coronavirus. And so how to resume testing while social distancing remains at play? “Physical distancing is not possible in a vehicle, so in order to […]
By Greg Meckbach | May 13, 2020
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