Industry
Aviva Insurance Company of Canada and Traders General Insurance Company have permission to use consumers’ credit information as an auto rating factor, the Nova Scotia Utility and Review Board announced Monday. Insurers are specifically prohibited from using credit information as an auto rating factor in both Ontario and Newfoundland and Labrador, the NSURB noted. But […]
By Greg Meckbach | February 13, 2020
2 min read
Why did the Insurance Corporation of B.C. (ICBC) decide to move towards a no-fault style model for auto insurance? “I heard rumours for months that they were going to introduce a no-fault product,” consultant Willie Handler, principal at Willie Handler and Associates, told Canadian Underwriter in an interview Monday. “The reforms they introduced last year […]
By Jason Contant | February 12, 2020
3 min read
Attacks involving “active assailants” are on the rise, and brokers shouldn’t assume that a standard property, commercial general liability (CGL), or even terrorism policy will cover the costs of supporting and helping the victims, a specialist insurer said Wednesday. “It almost certainly doesn’t,” said Pat Brice, distribution director with CFC Underwriting. “The risk of these […]
By Jason Contant | February 10, 2020
Mark Woodall, CEO of Special Risk Insurance Managers, joins the leadership team of Brown & Brown, a Florida-based brokerage
February 6, 2020
Canada’s national trade organization for private insurers has combined forces with a not-for profit organization to transition anti-fraud services into a single entity. Insurance Bureau of Canada’s (IBC) board of directors said in a press release Monday it has agreed to create an industry advisory group on fraud. The formation of the advisory group will […]
By Jason Contant | February 6, 2020
The managing general agent space in Canada has been busy over the past few months, with the launch of one MGA and the expansion of another. On Jan. 20, three industry veterans – Jeff Hart, Bruce MacKinnon and Tommy Truong – announced the creation of Vailo Insurance Services, based in Port Moody, B.C. The MGA […]
Don’t expect in 2020 to see the Canadian P&C industry’s return on equity (ROE) rise to the level of the 10%, which is one possible indicator that the hard market may be ending, according to Intact president and CEO Charles Brindamour. “We don’t think the industry is going back to 10% in 2020,” Brindamour said […]
By David Gambrill | February 5, 2020
Intact projects that Canada’s property and casualty industry will be asking for average auto insurance rate increases on the order of 7% over the upcoming 12 months. Intact itself is expected to ask for more auto rate during the next year, although the company did not give any exact number during its 2019 Q4 earnings […]
A former enforcement director with Tarion Warranty Corporation is calling for competition among insurers in new home warranty in Ontario. David Roberts, who retired in 2017 from Tarion, recommended the provincial government move the new home warranty system to a third party. By third party he means private insurance companies, Roberts said Jan. 22 during […]
By Greg Meckbach | February 3, 2020
Brokers may be excused when running for the hills as soon as a client mentions the word ‘nuclear,’ because they know that as soon as they turn around to a carrier for coverage, the conversation will end pretty quickly. But there may not be a more overlooked and misunderstood exclusion than the nuclear exclusion in […]
By Adam Malik | January 31, 2020
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