Industry
While Ontario’s new financial regulator will not license managing general agencies (MGAs), it is taking a look at the entire sales process as part of its insurance conduct initiatives. “I don’t have the authority to do that, so I’m not going to,” Mark White, CEO of the Financial Services Regulatory Authority of Ontario (FSRA), said […]
By Jason Contant | October 2, 2019
3 min read
Companies providing electric scooters and similar devices are spawning a growing market for commercial insurance, an analyst with A.M. Best Company Inc. suggests. There is no standard definition of “micro mobility” but it often refers to small “last-mile” modes of transportation carrying one person, said Daniel Heitlinger, financial analyst for A.M. Best at the Oldwick, […]
By Greg Meckbach | September 30, 2019
Liability surrounding vaping is being thrust into the spotlight after a London, Ont. high school student was temporarily put on life support from a suspected “severe respiratory illness” associated with smoking electronic cigarettes. “There were lawsuits many years ago to determine liability if you were smoking cigarettes; that’s all extremely well-documented,” said Gary Hirst, president […]
By Jason Contant | September 30, 2019
A world is coming in which auto manufacturers will be nibbling away at typical claims services offered by the insurance community, a collision repair expert told delegates attending the National Insurance Conference of Canada (NICC) last Monday. Speaking at a session on auto insurance, Flavio Battilana, chief operating officer of CSN Collision Centres, said Original […]
By David Gambrill | September 27, 2019
British Columbia’s auto insurer has one rating factor that makes sense from an underwriting point of view, but could be onerous for brokers, an insurance defence lawyer suggests. The Insurance Corporation of British Columbia requires motorists in the province to list anyone who uses their vehicle as little as once a month, the Insurance Bureau […]
By Greg Meckbach | September 26, 2019
Ontario’s hybrid no-fault/tort insurance system has created a fundamental misunderstanding between private insurers and consumers over the purpose of insurance, which is driving up costs for insurers and consumers alike, says the former Liberal government’s special advisor on auto insurance. David Marshall, author of Fair Benefits Fairly Delivered — widely endorsed two years ago by […]
By David Gambrill | September 25, 2019
4 min read
There’s a new sheriff in town, and Ontario’s freshly-minted auto insurance regulator is gunning for auto rate approvals in 25 days instead of the usual six months. Tim Bzowey, executive vice president of auto/insurance products of the Financial Services Regulatory Authority of Ontario (FSRA), spoke about the bold new mandate of Ontario’s new insurance regulator […]
Canada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed new rules as currently drafted, the industry warns. On average, that would require Canadian carriers to “more than triple their capital base,” Insurance Bureau […]
By David Gambrill | September 24, 2019
Removing the stigma of mental illness is something all industry leaders need to work on, and one of Canada’s biggest insurers is promoting mental well-being by giving workers more time off than they would normally be entitled to. RSA Canada gives its workers 10 personal days off a year – on top of existing paid […]
By Greg Meckbach | September 23, 2019
CHICAGO – The call came on a Saturday in July delivering grim news: Many of the computer systems serving the government of LaPorte County, Indiana, had been taken hostage with ransomware. The hackers demanded $250,000. No way, thought County Commission President Vidya Kora. But less than a week later, officials in the county southeast of […]
By Greg Meckbach | September 20, 2019
5 min read
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