Industry
Insurers really don’t know how much money fraud is costing them. “In Ontario, we have to rely on other jurisdictions to try and quantify it because we are so lousy at it,” said Gordon Rasbach, former vice president of property and claims fraud at Aviva Canada, during a recent panel discussion. “There is not that […]
By Greg Meckbach | September 20, 2019
3 min read
Technology has been great for the insurance industry. But it’s also been creating problems, specifically creating a difficult market cycle. And it’s not the only reason why one panellist at the recent RIMS Canada Conference said the industry is “at a tipping point.” There’s a lack of capital in the market and commodity pricing has […]
By Adam Malik | September 20, 2019
Kent Rowe is now the president of the Insurance Brokers Association of Canada. Rowe, a former president of the Insurance Brokers Association of Newfoundland, was inducted into his new role after IBAC’s annual general meeting Thursday. By day, Rowe works in St. John’s as vice president of commercial lines for Wedgwood Insurance, which also has […]
1 min read
HALIFAX – The Nova Scotia government has declared a localized state of emergency in part of downtown Halifax in order to speed up removal of a construction crane blown down during post-tropical storm Dorian. Labour Minister Labi Kousoulis said Wednesday the step shifts the liability for potential damage during the crane’s removal to the province. […]
By Greg Meckbach | September 19, 2019
2 min read
Insurance rates on renewal are up nearly 4% in the Lloyd’s market, which has returned to profitability. “While market conditions generally remain at historically competitive levels, price increases have been witnessed across all major lines, most notably in property and aviation,” the Corporation of Lloyd’s said in its financial report for the first six months […]
Now is a good time for brokerages to sell their businesses and in some cases, the buyers come from outside the industry, speakers told insurance professionals at the recent A.M. Best briefing. “If I was in the [P&C] business I would love to be acquired by Intact, Aviva or RSA,” said Ron Stokes, EY Canada’s […]
By Greg Meckbach | September 17, 2019
Despite the hoopla over insurtech, the Amazon model of commerce is not about to replace the broker any time soon, analysts with A.M. Best Company Inc. told Canadian insurance professionals. “A lot of what these insurtech companies are getting to realize is that they hit this wall called regulation. They have never heard of it […]
By Greg Meckbach | September 16, 2019
CALGARY – A Calgary judge who has ordered a lengthy prison term for a woman convicted in a drunk-driving crash that killed a young man says Canadians are not getting the message about the dangers of driving impaired. Court of Queen’s Bench Justice Keith Yamauchi made the comment Thursday when he sentenced Jaylene Lagrelle to […]
HALIFAX _ Nova Scotia’s Labour minister says work will begin this weekend to remove a huge construction crane that collapsed in Halifax during Hurricane Dorian. Labi Kousoulis says a structural engineering report has been completed and approved by his department and Halifax Regional Municipality Fire Department. The twisted, yellow structure is draped over a building […]
By Greg Meckbach | September 13, 2019
Remarkable product innovation can occur without really ever changing the core coverage of the product, Marc Lipman, chief operating officer at AIG Insurance Company of Canada, said Tuesday at the Connected Insurance Canada conference. He used the example of travel insurance as one traditional, staid product that has gone through a “renaissance” in innovation. “It […]
By Jason Contant | September 13, 2019
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