Industry
A merger between two direct carriers may seem simple enough, but stumbling blocks can quickly appear once you peel back the layers. It’s a lesson Desjardins learned during its acquisition of State Farm. Things you don’t think about come to the forefront, like commonly used phrases carrying different meanings in front of different audiences. During […]
By Adam Malik | May 10, 2019
3 min read
Old medical malpractice claims with Allied World Assurance Company are still affecting the bottom line of Canada’s Fairfax Financial Holdings Ltd., which bought the majority of Allied World nearly two years ago. With a combined ratio of 102.3%, Zug, Switzerland-based Allied World was the only insurer owned by Fairfax that had an underwriting loss during […]
By Greg Meckbach | May 10, 2019
All signs point to positive for Intact when it comes to working with Alberta’s new government. Jason Kenney led the United Conservative Party to victory in April, returning a Conservative government to power after four years of rule by the New Democratic Party. While auto insurance may not be a top priority at this time, […]
By Adam Malik | May 8, 2019
2 min read
Karen Gavan, former CEO of the first Canadian property and casualty insurer to start the demutualization process, is now on the board of directors of HSBC Canada. Gavan (pictured) was CEO of Waterloo, Ont.-based Economical Insurance from 2011 through 2016. At HSBC Bank Canada, Gavan is a non-executive director effective April 12, HSBC announced Monday. […]
By Greg Meckbach | May 7, 2019
Two years after David Marshall released 30 recommendations for reforming auto insurance in Ontario, it’s time to focus on what the current government is actually proposing, a consultant suggests. “I think it’s time to stop talking about Marshall and focus really on what’s in the (2019-20) budget proposal,” Willie Handler, principal of Willie Handler & […]
By Greg Meckbach | May 6, 2019
If your client owns a multi-storey commercial or residential building and installs a system that lets them shut water off immediately if necessary, how easy is it to get a break on insurance? “To the best of our knowledge there are no scaled well publicized commercial subsidies being offered in the market right now,” said […]
Is electronic proof of auto insurance (EPAI) just around the corner in Ontario? Industry scuttlebutt is that the new Financial Services Regulatory Authority of Ontario (FSRA) will allow the use of EPAI this summer, possibly as early as June. Canadian Underwriter contacted FSRA for comment, but was referred to the Financial Services Commission of Ontario […]
By Jason Contant | May 3, 2019
Weak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property and casualty industry in Canada,” IBC chairman Kenn Lalonde said during the association’s annual general […]
By Greg Meckbach | May 2, 2019
The recent Ontario budget document is giving some insurers hope that the government will actually fix the province’s auto insurance system. “Many people have said that the comprehensive package contained in the budget is frankly the most encouraging statement about auto insurance from a government in Ontario for 35 years,” Don Forgeron, CEO of the […]
By Greg Meckbach | April 30, 2019
A lack of understanding about alternative risk transfer (ART) solutions, particularly among C-suite executives, remains a major obstacle to their expanded use, according a new report from Marsh and RIMS. Nearly half of C-suite respondents said they don’t understand how the products work, compared to just 18% of risk professionals, said the 16th Annual Excellence […]
By Jason Contant | April 30, 2019
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