Industry
An insurer’s popularity among consumers can differ by brand alone, a recent J.D. Power survey indicates. “There are differences when it comes to products, when it comes to distribution, when it comes to your marketing messaging,” Tom Super, director of the insurance practice at J.D. Power, said in a recent interview. J.D. Power released last […]
By Greg Meckbach | February 19, 2019
2 min read
Your clients have a lot to learn about trip cancellation insurance. Almost two-thirds of Canadians either don’t buy or are unsure if they have trip cancellation insurance before leaving on holiday, according to a recent study of 960 Canadians by Kanetix.ca. Assuming that trip cancellation coverage costs no more than 10% of a trip, that’s […]
By David Gambrill | February 19, 2019
3 min read
Insurance Corporation of British Columbia will save millions as a result of new auto injury lawsuit rules for the province, which will likely cut costs for other carriers as well, the provincial government says. ICBC, which is losing over $1 billion a year, has a monopoly on basic mandatory auto insurance in the province. But […]
By Greg Meckbach | February 15, 2019
A huge hike in auto rates does not mean your client has to be disgruntled. “There are things that insurers can do to soften the blow when [auto] insurance rate actions need to be taken,” Tom Super, director of the insurance practice at J.D. Power, said Friday in an interview. For example, a broker or […]
Amalgamation with another insurer and going into run-off were among the options considered by Economical Insurance directors before the Waterloo, Ont. carrier started the demutualization process in 2015. Mutual policyholders of Economical are scheduled to vote March 20 on a proposal to demutualize, the details of which are in a recently-released policyholder circular. As it […]
By Greg Meckbach | February 14, 2019
The pace of the hardening market in commercial lines has come as a surprise to some executives at Canada’s largest property and casualty insurer. “We have seen a shift in commercial lines that is pretty abrupt in the past six months,” Charles Brindamour, CEO of Intact Financial Corp., said during a recent conference call with stock […]
By Greg Meckbach | February 13, 2019
The Canadian auto insurance industry needs to improve its profitability by about 10 percentage points, executives with Canada’s largest property and casualty insurer suggest. Canada-wide and industry wide, personal lines auto has a loss ratio of about 75%, said Darren Godfrey, senior vice president of personal lines at Intact Financial Corp. So, with an industry-wide […]
By Greg Meckbach | February 12, 2019
VICTORIA – The British Columbia government is clamping down on the use of experts to cut costs and reduce delays in settling claims in motor vehicle accidents. Attorney General David Eby says the changes to B.C. Supreme Court civil rules are intended to stop the disproportionate use of experts and their reports in court cases […]
By Greg Meckbach | February 11, 2019
1 min read
Eight Lloyds syndicates have closed and some clients insured by the London market are seeing premiums increase four-fold, the head of a major Bermuda insurer suggests. “After some firm action by Lloyd’s in (2018), we saw the closure of eight syndicates and over 70 different announcements of exit or significant reductions in various lines from […]
By Greg Meckbach | February 8, 2019
Economical Insurance clients looking forward to cashing in on demutualization might have to hold on to their shares in the company for nearly six months. In Economical’s demutualization proposal, one restriction on common shares (issued as a benefit to demutualization) is that they cannot be sold for 180 days after the company ceases to be […]
By Greg Meckbach | February 5, 2019
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
