Overland flood insurance might be easier to sell if homeowners could figure out how vulnerable their properties are. “What would be most useful for homeowners is they would be able to search their postal code or property address and be able to get information that is specific to their property,” Dan Henstra, a University of […]
By Greg Meckbach | March 1, 2019
2 min read
SSQ Insurance has partnered with analytics firm SAS to help further their efforts towards IFRS 17 compliance. The new International Financial Reporting Standard (IFRS 17) standardizes reporting requirements for financial firms internationally, with the intent to improve financial transparency. But industry efforts to achieve compliance with IFRS 17 has resulted in increased complexity and operating […]
By David Gambrill | February 27, 2019
2 min read
HALIFAX – A top Canadian naval officer is out 50 rare coins he valued at $38,000 with little to show for it, after a Nova Scotia small claims court found FedEx Canada not liable for the full value of his lost package. Guillaume Lafrance, chief of staff of Canada’s East Coast navy and a longtime […]
By Greg Meckbach | February 20, 2019
3 min read
eCaptiv, which provides alternative and captive insurance solutions in Canada and the United States, will be forming two group captives through an exclusive group of independent insurance brokers to “combat commercial auto trends in Canada.” The programs are in the process of accepting submissions for prospective members and intend to commence in July, eCaptiv said […]
By Jason Contant | February 15, 2019
2 min read
Due to six decision biases, consumers will typically not protect themselves against low-probability, high-consequence events until it is too late, a keynote speaker said recently at the CatIQ Connect conference in Toronto. When consumers decide not to purchase insurance or invest in loss reduction measures prior to a disaster, they are typically guided by one […]
By Jason Contant | February 12, 2019
3 min read
Ontario’s new government and auto insurance regulator are “focussed on the right areas,” a senior manager for the province’s largest auto insurer said recently. The Financial Services Regulatory Authority (FSRA) is scheduled to replace the Financial Services Commission of Ontario (FSCO) this year as the province’s auto insurance regulator. FSRA released last month its proposed […]
By Greg Meckbach | February 11, 2019
3 min read
One strong challenge to the broker channel, according to brokers, is consumer self-education about their insurance needs and options. Nowhere is this more evident than in the field of business interruption (BI) insurance, a very specialized coverage that is rife with opportunity for client misunderstandings. Just over one-quarter of 802 brokers surveyed in Canadian Underwriter’s […]
By Jason Contant | February 8, 2019
3 min read
Canada’s insurers are optimistic that a national flood program will be in place to protect high-risk properties sometime in the not-so-distant future, although it doesn’t appear to be likely before the next federal election scheduled for Oct. 21, 2019. “We’ve made some really good progress,” Insurance Bureau of Canada (IBC) president and CEO Don Forgeron […]
By David Gambrill | February 6, 2019
3 min read
The past few years have created a perfect storm leading to an increase in commercial insurance rates, Signature Risk Partners Inc. says in a white paper released last week, entitled Hard Commercial Insurance Market on the Way. One factor is that global catastrophe losses hit US$160 billion in 2018, according to Munich Re. Out of […]
By Jason Contant | February 4, 2019
2 min read
Whether the industry faces a hard market or simply a “market correction,” commercial lines premiums are definitely on the rise, Canadian commercial brokers reported in an online poll by Canadian Underwriter. And they are starting to get concerned about it. Commercial brokers may want to adapt their business renewal strategies accordingly, suggests a new white […]
By David Gambrill | February 4, 2019
3 min read