A veteran B.C. broker had his broker licence suspended for one year after trying to protect his son by falsely claiming to police and the public auto insurer that he was the driver in his son’s hit-and-run accident. In addition to the one-year suspension, Jasbir (Jesse) Singh Minhas, a licensed broker for more than 20 […]
By David Gambrill | April 17, 2023
3 min read
The big deal for Canada’s P&C insurance industry in 2023’s federal budget was a $31.7 million commitment over three years to protect households at high risk of flooding and without access to adequate insurance. But there was some less-noticed news. The Mar. 28 proposed budget also contained two changes that could affect how P&C brokerage […]
By Phil | March 30, 2023
3 min read
People love their smartphones. And even those who claim they don’t still spend hours using them every day. A study last year by cybersecurity company NordVPN found 66% of Canadians even use their phones while in the washroom. I’ve always wondered what someone’s price would be to stop texting forever. In late 2022, I posted […]
By Phil | February 22, 2023
3 min read
The specialized nature of commercial brokering is causing a talent shortage now that veterans are retiring in droves. “I literally get three or four different companies a week that ask for talent, and it’s amplified across the industry,” said John McNeil professor and insurance program coordinator at Humber College. A lot of people are retiring, […]
By Phil | January 18, 2023
3 min read
Companies looking at the benefits of setting up an Alberta captive insurance company appear to be taking a ‘wait-and-see approach’ with respect to tax treatment. At the moment, the province’s tax authorities have indicated captives will be treated the same as other insurance entities with respect to premium tax rates – which is different than […]
By Phil | January 12, 2023
2 min read
TORONTO – The self-driving era is here, just not the one that was promised. Instead of sleek pods without steering wheels ready to chauffeur buyers off the lot, there are mostly driverless Chevy compacts, Chrysler minivans, and Ford box trucks with bolted-on hardware trundling around bits of the U.S. southwest and, as of August, a […]
By Jason Contant | December 15, 2022
5 min read
Manitoba Public Insurance (MPI) must now develop a five-year plan to switch from its registered driver model to a primary driver model for auto insurance pricing — after previously stating such a switch would create large rate dislocation and require significant regulatory and IT changes. The change comes upon MPI losing a lawsuit against its […]
By Alyssa DiSabatino | November 9, 2022
3 min read
National associations representing Canadian P&C brokers and insurers are seeking clarification and amendments to proposed regulatory guidance on incentives management, particularly around the costs of incentives within different distribution models. In particular, both Insurance Brokers Association of Canada (IBAC) and Insurance Bureau of Canada (IBC) noted the costs of incentive arrangements vary based on the […]
By Jason Contant | October 25, 2022
3 min read
Regulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “We think governments and regulators do play an important role in this,” said Power. “There’s a big role on data […]
By Alyssa DiSabatino | October 14, 2022
2 min read
Supply chain disruptions can be circumvented if businesses start to engage in ‘friendshoring,’ one risk expert told the RIMS Canada Conference in Halifax. “Friendshoring is a polite way of saying the only people you can have in your supply chains are companies in countries that you trust,” said Janice Gross Stein, founding director of the […]
By Alyssa DiSabatino | September 28, 2022
2 min read