Personal lines in Canada’s property and casualty insurance industry still show signs of the hard market, with both personal auto and property showing mid single-digit rate increases at year-end 2022, a new report said. Overall, premium rate changes increased for personal auto and personal property from the same time last year, with some quarterly and […]
By Alyssa DiSabatino | March 13, 2023
2 min read
Erin Magilton, Canadian Leader, Corporate Risk & Broking, WTW Asked how she became an executive, Erin Magilton, WTW’s Canadian leader of corporate risk and broking, said the most succinct answer is that she really wanted it. “I was ridiculously fortunate to have my first business mentor inspire my career trajectory,” she said. “Seeing how Karin […]
By Phil | March 10, 2023
3 min read
Hard markets may come and go, but they seemed to stick around longer for Directors and Officers (D&O) coverage than for some other P&C industry segments. As of last fall, though, D&O availability and affordability have been improving. After several years in a hard market that restricted capacity and toughened pricing, a transition to softening […]
By Phil | March 8, 2023
2 min read
The Centre for Study of Insurance Operations (CSIO)’s mandate has evolved to ensure consistent interpretation of the property & casualty (P&C) insurance industry’s data standards by insurance companies and technology vendors. “In developing the multi-year strategic plan, CSIO’s board of directors identified an opportunity to further improve standards development and corresponding implementation guides to ensure […]
By Phil | March 6, 2023
3 min read
Westland Insurance has added to its entertainment team with the acquisition of Vancouver-based music insurance brokerage Shephard Ashmore Insurance Inc. The music insurance brokerage for more than 40 years pioneered music insurance programs for independent artists in the late 1970s, Westland said in a press release Mar. 1 announcing the deal. Shephard Ashmore provides insurance […]
By Jason Contant | March 6, 2023
3 min read
Threats of an economic recession in Canada are not likely to dampen mergers and acquisitions activity in the property and casualty insurance brokerage sector in 2023, one M&A expert predicts. Although M&A activity contracted in some industry sectors towards the end of 2022 (such as public equity markets and cryptocurrencies), brokerages continue to be valued […]
By David Gambrill | March 3, 2023
3 min read
Digitizing a traditional insurance brokerage doesn’t have to break the bank, as many might believe, but the tech you pick — and how you roll it out — will make a difference to your costs. “It all depends on how you do it,” said Surex co-founder and CEO Lance Miller. “When I digitized my first […]
By Phil | March 1, 2023
3 min read
Having completed the foundational pieces of its Next Horizon business strategy, Gore Mutual Insurance company expects to be able to operate at a combined ratio in the range of 95% to 97% going forward into 2023 and beyond, the company’s chief executive told Canadian Underwriter in an interview. Gore launched its Next Horizon strategy in […]
By David Gambrill | February 28, 2023
3 min read
Many brokerages adopted technology sooner than planned because of the pandemic. And now acceptance of remote work is pushing brokerages to accelerate — or in some cases, start implementing — digital strategies. It’s easy to make a case for digitizing a brokerage. You get faster policy processing, operational efficiencies, and quicker customer service. But, for […]
By Phil | February 28, 2023
3 min read
Before asking customers for online reviews of their insurance purchases, brokers and insurers should give their clients 5 to 13 days to reflect on the experience and the product, a recent Harvard Business Review article suggests. “If they’re asked to provide a review too early, they can feel pressured and rushed, and they might opt […]
By David Gambrill | February 27, 2023
3 min read