Canadians are becoming increasingly interested in getting an electric vehicle (EV) for their next purchase on one hand, but consumers also seem concerned about the cost of insuring electric vehicles, according to data from rate comparison site My Choice. Seventy-seven per cent of respondents in British Columbia and 74% in Ontario would consider buying an EV the next […]
By Alyssa DiSabatino | July 28, 2022
2 min read
Global recession can not only change the way insurance does business, but it also may change the way your clients do business – which may lead to the next big recession-proof opportunities for insurance sales growth. Economies in recession don’t necessarily mean less business innovation, Scott D. Anthony, a clinical professor at Dartmouth College’s Tuck […]
By David Gambrill | July 28, 2022
3 min read
Last year was generally the most favourable for Canada’s insurers in a while – since 2006 as a matter of fact – with the industry’s return on equity (ROE) coming in at a solid 17.2% (against 11.2% in 2020). ROE for Canada’s P&C industry has surpassed 12% only twice between 2006 and 2019 (both in […]
By Phil | July 28, 2022
3 min read
A bevy of challenges, including M&A frenzy, rapidly evolving technology, automation and directs, has spurred some independent brokerages to focus on specialization. And some are even divesting of personal lines. “From a client perspective, it’s great to have a broker that specializes in their line of business,” said Canadian Broker Network president Lorie Phair. “But […]
By Phil | July 27, 2022
3 min read
Men and young people aged 18-34 are more likely than women and those aged 55+ to engage in road rage behaviours, finds a recent Ratesdotca survey. Although men and women claim to engage in road rage equally (51% respectively), men are more likely than women to engage obscene gesturing (17% versus 12%), rolling down the […]
By Alyssa DiSabatino | July 26, 2022
2 min read
What’s the best way for a P&C broker to maintain its independence? Depends who you ask. Back in April, Insurance Brokers Association of Ontario president Joseph Carnevale told Canadian Underwriter that independence is linked to the broker value proposition to act as a trusted advisor to clients. Provided the advice is in the best interests […]
By Phil | July 25, 2022
3 min read
Facility Association (FA) is launching a video-enabled telematics program for Ontario taxi drivers, and it may see participants earn their way back to the standard market. The program, effective Dec. 1, 2022, is meant to help drivers improve their driving and correct bad habits. “Enrollment in the telematics program would qualify participants to an incentive […]
By Alyssa DiSabatino | July 22, 2022
2 min read
Farmers across Canada are being buffeted by a mix of drought conditions and hail damage in June and July, but insurers may be able to increase farmers’ risk management through drought and hail outlooks, experts explain. Southern Ontario farmers are experiencing abnormally dry conditions, while farmers in southern parts of Saskatchewan and Alberta are […]
By Alyssa DiSabatino | July 20, 2022
3 min read
The Canadian Association of Black Insurance Professionals is looking to empower and bridge the gap of opportunities for Black insurance professionals. “The mission was derived collectively from our own lived experience growing up in this industry,” says co-founder Dionne Bowers. “What we may not have had in the industry when we first started out, […]
By Alyssa DiSabatino | July 14, 2022
3 min read
Business and leisure travel is on a post-pandemic rise, but major flight delays and cancellations will have impacts on travel insurers’ credit profiles, said a commentary from credit-rating agency DBRS Morningstar. Even though airplane travel remains below 2019 levels, staff shortages, strikes and labour actions, increased operational requirements, baggage losses and fleet reductions will see […]
By Alyssa DiSabatino | July 13, 2022
2 min read