Insurance & Risk, Analysis, Events and Careers
Expect the quickening pace of mergers and acquisitions (M&A) activity to present a big challenge — or advantage — to brokers, Joseph Carnevale, president at Insurance Brokers Association of Ontario, said at the Young Brokers Conference. The Insurance Broker Association of Ontario is predicting a big year for M&A activity in 2022. Coupled with […]
By Alyssa DiSabatino | June 21, 2022
3 min read
While the pandemic created extra work for brokers, it also highlighted the value of the broker proposition, which includes, choice, advice and advocacy, according to Canadian Underwriter‘s 2022 National Broker Survey, which asked more than 250 brokers nationwide about challenges to the broker distribution channel. Data gathered since the start of the pandemic showed clients […]
By Phil | June 20, 2022
3 min read
Younger Canadians are accustomed to getting immediate results from their actions. Sending an e-transfer, text or e-mail means things happen in the blink of an eye, said Katy Fowler, personal lines hero at InsuranceHero. “We expect our internet to be fast and to load the page instantly for us so we’re not banging the mouse […]
By Phil | June 17, 2022
2 min read
Although making a car theft claim won’t yield higher premiums, repeated claims may make it difficult for an insured to hold onto their theft coverage, says one insurance expert. Not all auto insurance policies cover car theft, Matt Hands, director of insurance at RateHub says. “You can add optional coverages to your policy that would cover theft. […]
By Alyssa DiSabatino | June 16, 2022
3 min read
Although public health indicators have seemingly stabilized and provinces are doing away with COVID-19 restrictions, clients aren’t all rushing to change their policies mid-stream, say brokers. In fact, many clients seem to be sticking to the policy changes they made during the pandemic. “We’re not seeing the rush for people to make the changes to […]
By Alyssa DiSabatino | June 14, 2022
3 min read
Mirror, mirror, on the wall, who’s the biggest brokerage of them all? Marsh McLennan, with revenue of US$9.5 billion and a global market share of approximately 15.4% in 2021, said a new report by Insuramore, a London, U.K.-based insurance and marketing consultant. Aon is the first runner-up, with 2021 revenues of $6.1 billion and a […]
By David Gambrill | June 7, 2022
2 min read
Large Canadian P&C brokerages continue to make national expansion a component of their acquisition strategies. National brokerage Navacord partnered with Abatis Risk Management (Abatis Gestion de Risques inc.) in March, which was Navacord’s first partnership in Quebec, according to Navacord brokerage Jones DesLauriers. Around the same time, Western Canada-based Westland Insurance Group Ltd. acquired two […]
By Phil | June 6, 2022
3 min read
Brokers are typically leading conversations about inflation-driven insurance value adjustments for commercial building owners and builders, said Bernard McNulty, chief agent and head of claims, Allianz Global Corporate Specialty. But, he added, clients also are contacting brokers to inquire about the need to increase coverages, depending on the mix of building types and equipment they’re […]
By Phil | June 3, 2022
3 min read
Westland Insurance Group Ltd. has broadened its place in commercial and personal lines with the recent acquisition of two Ontario-based brokerages: MCR Insurance in Aurora and Walter Roberts Insurance in Richmond Hill. Ontario is an area of strategic importance, Westland stated in a press release Friday. “Each of these acquisitions adds significant depth and strength […]
By Alyssa DiSabatino | May 27, 2022
2 min read
Over the past 20 years, a transition from traditional risk management approaches to enterprise risk management (ERM) helped Canada’s property and casualty insurance industry post stronger performance and financial health, compared with many other industries. A recent Insurance Institute study noted this strong performance included reporting of an underwriting profit for every year but one […]
By Phil | May 26, 2022
2 min read