Operations
Insurers should be allowed to terminate auto policies electronically if consumers consent, the Insurance Brokers Association of Ontario’s CEO says. In its budget document released Nov. 5, the Ontario government said the next phase of its previously-announced “blueprint” for auto insurance changes is to “focus” on several reforms. One of those proposed reforms is “increasing […]
By Greg Meckbach | November 24, 2020
2 min read
Ontario’s broker association is keeping a close eye on a provincial government proposal to relax restrictions on credit unions selling insurance in branches. “We believe there is a public consultation that is going to take place in 2021, so we will wait and see what the details are,” Colin Simpson, CEO of the Insurance Brokers […]
By Greg Meckbach | November 19, 2020
3 min read
Brokers struggling to find coverage for small and mid-sized restaurant and hotel clients may now have a new option available, and it’s already getting a response. CAA Club Group’s Echelon subsidiary announced Monday it is offering up to $5 million in property and liability coverage to some small and mid-sized clients in the hospitality sector. […]
By Greg Meckbach | November 17, 2020
4 min read
It is still up to regulators to decide whether Aon plc will be allowed to acquire Willis Towers Watson plc, but Aon officials seem confident there won’t be a problem. During a recent earnings call, Aon executives were asked why they were so confident that they would not be forced to sell part of Willis […]
By Greg Meckbach | November 11, 2020
Legal / Regulation
A B.C. broker has been suspended for two years and fined $1,000 for passing off a client’s cancelled vehicle license plates as his own, giving the appearance that his vehicle was insured when in fact it wasn’t. Ping Hong (Gary) Chow was licensed as a Level 1 general insurance salesperson from 1997 until he terminated […]
By David Gambrill | November 10, 2020
Intact Financial Corp. is aiming to grow its brokerage subsidiary to a $3-billion-a-year operation, CEO Charles Brindamour told investment banking analysts recently. “BrokerLink recently surpassed $2 billion in premiums as it continues to grow organically and through acquisitions,” Brindamour said Nov. 4 during a conference call. “The growth story isn’t done, as we have set […]
By Greg Meckbach | November 10, 2020
Things could get interesting for brokers in Atlantic Canada if Intact takes over RSA’s Canadian operations, a Saskatchewan broker told Canadian Underwriter Friday. That being said, he felt if the proposed deal announced Thursday goes through, it would still leave plenty of choice among insurers in the Canadian property and casualty market. David Pettigrew, CEO […]
By Greg Meckbach | November 6, 2020
5 min read
HR
Brokers who are concerned about carriers having “too direct” of a relationship with the broker’s customers should consider what service those customers are expecting, an industry consultant suggests. “As an industry, we have a number of places where we have inserted extra steps because of people’s sensitivity or mistrust of each other,” said Bryan Falchuk, […]
By Greg Meckbach | October 27, 2020
With a week to go before Hallowe’en, Ontario brokers heard some spooky stories last week about what happens if a brokerage does not invest in keeping up to date with technology. “Technology is going to be a much more permanent feature of your investment budget, and I don’t think it has to eliminate your margins; […]
By Greg Meckbach | October 26, 2020
Government and the industry should take a close look at the structure and regulation of “middle players” in the commercial property and casualty insurance market, Ontario brokers heard last week at their annual convention. “We know there are some things happening in the market where some rules…do not apply to everyone in our market, and […]
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