If you merge or acquire a new brokerage, make sure your brokers have the proper licences to serve the out-of-province insurance needs of any new clients absorbed into the business, a recent broker regulator decision states. Insurance Council of B.C. has fined Sussex Insurance Agency $20,000 and its nominee $5,000 for selling out-of-province insurance policies […]
By David Gambrill | May 1, 2024
3 min read
Dario Battista, president & CEO at isure, is the Insurance Brokers Association of Ontario’s (IBAO) new president for the 2024-2025 term. Battista joined IBAO as a board member in 2022 and has contributed to multiple IBAO working groups due to his expertise in marketing and technology. “I’m looking forward to the opportunity to play […]
By Alyssa DiSabatino | April 30, 2024
2 min read
An imbalance between supply and demand continues to put the squeeze on brokerage firms, say respondents to CU‘s 2024 National Broker Survey. Broker principles voice frustration that training people to become brokers can’t keep pace with the number of people leaving the industry. For example, the Canadian Accredited Insurance Broker (CAIB) designation program, which teaches […]
By Phil | April 30, 2024
3 min read
A large majority (81%) of brokers believe it’s a myth that there’s a lack of diverse talent available to hire or promote. Yet, when asked about key hiring challenges facing their organizations, lack of skilled diverse talent tops the list, according to Canadian Underwriter’s 2024 Brokerage DEI survey. According to 291 broker respondents, the top […]
By Alyssa DiSabatino | April 29, 2024
3 min read
Where would you like to leave things? It’s a critical question for Canada’s property and casualty (P&C) brokers, especially given the seniority of brokers represented in Canadian Underwriter’s 2024 annual National Broker Survey. More than 200 brokers nationwide shared views about challenges for the broker distribution channel. The CU survey is sponsored by Sovereign Insurance. […]
By Phil | April 26, 2024
3 min read
Could virtual reality mentors help train recruits in the property and casualty insurance industry? It may sound futuristic, but early iterations of virtual reality and AI-based learning are already being used to help onboard new hires in the industry, panellists observed Wednesday at Canadian Underwriter’s webinar, The Loyalty Advantage. Virtual reality training aids are already […]
By David Gambrill | April 25, 2024
3 min read
Ches Special Risk has launched Canada’s first Shariah-compliant insurance product under the name Ethical Insurance. The product conducts insurance transactions based on principles of Islamic finance — also known as Takaful — and excludes investments or coverage of industries that don’t align with Islamic values. The product arose because Ches saw a need for policyholders […]
By Alyssa DiSabatino | April 25, 2024
3 min read
Fixing the labour shortage plaguing Canada’s P&C insurance industry is officially Job 1 for the broker channel, Canadian Underwriter’s 2024 National Broker Survey shows. Failing to do that, survey respondents say, puts brokerages at risk of sustaining collateral damage in the competitive war to find — and keep — qualified talent. The CU survey is […]
By Phil | April 24, 2024
3 min read
Insurers and governments need to work closer together to better educate consumers on why auto insurers use territorial ratings, claims experts say. In addition, governments need to invest in better supports and infrastructure so vulnerable communities aren’t disproportionately impacted by territorial ratings, panellists said during a discussion at the Ontario Insurance Adjusters Association 2024 Claims Conference. […]
By Alyssa DiSabatino | April 23, 2024
3 min read
Who are you going to hire? It’s a key question as Canada’s property and casualty (P&C) insurance brokers look to simultaneously broaden diversity within their teams and solve a hiring crisis that’s persisted for nearly a decade. One way firms are filling out teams is by hiring more people from traditionally underrepresented groups, says Canadian […]
By Phil | April 22, 2024
3 min read