Tech
How far along is the Canadian insurance industry in terms of cyber product standardization? While some of the standard language for base coverage has become more standardized over the years, there is still an overall general lack of standardization. There is also sometimes the need for insurers to address “non-traditional” cyber exposures, making standardization more […]
By Jason Contant | June 10, 2019
3 min read
Operations
What if a terrorist attack interrupts your client’s business, but causes no actual injuries or damage to that client? Some insurers today are covering non-damage costs and loss of attraction. This could come into play if there is a terrorist attack and your client loses business because police cordon off several square miles, Paddy McConvey, […]
By Greg Meckbach | June 6, 2019
Yet another commercial brokerage has expanded its presence in the benefits space in Canada. Toronto-headquartered Navacord Corp. announced Tuesday the acquisition of Toronto-based Future Benefits Management Inc. (FBMI), effective June 3. Founded in 1995 and exclusively focused on group benefits, FBMI will be joining JDIMI Consulting, Navacord’s broker partner dedicated to group benefits and retirement […]
By Jason Contant | June 6, 2019
2 min read
One insurtech based in the United States is pre-filling data in home insurance application forms to help answer questions that customers may not be able to answer themselves. California-based home insurance company Hippo Insurance uses trusted public data sources like Zillow to pre-fill data and help minimize the 50-150 questions in the standard U.S. home […]
Hub International Ltd. has bought its second Saskatchewan property and casualty insurance brokerage in less than a month. Chicago-based Hub said Tuesday it has acquired Kamsack-based Cottenie and Gardner Inc. Kamsack is a town of about 1,800, situated near the Manitoba border about 250 kilometres northeast of Regina. Cottenie and Gardner’s offerings include home and […]
By Greg Meckbach | June 4, 2019
Aon plc has appointed Stéphane Lespérance as president of commercial risk and health solutions in Canada. In his new role, Lespérance will be responsible for the day-to-day leadership of the commercial risk and health solution teams in Canada, Aon said in a press release Monday. He will report directly to Christine Lithgow, until her retirement […]
By Jason Contant | June 4, 2019
1 min read
Legal / Regulation
A Manitoba brokerage recently found itself in hot water with the regulator for rebating premium money to a dissatisfied client. Insurance Council of Manitoba ruled that Donbar Agency Limited, which operates as Crossroads Insurance, should not have rebated an unhappy client’s premium by $164 – the difference between an initial quote and the final policy […]
By David Gambrill | June 3, 2019
4 min read
With wildfires raging in northern Alberta and Ontario, brokers are reporting some funky outcomes associated with insurers’ binding authority restrictions. Under the restrictions, brokers cannot bind coverage in areas under civil authority, forest fire alerts, flood alerts and certain earthquake exposures. “Like most insurers, we won’t bind any new risk located within 50 kilometres of […]
By Jason Contant | May 31, 2019
To get the best out of your collaboration efforts, get outside of your comfort zone. The best companies understand the value of collaboration, said Sven Roehl, co-founder of Cookhouse Lab, an insurtech innovation firm. But they also understand they need to go beyond their inner circle of trusted friends. “What they’re now doing more than […]
By Adam Malik | May 31, 2019
BrokerLink has made its third acquisition in May with the purchase of Alberta independent insurance brokerage Thomson Schindle Green Insurance & Financial Services Ltd. (TSG). With branches in Medicine Hat, Calgary, Brooks, Bassano and Edmonton, TSG has been providing insurance services in southern Alberta since 1985. It offers personal and commercial lines as well as […]
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