Operations
A year after RSA Insurance Group plc was acquired by Intact Financial Corporation, nearly all personal lines broker policies, and commercial lines small business and fleet policies in Canada, have been converted to Intact systems, the insurer reported. “I’m pleased to see that the integration is very much on track in Canada. Policy conversion in […]
By Alyssa DiSabatino | July 29, 2022
3 min read
Heather Masterson is the new chairwoman of the Insurance Bureau of Canada (IBC) having been elected by the board of directors, the association announced Thursday. She brings a quarter century of industry experience, market and broker expertise, and executive leadership to the role, IBC said in a press release. “As the voice of Canada’s property […]
By Phil | July 29, 2022
2 min read
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
Global recession can change the way your clients do business, innovation that may lead to the next big insurance sales growth opportunities.
By David Gambrill | July 28, 2022
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
Specialization is one way insurance brokerages in Canada can remain independent, but it might not work if the market hardens again.
By Phil | July 27, 2022
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
A high rate of mergers and acquisitions for Canadian insurance brokerages means brokers need to get creative about staying independent
By Phil | July 25, 2022
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
Tech
Cyber insurers need to tread lightly when using cyber security rating scores — also known as outside-in security-risk assessments — because the data can be skewed and may mislead consumers into believing they’re more protected than they really are, said one cyber insurer. Cyber security ratings provide an “outside-in” view of a company’s overall […]
By Alyssa DiSabatino | July 21, 2022
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