Tech
Blockchain has been around for a while, in cryptocurrency for example, but the property and casualty industry needs to work together and agree on what brokerages and carriers should use blockchain for, speakers said on a recent webinar. “Blockchain is a community or industry type of initiative. One person can’t do blockchain by themselves,” said […]
By Greg Meckbach | July 20, 2020
3 min read
Invoice processing and after-hours self-service are among the processes you could be automating today with advanced computing technologies. Aviva Canada has automated the reconciliation of invoices, the company’s chief claims officer, Bryant Vernon, reported during a Canadian Underwriter webinar Thursday. As a result of that automation, Aviva was able to increase the number of rebates […]
By Greg Meckbach | July 17, 2020
Legal / Regulation
A “lack of appropriate office procedures,” in addition to a “casual” approach to handling a client file, led to a series of miscues that resulted in coverage not being bound for a married couple who reported a theft of their property in a storage facility while moving their residence, the B.C. Insurance Council has found. […]
By David Gambrill | July 15, 2020
4 min read
Operations
Canada’s most easterly province had a tough start to 2020, says Kelly Hickman, president of South Coast Insurance in St. John’s. The province’s brokers have been working through a tough commercial market. They’re seeing “tighter underwriting restrictions, and less capacity,” says Hickman. On a positive note, following a lengthy auto review, the province introduced changes […]
July 13, 2020
2 min read
A Manitoba broker was recently fined $2,000 after obtaining premium relief for a client within hours of being told by the regulator that he was unlicensed to act as a broker. On Dec. 19, 2018, Darcy Dion Boguski completed the Insurance Council of Manitoba (ICM)’s online licence application to obtain a supplemental insurance licence with […]
By David Gambrill | July 10, 2020
As provincial governments across Canada begin to fire up their local economies in staged phases, Canadian businesses are asking their brokerages for advice on how to re-open safely. Aon Canada is already engaged in these sorts of their discussions with their clients. Three company representatives recently talked to Canadian Underwriter about the questions that clients […]
By David Gambrill | July 8, 2020
5 min read
Quebec brokers are facing a hard commercial market, says Eric Manseau, executive director of RCCAQ, an association representing brokers in Quebec. “Premium increases are a major issue for us in commercial. On average, I would say [rate increases of] between 15% and 20%. And in some cases, it can be 60%, even 80%, depending on […]
July 8, 2020
Auto reform has been the province’s biggest concern over the past year, says Colin Simpson, CEO of the Insurance Brokers Association of Ontario. “Inflation on physical damage has been reported to be about 6% to 7% a year,” he says. “So that takes [insurers] quite a bit of time to try and catch up.” As […]
July 7, 2020
Residential real estate and construction have been hit with rate increases ranging from 8% to 650% this year in Manitoba, says Colin Matchyuk, a commercial account executive at HUB International’s Winnipeg office. That’s because apartment buildings built within 150 feet of each other are considered one building by many insurance providers in the province. “It […]
July 6, 2020
Before the COVID-19 pandemic, Saskatchewan was projected to see a rare year of economic growth. “Our economy was sluggish heading into the crisis, but it was showing signs of shaking off some rust. Capital investment projections for 2020 were forecasting an increase for only the second time in the last six years, 0.4%,” says Derek […]
July 5, 2020
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