Operations
Business leaders in Canada are concerned about cyber extortion and social engineering fraud, such as business email compromise (BEC) and email account compromise (EAC), Aon reported. “The last year has seen a tremendous increase in cyber-related claims in Canada,” said Brian Rosenbaum, national cyber leader at Aon in Canada. “The majority of these claims are […]
By Jason Contant | February 26, 2020
3 min read
Dalton Timmis Insurance Group Inc. and McLean Hallmark Insurance Group Ltd. are among the Canadian brokerages who are now adopting the NFP brand name, New York City-based NFP announced Tuesday. NFP closed its acquisition of Toronto-based McLean Hallmark this past July, 18 months after buying Ancaster, Ont.-based Dalton Timmis. Several NFP-owned Canadian brokerages are adopting […]
By Greg Meckbach | February 26, 2020
2 min read
A Manitoba broker has been fined $1,000 and ordered to take an ethics course after failing to fully disclose on her broker licence renewal application why her brokerage had terminated her for cause. Rahat Sharma, a broker who used to worked for a brokerage identified only as ‘Agency A,’ was involved in an automobile accident […]
By David Gambrill | February 21, 2020
Growing your business doesn’t necessarily mean you’re creating more value for it. That’s a common mistake people make during merger and acquisition deals, according to one expert. Value is created only when the business gets a return on capital in excess of the cost of capital, explained Howard Johnson, Toronto-based managing director of mergers and […]
By Adam Malik | February 20, 2020
While the Insurance Brokers Association of Canada (IBAC) is encouraging homeowners to contact brokers about earthquake and overland flood risk, it is not aiming to shock or scare the living daylights out of consumers. “We consciously chose not to use devastating images, for example – so no photographs of people traumatized in their basements waist-high […]
By Greg Meckbach | February 13, 2020
Insurance should be mandatory for all condo unit owners in the condo corporation, an executive with the Insurance Brokers Association of B.C. (IBABC) told Canadian Underwriter Monday. “Strata/condo building managing councils should encourage their member unit owners to vote in favour of their bylaw changes to make unit owners insurance mandatory for all owners in […]
By Jason Contant | February 12, 2020
One broker association is calling for consultation among all key stakeholders to discuss owner liability in condo corporations, with a focus on proposed achievable legislative action. As condominium (strata) insurance premiums and deductibles continue to rise across the country, the Insurance Brokers Association of B.C. (IBABC) is recommending two key reforms to the Strata Property […]
By Jason Contant | February 11, 2020
Legal / Regulation
The government of British Columbia’s recent announcement that it will be removing lawyers and legal costs from the system to reduce insurance premiums by about 20% and increase care benefits has been met with approval from the provincial brokers association. However, there is a downside to the plan to reduce premiums so drastically by May […]
By Jason Contant | February 10, 2020
In addition to using modern data analytics, commercial brokers can use traditional, proven risk assessment tools to help business clients understand and cope with price increases in today’s hard market, says a veteran of three hard markets. Inspections have been around for hundreds of years to help P&C insurers price correctly for commercial property risk, […]
By David Gambrill | February 4, 2020
Aon plc has announced the acquisition of Cytelligence, a Canadian-based cyber security firm with deep expertise in cyber incident response and digital forensic investigations. London, UK-based Aon said Tuesday the acquisition will help the brokerage expand its current coverages within the cyber market at a time when cyber claims are almost doubling year-over-year. To help […]
By Jason Contant | February 4, 2020
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