Legal / Regulation
Brokers will probably not be directly affected by a Liberal election promise to raise corporate tax rates on insurance companies making over $1 billion a year in profits, the CEO of the national brokerage association suggests. As quoted by The Canadian Press, Prime Minister Justin Trudeau proposed Aug. 26 to raise the corporate income tax […]
By Greg Meckbach | August 31, 2021
2 min read
Operations
The COVID-19 pandemic has forced Canadian property and casualty insurance brokerages to find new ways of marketing their brand through community events and sponsorships. “One of the challenges – particularly for small and mid-sized brokerages in Western Canada – has been that the number 1 marketing expense is community sponsorships,” said Derek Lothian, president & […]
By Greg Meckbach | August 27, 2021
Tech
If open banking becomes available to Canadians in 2023, fintechs could find opportunities to cross-sell financial services including insurance, a venture capital expert suggests. Generally speaking, fintechs are looking forward to open banking coming into effect, said Laviva Mazhar, Montreal-based investment associate with Luge Capital, in an interview Monday with Canadian Underwriter. “The access that […]
By Greg Meckbach | August 20, 2021
Dublin-based brokerage Willis Towers Watson PLC has appointed Kate Mead as head of its Canadian property and casualty broking team. Mead was previously Willis Towers Watson’s practice leader for the midwest, northeast United States and Canadian environmental business, the brokerage said Aug. 19 in a release. “Canada is a key component of our global strategy […]
Commercial brokers wanting to place coverage for restaurants and hotels need to understand how those clients were affected by the pandemic and make the best case on their risk profile to carriers, says the CEO of Insurance Brokers Association of Saskatchewan. During the pandemic, some Saskatchewan brokers have been “having some very, very difficult conversations […]
Uncertainty over mega-brokerage mergers provide an opportunity for other brokerages to acquire quality talent, a senior manager with Montreal-based BFL Canada suggests. “Recently, firms like BFL have reinforced their large account talent pool with various leaders, claims, captive experts, surety and client executives from Willis Towers Watson (including me) and Aon to ensure they are […]
By Greg Meckbach | August 13, 2021
3 min read
A federal advisory committee’s recommendation to prohibit the use of banking data in underwriting, during the proposed initial phase of open banking in Canada, is a partial but not a complete victory for Canada’s national brokers’ association. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” […]
By Greg Meckbach | August 11, 2021
Mutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own banking data to insurance companies. “If a consumer whose banking data belong to him, wishes […]
By Greg Meckbach | August 10, 2021
Open banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up and running by January, 2023. Property and casualty insurance brokers have a vested interest in […]
By Greg Meckbach | August 5, 2021
If you knock on Intact’s door offering money to buy its BrokerLink subsidiary, prepare to get rejected. “You are far more likely to see us putting way more capital in [the property and casualty insurance brokerage] space than the other way around,” said Charles Brindamour, CEO of Intact Financial Corp., during a virtual fireside chat […]
By Greg Meckbach | August 4, 2021
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
