Operations
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 […]
By Canadian Underwriter Staff | July 8, 2020
2 min read
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 […]
By Canadian Underwriter Staff | 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 […]
By Canadian Underwriter Staff | 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 […]
By Canadian Underwriter Staff | July 5, 2020
Before COVID-19 hit Canada in March, George Hodgson, CEO of the Insurance Brokers Association of Alberta, says “a good chunk of habitational personal property was probably doing okay.” At least, outside of the condo market. Brokers are struggling to place condo policies, and if they are finding coverage, “the premiums are much, much higher than […]
By Canadian Underwriter Staff | July 4, 2020
Heading into 2020, Chuck Byrne, executive director of the Insurance Brokers Association of British Columbia (IBABC), thought he’d be spending his time preparing local brokers for their public auto insurer’s adoption of a no-fault system in May 2021. Instead, he’s split his time evenly between two problems: COVID-19 and the strata insurance crisis. “Things were […]
By Canadian Underwriter Staff | July 3, 2020
Canadian Underwriter recently surveyed 653 home and auto insurance customers, as well as 159 commercial insurance policyholders, all of whom buy their insurance through the broker channel. We asked them to tell us what they thought about the service they were receiving from their brokers. Here is what they told us…
By David Gambrill, Editor in Chief | July 2, 2020
12 min read
Tech
Motorists in Ontario, Alberta, Nova Scotia and Newfoundland and Labrador should be allowed to buy pay-per mile insurance, an Insurance Bureau of Canada official says. Those four provinces already allow usage-based insurance, wrote Ryan Stein, IBC’s executive director of auto policy and innovation, in a recent article on LinkedIn. But what this actually means is […]
By Greg Meckbach | June 26, 2020
4 min read
The recession will be long and painful so brokers and insurers need to settle in and do what they do best, property and casualty experts said. And don’t be surprised if some mergers and acquisitions activity push forward as tough times extend. “There’s not a lot of great cheer about a slow recovery. But, simply […]
By Adam Malik | June 26, 2020
3 min read
Employees are working longer and harder in a COVID-19 world than they did before, and it’s raising concerns about burnout — especially when many aren’t making vacation plans, according to a number of recent studies. A recent survey showed that more than 50% of respondents who are working from home because of the COVID-19 pandemic […]
By Adam Malik | June 25, 2020
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