Tech
Increased vehicle technology and elevated auto loss ratios are among the factors contributing to rate increases in Ontario auto, Joel Baker, president and CEO of MSA Research, told Canadian Underwriter on Thursday. “The industry is being challenged by elevated auto loss ratio across the country, including Ontario,” Baker said. “While Ontario isn’t the worst behaved […]
By Jason Contant | January 19, 2018
2 min read
DETROIT – Uber plans to carry passengers in autonomous vehicles without human backup drivers in about the same time frame as competitors, which expect to be on the road at the latest sometime next year, the service’s autonomous vehicle chief said Wednesday. Advanced Technology Group leader Eric Meyhofer wouldn’t give a specific start date but […]
3 min read
HR
An insurance company’s top manager is “an important face” for brokers, but this does not necessarily mean that big changes will happen any time soon after the recent leadership changes announced by Canada’s top two property and casualty insurers. London-based Aviva announced Tuesday that Colm Holmes is replacing Greg Somerville as CEO of Aviva Canada […]
By Greg Meckbach | January 18, 2018
Paul Jackson has been appointed chief marketing and distribution officer for Gore Mutual, effective immediately. Jackson will report to the insurer’s president and CEO Heidi Sevcik. Jackson has played a key role in Gore Mutual’s transformation since joining the organization in 2014, helping the company reposition itself as a mid-sized modern mutual insurer, Gore Mutual […]
By Jason Contant | January 18, 2018
If you can’t beat the insurtechs, and you can’t buy them, then you may as well join them. Partnering with insurtechs may be the best way to go for most carriers and brokers lacking the resources necessary to acquire them, says Trisura Guarantee Insurance Company president and CEO Michael George. “If you have gobs of […]
By David Gambrill | January 18, 2018
The operating model for cybercrime appears to have changed, with criminals using ransomware to target smaller companies and ask for smaller currency amounts, a cyber underwriter with Beazley told Canadian Underwriter on Wednesday. Jimaan Sané said cybercriminals used to attack very large, sophisticated corporations. Because these organizations had ‘deep pockets’ — i.e. plenty of resources […]
Membership numbers for the Insurance Brokers Association of Ontario (IBAO) show significantly more men than women are broker principals in Ontario, although the association sees reasons for optimism that the gap is starting to shrink. Numbers released in the IBAO’s 2017 Annual report show that, among IBAO’s membership base, 79 per cent of broker principals […]
By David Gambrill | January 17, 2018
As driverless cars become more popular, and as the focus of insurers gradually shifts from insuring vehicle owners to providing product liability for the manufacturers of autonomous vehicles, the Ontario government’s auto insurance reforms may finally be yielding some better results. “It is kind of ironic that if we are getting close to an improvement […]
By Greg Meckbach | January 17, 2018
Serge Solski, principal at AdviseAware Risk Consulting, advises brokers and other clients about technology risks — including cyber risks and coverage. He spoke to Canadian Underwriter Monday about some questions that brokers should be asking their clients to help understand their risk profile and advise on appropriate coverage. Question 1: Are wire transfers a part […]
By Jason Contant | January 17, 2018
Succession planning has triggered an uptick in brokerage mergers and acquisitions over the last couple of years, an industry analyst told Canadian Underwriter recently. “I would say there’s an uptick in assets coming to market that are owner-operated, where succession is the driver, particularly in the insurance brokerage space,” Philip Heywood, partner, transaction services and […]
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