Industry
Mergers and acquisitions activity involving brokerages shows few signs of letting up, looking like it will remain hot to warm over the next year or two before cooling off. Transactions may take the form of insurer to insurer, insurer to broker or broker to broker. But how will this coming together play out in terms of broker independence, distribution, breadth of choice for customers and opportunities for brokers?
By Angela Stelmakowich, Editor | March 31, 2014
13 min read
Insurance Bureau of Canada recently hit gold, celebrating its 50th anniversary earlier this year. In looking back, some issues in Canada's property and casualty industry look familiar, while others do not. Both, however, provide a glimpse of the future and demand sharp alignment with the needs of the insurance industry and consumers.
By Don Forgeron, President & Chief Executive Officer, Insurance Bureau of Canada | March 31, 2014
6 min read
As Saskatoon faces a record year for watermain breaks attributed to temperature fluctuations, a local broker has noticed that carriers are adjusting premiums and deductibles for sewer back-up coverage on some homeowner policies.
By Greg Meckbach, Associate Editor | March 31, 2014
5 min read
Consumers have been added to the mix of insurers and intermediaries looking to the skies and crossing their fingers in hopes of a mild storm season. That may not be surprising, given that it is not uncommon in Alberta for home premiums to have increased 20% to 30% since January.
By Gord Enders, President, Insurance Brokers Association of Alberta and President, Direct-Line Insurance | March 31, 2014
Economical Insurance announced Monday it “welcomed” the federal government’s recent proposal to broaden the cabinet’s power to make regulations on the conversion of mutual insurance companies into companies with common shares. On Friday, federal Conservative MP Peter Van Loan tabled Bill C-31, on behalf of Finance Minister Joe Oliver, in the House of Commons. In […]
By Canadian Underwriter | March 31, 2014
3 min read
SGI Canada entered into an agreement Friday to sell its shares in the Insurance Company of Prince Edward Island to EGI Financial Holdings Inc. at book value, estimated to be $10 million, with an additional $3.5 million to licence the use of SGI’s computer systems. The deal is expected to close this summer, SGI said […]
By Canadian Underwriter | March 28, 2014
2 min read
Commercial insurance writer CNA Canada has launched a new manufacturing package policy called oneworld, which includes features such as Product Recall with Loss of Profits, Manufacturer’s E&O, Contingent Business Interruption, and coverage for Research and Development activities, among others. “Manufacturers today face many different types and levels of risk, like product recalls, supply chain risks and […]
1 min read
The move toward increasingly automated vehicles demands that the insurance industry adjust its thinking and models which currently assess the driver more than the vehicle, Sharon Ludlow, president and CEO of Swiss Re in Canada, suggested during a presentation in downtown Toronto Thursday. “For all of us involved in casualty, this is going to impact […]
Technological change and new regulatory proposals outside of Canada are among the top issues for the insurance industry this year, PwC said in a new report released Thursday. In its report, dubbed Top Issues: The Insurance Industry in 2014, PwC suggested most updates to policy administration systems are not successful. “We are seeing unprecedented investment […]
By Canadian Underwriter | March 27, 2014
Merger and acquisition activity in the North American insurance market looks to be on the rise over the next few years, according to a new survey from professional services firm Towers Watson. In a survey of insurance executives, 85% said they expect to see an increase in the volume of M&A over the next one […]
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