Topic
Brokers
Why you can expect to be in the hard market a year from now
June 15, 2022 by Alyssa DiSabatinoInflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be…
Is it business as usual for brokers post-pandemic?
June 14, 2022 by Alyssa DiSabatinoAlthough public health indicators have seemingly stabilized and provinces are doing away with COVID-19 restrictions, clients aren’t all rushing to change their policies mid-stream, say brokers. In fact, many clients seem to be sticking to the policy changes they made…
P&C industry’s predictions for Ontario’s finance minister
June 13, 2022 by Alyssa DiSabatinoWith the Ontario election in the rearview mirror, and Doug Ford re-elected as premier with a sizeable majority, the P&C industry is eagerly awaiting to hear who the next finance minister will be. But political pundits and insurance experts predict…
How to help your commercial clients align coverages with rising insured values
June 10, 2022 Philip PoradoSteep inflation means brokers should consider approaching commercial clients about mid-term adjustments in insured values. “We’re definitely seeing more awareness around inadequate insurance-to-value ratios,” said Paul Gallately, assistant vice president of risk control with Travelers Canada. “It comes down to…
Who was the world’s biggest brokerage in 2021?
June 7, 2022 by David GambrillMirror, mirror, on the wall, who’s the biggest brokerage of them all? Marsh McLennan, with revenue of US$9.5 billion and a global market share of approximately 15.4% in 2021, said a new report by Insuramore, a London, U.K.-based insurance and…
Remember 1970s stagflation? Why insurers should pay attention to the World Bank
June 7, 2022 Philip PoradoLingering impacts of COVID-19 and Russia’s invasion of Ukraine have magnified a global economic slowdown and raised the risk of stagflation – in which long-term, feeble growth combines with high inflation – the World Bank says in its latest prospects…
Where M&A strategies are leading brokerages, big or small
June 6, 2022 Jason ContantLarge Canadian P&C brokerages continue to make national expansion a component of their acquisition strategies. National brokerage Navacord partnered with Abatis Risk Management (Abatis Gestion de Risques inc.) in March, which was Navacord’s first partnership in Quebec, according to Navacord…
Inflation creates need for brokers to revisit coverage levels with their clients
June 3, 2022 Philip PoradoBrokers are typically leading conversations about inflation-driven insurance value adjustments for commercial building owners and builders, said Bernard McNulty, chief agent and head of claims, Allianz Global Corporate Specialty. But, he added, clients also are contacting brokers to inquire about…
Brokers want more consistency in overland flood policies
June 2, 2022 by Alyssa DiSabatinoDespite Manitoba being battered by flooding and severe weather since mid-April, many homeowners may find themselves without overland flood coverage, according to the CEO of the Insurance Brokers Association of Manitoba. Following an “unseasonably cold spring,” significant snowmelt in…
How brokers can help small business clients replace escrow agreements
May 31, 2022 Jason ContantM&A insurance can help small and medium-sized enterprises (SMEs) avoid the need for an escrow agreement, but many small business owners aren’t aware of this possible solution. Escrow agreements are commonly found in M&A deals in the SME segment (deals…
Brokerage loses bid to dismiss human rights complaint
May 31, 2022 by David GambrillB.C.’s Human Rights Tribunal has denied an application by insurance brokerage Shaw Sabey and Associates to dismiss a complaint lodged by one of its former employees, Adam Kwan, who is of mixed racial descent. “I want to be clear that…
Update on how Canada’s newest DCPD regime is doing
May 30, 2022 by Alyssa DiSabatinoAlberta’s transition toward the Direct Compensation for Property Damage (DCPD) framework has been quite seamless for insurers and personal auto policyholders for the most part, says one industry expert, although some commercial vehicle operators who don’t want to pay for…