Topic
Brokers
Employee benefits in the new era of work
April 19, 2022 by Alyssa DiSabatinoAbout one-quarter of brokers say they are either likely or highly likely to leave the industry in the next three years, according to Canadian Underwriter’s National Broker Survey. One way to encourage brokers to stay would be to expand employee…
Proposal to end real estate bidding wars could affect P&C insurers
April 19, 2022 Philip PoradoCracking down on factors contributing to home-price escalation is a major component of the Apr. 7 federal budget document. If successful, they could affect insurers’ ability to control reconstruction costs and other claims impacts for their insureds. Proposed budget actions…
Not addressing diversity issues creates risk for brokers, survey finds
April 14, 2022 Phil PoradoNearly all Canadian brokers agree addressing diversity, equity and inclusion (DEI) issues is linked to business success, according to a late 2021 Canadian Underwriter online survey of 208 brokers across Canada, made possible with the support of Sovereign Insurance. It…
A car crashes in Ontario: Why Canadian auto insurers pay attention
April 13, 2022 Daniel StrigbergerPeople love to visit Ontario. Unfortunately, some of them get into car accidents. Why should a visitor’s auto insurer care about accidents in Ontario? Because when a non-resident is involved in an auto accident in the province, their insurers will…
When can a broker fire a client?
April 13, 2022 by Alyssa DiSabatinoOn top of selling insurance, brokers are also tasked with managing client relationships. But what happens when a client doesn’t mesh with their broker? “Sometimes it just doesn’t work out,” says Jack Mazakian, vice president of Advocis Broker Services. “You’re…
Key ways to keep up with your millennial consumers
April 12, 2022 by Alyssa DiSabatinoMillennial consumers are about twice as likely to buy insurance online, so the industry needs to make some major tech innovations to keep up with these changing expectations. More than that, communication between brokers and customers need to take a…
Does federal budget create new tax liability for P&C industry?
April 12, 2022 Greg MeckbachA federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the…
More than eight in 10 Canadians admit they drive distracted
April 11, 2022 by Alyssa DiSabatinoEighty-three per cent of Canadian drivers engage in at least one distracted driving behaviour, and this has only increased in the past year, finds a recent survey. But distracted driving doesn’t come without its costs. Non-digital distractions lead the…
Some brokers say they face workplace discrimination
April 8, 2022 Philip PoradoCanada likes to see itself as a leader in the areas of diversity, equity and inclusion (DEI). And while it may be ahead of certain countries, some Canadian brokerage industry employees said they have faced various forms of workplace discrimination.…
How auto could be the force that eats into Canadian insurers’ results
April 8, 2022 by David GambrillWith ROE levels in the Canadian P&C industry at a historic high of 17%, count Lloyds Canada among the list of insurance providers that caution the industry not to squander the hard-won gains of the hard market in a bid…
Do clients really want brokers to be risk advisors, too?
April 7, 2022 by Alyssa DiSabatinoAlthough 30% of commercial lines clients say they want to hear more from their broker about emerging threats to their business, there may be dissonance between their words and their actions, say broker experts. Commercial lines consumers in Canadian…
Why these four P&C rating factors may be racially biased
April 5, 2022 by Alyssa DiSabatinoFour commonly used rating factors in personal lines insurance — credit-based insurance scores, geographic location, homeownership, and motor vehicle records — may be affected by racially biased policies and practices, a new research paper finds. Research by the Casualty Actuarial…