Topic
Brokers
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…
CSIO calls APIs for policy inquiries ‘foundational’
April 4, 2022 Canadian Underwriter StaffRecent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use…
Why auto insurance premiums may be on the rise
April 1, 2022 by Alyssa DiSabatinoInflation hit a multi-decade high of 5.7% this February. Industry observers warn this could go even higher before it goes lower, and the auto insurance industry is not immune to it. How long will it be before drivers feel the…
Placing business with non-licensed markets: What to look for
March 31, 2022 Greg MeckbachClients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And…
How Canada’s P&C industry is reacting to the hybrid office
March 31, 2022 by David GambrillSeventy-one per cent of Canada’s P&C industry reports being happy with their new hybrid office arrangements, according to a Canadian Underwriter online poll. Almost 46% reported being ‘very satisfied’ with moving to hybrid work, while a further 26% were satisfied.…
Industry’s return on equity sky-high in 2021
March 30, 2022 by Alyssa DiSabatinoAt 18%, the industry’s return on equity was sky-high for the first three quarters of 2021, but industry observers warn this could be cut in half in two years. While these high profits have reduced solvency risk for most…
How Canada’s P&C industry feels about COVID safety in their offices
March 30, 2022 by David GambrillMore than seven out of 10 Canadian P&C industry professionals feel protected from COVID in their new hybrid office arrangements, according to an online poll conducted this week by Canadian Underwriter. Over 650 P&C professionals answered CU‘s survey, including brokers,…
Fee disclosure: Where national guidance meets provincial regulation
March 29, 2022 by David GambrillIf you are a broker concerned about fair dealing with consumers, must you disclose your premiums that are baked into their premium rates? Or only those fees separate and apart from your commissions? In fine Canadian fashion, the answer depends…
Brokers say stress may cause them to leave industry, survey finds
March 29, 2022 Philip PoradoBeing an insurance broker has always come with its share of stress but verbatim responses to Canadian Underwriter‘s 2022 National Broker Survey found specific mentions of its impact on work satisfaction. One respondent who indicated they were highly like to…
Emerging trends in broker compensation
March 25, 2022 by David GambrillIn the midst of the ‘Great Reshuffle,’ brokerage principals are finding employee-recognition programs a better way to compensate brokers for good performance. Fifty-three per cent of the 119 brokerage managers participating in Canadian Underwriter’s 2022 National Broker Survey touted employee-recognition…