Topic
Markets / Coverages
How the hard market affects these risk managers
July 24, 2019 by Jason ContantThe hardening market is even affecting risk management in post-secondary institutions. One risk manager in Calgary said the challenges he is seeing are less about tightening of conditions in an insurance contract than underwriting unique exposures. The post-secondary environment has…
Are you cross-selling enough?
July 23, 2019 by Jason ContantCross-selling is a huge untapped potential for insurers, particularly since consumers overwhelmingly want a single insurer to meet all of their policy needs, according to a new survey. Insurers frequently contact their customers, though rarely for cross-selling. In Canada only…
Here’s why insurance for social media influencers is growing
July 22, 2019 by Jason ContantMedia personality Kylie Jenner caused a stir last year when she asked on Twitter if anybody still uses messaging app Snapchat. “She’s obviously such a strong [social media] influencer that I think it was alleged that she single-handedly wrote $1.3…
Where to find travel coverage for thrill-seekers and pre-existing conditions
July 19, 2019 by Jason ContantCAA Travel Insurance has introduced two new endorsements for thrill-seekers and travellers with pre-existing conditions. The products, an Adventurous Air Activities Rider and a Seven-Day Pre-Existing Condition Rider, include coverage that is not typically available in standard travel insurance policies,…
Trends Intact is seeing with equipment breakdown losses
July 18, 2019 by Jason ContantThe increasing interconnectedness of buildings is leading to larger losses from an equipment breakdown standpoint, said Loren Gardiner, vice president of specialty solutions for Intact’s western division. For example, there are now alarms built right into electrical systems, and there…
Where Q2 personal auto premiums increased the most in Canada
July 17, 2019 by Jason ContantThe hard market continues in personal lines in Canada, with personal auto in Quebec seeing a significant increase in average premiums in Q2 2019, according to Applied Systems’ latest rating index. Last week, the insurance software vendor released its most…
One broker’s view on obtaining medical marijuana coverage for clients
July 16, 2019 by Jason ContantWhat’s the market like for medical marijuana insurance coverage? “The market has contracted and it’s just far more difficult now [because of] a smaller number of pools to draw from,” Eric Lock, a Kelowna, B.C.-based broker with AC&D Insurance, said…
M&A activity unlocks this hot new business opportunity
July 11, 2019 by David GambrillGlobal mergers and acquisitions (M&A) activity over the past five years — which reached a total value of almost $3.5 trillion in 2018 — led to a starburst of transactional insurance last year. Transactional risk insurance covers risks related to…
Fishing for marine capacity after Lloyd’s partial withdrawal
July 5, 2019 by Jason ContantMarine insurance, one of the “hot lines” in Canadian Underwriter’s forthcoming 2019 Stats Guide, is already falling on some leaner times. “Yes, absolutely,” replied Kent Rowe, vice president of Wedgwood Insurance Limited in St. John’s, Nfld., when asked if he…
How many cyber claims result from human error?
July 3, 2019 by Jason ContantAbout three-quarters of cyber claims notified in 2018 to one specialist insurer involved some kind of “easily preventable” human error. “Theft of funds, ransomware, extortion and non-malicious data breaches usually start with a human error or oversight, such as clicking…
How to make earthquake insurance sexy
June 28, 2019 by Jason ContantQuebec’s financial regulator, the Autorité des marchés financiers (AMF), is working with the property and casualty insurance industry to make the earthquake insurance product more attractive to insurers, brokers and consumers. In its 2017-2020 Strategic Plan released Thursday, AMF said…
What is costing Alberta auto insurers the most
June 13, 2019 by Jason ContantThird-party liability coverage continues to be the bane of Alberta auto insurers’ existence, the province’s Automobile Insurance Rate Board (AIRB) revealed in its 2018 annual report. Provincial auto insurers collect 53% of every dollar for third-party liability coverage, but are…