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Yes, COVID-19 really did boost broker workloads
June 20, 2022 David GambrillWhile the pandemic created extra work for brokers, it also highlighted the value of the broker proposition, which includes, choice, advice and advocacy, according to Canadian Underwriter‘s 2022 National Broker Survey, which asked more than 250 brokers nationwide about challenges…
What Millennials and Gen Z want when they buy insurance
June 17, 2022 Alyssa DiSabatinoYounger Canadians are accustomed to getting immediate results from their actions. Sending an e-transfer, text or e-mail means things happen in the blink of an eye, said Katy Fowler, personal lines hero at InsuranceHero. “We expect our internet to be…
How do you insure artificial intelligence?
June 15, 2022 Alyssa DiSabatinoPicture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult…
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…
Why insureds might need parametric coverage alongside conventional policies
June 1, 2022 Megan LinkinWhen Hurricane Ida made landfall on Aug. 29, 2021, a handful of parametric insurance policies in Swiss Re Corporate Solutions’ portfolio were affected and potentially triggered. By Sept. 1, all relevant data for determining if the hurricane’s winds met policy-defined…
What disco-era stagflation means for insurers’ bottom lines
May 5, 2022 Philip PoradoTight supply chains are taking a bite out of GDP numbers, stagnating economies across the globe while simultaneously pushing up prices. For anyone whose memories don’t stretch back to the 1970s, the counterintuitive combination of a stagnating economy and rising…
Beware the tax implications of unlicensed insurance
May 3, 2022 Jason ContantIf you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…
How telematics is a game-changer for claims
May 2, 2022 by Alyssa DiSabatinoTelematics, which allows insurance companies to measure client driving behaviour, has largely been used by carriers in the underwriting process, but it may prove to be equally as useful for claims, says one telematics provider. Claims telematics can be used…
What auto insurers think of Ontario’s reform proposals
May 2, 2022 by David GambrillCanada’s auto insurers are generally pleased with the Ontario government’s direction on auto reform, although many details have yet to be worked out. “Ontario drivers pay too much for car insurance, and this budget makes a bold commitment to improve a…
How guaranteed replacement fits within a world of rising home costs
April 26, 2022 Philip PoradoWhile federal budget proposals aimed at dampening home-price escalation may modestly help insurers control reconstruction costs for insureds, there’s another side to the conversation. What if it doesn’t work? Beyond price appreciation, lots of factors — like updates to building…
Partnership approach needed in current cyber risk landscape
April 25, 2022 by Alyssa DiSabatinoAs the cyber landscape and ransom attacks evolve, the onus is on insureds to protect themselves just as much as it is on insurers to provide coverage, says a webinar panellist. “The archaic method of underwriting risk has shifted dramatically…
Hub’s new hospitality cross-border practice leader
April 21, 2022 by Alyssa DiSabatinoKarim Chandani is Hub International’s cross-border practice leader for its hospitality specialty. Chandani previously held a role at Hub as vice-president of hospitality from 2019 to 2022. He has nearly 10 years’ experience in Hub’s hospitality and real estate…