Will autonomous vehicles change litigation? While the answer to that question is surely “yes,” a deeper dive is needed to fully grasp what related developments could mean for property and casualty insurance. Longer term, a simpler system overall for addressing liability in auto claims is anticipated.
The connected home, including smart appliances, is transforming everyone’s lives. What are the challenges, risks and risk management strategies to address this transformation?
Scott Treasure, incoming president of the Insurance Brokers Association of Canada, understands that staying committed to core principles offers a strong foundation for moving forward.
Hurricane Andrew brought with it great devastation and loss a quarter-century ago, but also helped cement the value of well-informed catastrophe modelling. Fast forward 25 years and, once again, rethinking modelling is in order
Newfoundland and Labrador is undertaking an automobile insurance review meant to chart the way forward for the province. Whatever the final destination, brokers will be along for the ride to help ensure customers are protected, regulatory changes foster a healthy and sustainable system, and consumer education is enhanced.
Replacing legacy information technology can be a daunting and expensive task, often representing a multi-year, multi-million-dollar project for an insurer. Opting to maintain, tweak or overhaul a legacy system all pose challenges, something carriers wanting to satisfy brokers and customers need to know
True, it is all about data these days. That said, determining how best to employ the ever-growing store of internal and external data is necessary to gain forward-looking insights. For Canada’s property and casualty insurance market, knowing what to do with data to meet customer needs and demands will likely prove the end-game.
With the risk landscape changing, RIMS president Nowell Seaman says the organization welcomes risk professionals who are dedicated, passionate and want to better understand and manage risk.
Disruption, clearly, is disruptive. But organizations, including those in Canada’s property and casualty insurance space, need to flip the script and view disruption for what it can be: an opportunity to change how they think about and manage risk.
Product recalls can have a significant impact on a business, regardless of its industry, size or location. Brokers need to keep abreast of associated risks to inform clients about what insurance coverage should be in place and to help them develop a product recall plan that best suits their needs and exposures.
Cyber insurance seems like it is poised to go it alone. Growth of the line — currently in the United States and perhaps in future in Canada — is taking shape as a stand-alone offering. What are the benefits of such a move?
The quick fix of terminating a producer suspected of unethical behaviour by simply cutting a cheque could have some lingering effects. Litigation costs and unpleasantness may be avoided, but what if the producer simply moves on to a new job and continues with the same questionable behaviour? What must a brokerage do to meet its obligations to its customers, its industry and regulators?