Topic Brokers
More brokers willing to risk threat of not acknowledging diversity
April 15, 2024 by Alyssa DiSabatinoThree-quarters of brokers believe their organizations must address diversity to be a successful business. Yet, this number is waning — from 91% in 2022 to 84% in 2023, and to 75% in 2024, according to a recent Canadian Underwriter survey.…
3 building blocks for using new commercial lines tech
April 11, 2024 by Steve Whitelaw, Applied Systems CanadaTechnological breakthroughs in commercial lines are helping brokers win over Canadian business owners seeking insurance coverage. Brokers can do three things to stand out in this crowded, competitive market. They can standardize their data capture, simplify their quoting and submission…
What’s the next frontier for assessing property risk?
April 10, 2024 by John Siegman, co-founder of HazardHubNext-generation data, analytics and risk models are giving property risk assessment a much-needed facelift. The increased frequency and intensity of natural disasters, combined with population growth in NatCat-prone regions, is escalating property and casualty (P&C) insurers’ claims and losses. A…
Will polarization kill water cooler chat at Canada’s brokerages?
April 8, 2024 by Philip PoradoA polarized social and political climate means one-third of employees at P&C brokerages across Canada avoid conversations about controversial subjects while at work, Canadian Underwriter’s 2024 Brokerage DEI survey finds. The survey asked respondents about numerous aspects of diversity, equity and inclusion…
HSB Canada announces new president and CEO
April 8, 2024 by Alyssa DiSabatinoBarbara Bellissimo is the new president and CEO of HSB Canada, part of Munich Re. She succeeds John Mulvihill, who retired after a 34-year-long tenure with HSB Canada. Bellissimo’s insurance career began in 1986. She’s since held multiple positions in…
How the brokerage talent shortage fuels M&A activity
April 5, 2024 by Alyssa DiSabatinoBrokerage candidate shortages are one of the major drivers of M&A activity — but there’s still a way for small brokerages to compete in the talent war, one P&C recruitment expert tells CU. As competition for talent upticks across Canada,…
Institute launches new phase of industry-wide recruitment initiative
April 4, 2024 by David GambrillSupporting an industry-wide effort to bring new talent into the Canadian property and casualty industry, the Insurance Institute of Canada today introduced its ‘Accelerated Competence Series,’ a program of five new learning modules for industry hires. “The Accelerated Competence Series…
How brokers can harvest insurance capacity for farmers
April 4, 2024 by Alyssa Di SabatinoOne key element of creating a farm-specific MGA was the need to introduce proprietary technologies. Brokers of late have expressed concerns about the proliferation of new portals, which many see as a burden. “The first thing is acknowledging it is…
How insurers verify truck fleet sizes before insuring them
April 3, 2024 by Alyssa DiSabatinoCommercial truck fleets trying to get more favourable insurance rates by only reporting the trucks on the road, and not the ones on their lots, might find themselves outwitted by the industry’s scrutiny, sources tell Canadian Underwriter. But whether due…
Why brokers are looking at personalized communication automation
April 2, 2024 by Jason ContantCanadian property and casualty insurance brokerages are gravitating towards personalized communication automation (PCA), an executive at brokerage automation company Pathway tells Canadian Underwriter. Nine years ago, only about 3% of insurance brokerages had adopted PCA into their operations, says Alek…
Canadian businesses are at risk of insolvency — here’s how insurance factors in
April 2, 2024 by Alyssa DiSabatinoIn Canada, corporate insolvencies have noticeably increased year over year, but brokers can step in to assist their clients with cash flow management and risk mitigation solutions, one expert shares. Insolvencies, defined as a business’s inability to abide by their…
Got retention problems? P&C firms with diverse leadership don’t
March 28, 2024 by Alyssa DiSabatinoIf your brokerage is looking to solve its labour retention problems, consider this: The more diverse a P&C brokerage’s leadership team is, the less likely staff are to consider leaving their jobs. So finds a Canadian Underwriter survey, asking P&C…