The Canadian P&C industry hasn’t done a great job of service, says one industry CEO in an executive panel discussion at RIMS Canada Conference in Halifax. What’s the good news? The industry can meet and maintain service levels through collaborative…
It’s not your imagination, COVID-19 really did throw a wrench into the insurance industry’s ability to hire and retain talent, says a new Deloitte report on the state of Canada’s P&C industry. It found industry demand for people with the…
Yes, overall inflation is high. One trip to the grocery store demonstrates that faster than a macroeconomics refresher lecture. So will a glance at Canada’s June 2022 Consumer Price Index, which jumped 8.1% over the prior year to mark its…
Aviva Canada is piloting an eco-friendly claims process, part of its plan to become a net-zero company by 2040. Notably, the company is mobilizing its efforts to respond to climate change by recycling and sorting materials during the claims process.…
When 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…
While fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
Extreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme…
Valuation models in software systems used by insurers to calculate replacement and restoration costs for commercial structures must be checked more often when inflation’s running high. That’s because costs for labour, lumber, drywall, concrete and other construction materials can jump…
With the inflation rate at a 30-year high, specialists handling home reconstruction claims are making adjustments that reflect surging prices for construction components – including lumber, finishing materials and appliances. What started as supply chain problems, some of which were…
Telematics, 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…
Cracking down on factors contributing to home-price escalation is a major component of the Apr. 7 federal budget document. If successful, they could affect insurers’ ability to control reconstruction costs and other claims impacts for their insureds. Proposed budget actions…
Even as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came…