Topic Commercial Auto
Will Canada’s 2023 underwriting results track U.S. improvements?
April 19, 2023 by Philip PoradoCanadian insurers, like their U.S. counterparts, may see some better underwriting results this year. In the U.S., property and casualty (P&C) insurance industry underwriting results are likely to improve during 2023, in response to significant premium increases in underperforming automobile…
Brokers braced for tough conversations when the economy slips
April 14, 2023 by Alyssa Di SabatinoMost economists are still calling for some degree of economic downturn later in 2023. That makes the road ahead uncertain for commercial companies, and many can be expected to seek ways to tighten their belts. For some, cost-cutting measures may…
Where brokers writing construction coverage may see bottlenecks
March 31, 2023 by Philip PoradoA significant rise in construction projects being submitted in Canada means lead underwriting time is critical, according to a 2023 Q1 Global Construction Rate Trend Report from WTW. “Staffing shortages and underwriting approval processes are causing delays in quote turn-around,”…
Facility’s newest approach for cracking down on trucker misrepresentations
March 22, 2023 by Alyssa DiSabatinoFacility Association (FA) is implementing a telematics program in Alberta that will collect geographic information on its participants to help ensure their premiums accurately reflect their risk. The programs allows FA the side-benefit of seeing who’s misrepresenting where they’re headquartered…
Direct bringing competition to small-business space
March 15, 2023 by Philip PoradoDirect writer TD Insurance has launched TD Insurance for Business, which will offer commercial property, commercial auto for business vehicles and commercial general liability coverage to Canadian small businesses. Coverage will initially be available in Ontario, followed by other provinces, according…
N.B. hopes for quiet spring but asks residents to be prepared for possible floods
March 15, 2023 by The Canadian PressFREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of…
Drivers fear fraud, but don’t take an elementary step to prevent it
March 10, 2023 by Alyssa DiSabatinoInsurance broker scams are among the primary ways drivers believe they could be susceptible to fraud, yet only 1 in 5 respondent auto policyholders took the time to check with the Financial Services Regulatory Authority of Ontario (FSRA) to ensure…
Why commercial insurers’ biggest risk is relevancy
March 6, 2023 by Alyssa DiSabatinoTo ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report. There’s been a change in commercial insurance penetration in…
Autonomous truck insurance questions remain
March 3, 2023 by James Menzies, Editor, Today's TruckingA panel discussion at the Technology & Maintenance Council’s spring meeting revealed some things won’t change when it comes to insuring autonomously driven trucks. Others will. And there’s still a lot of unknowns. Some of the liability for crashes will…
What brokers can anticipate from Gore Mutual in 2023
February 28, 2023 by David GambrillHaving completed the foundational pieces of its Next Horizon business strategy, Gore Mutual Insurance company expects to be able to operate at a combined ratio in the range of 95% to 97% going forward into 2023 and beyond, the company’s…
How to digitize traditional brokerages without breaking the bank
February 28, 2023 by Alyssa DiSabatinoMany brokerages adopted technology sooner than planned because of the pandemic. And now acceptance of remote work is pushing brokerages to accelerate — or in some cases, start implementing — digital strategies. It’s easy to make a case for digitizing…
Do clients have a better handle on supply chain risk?
February 28, 2023 by Alyssa DiSabatinoMany businesses are still recovering from supply chain disruptions that shocked them during the height of the pandemic, and 80% of firms said a lack of insurance solutions is among the greatest challenges to addressing their risks, according to a…