Topic Construction
Don’t let clients cheap out on cyber coverage
May 10, 2023 by Philip PoradoAs high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit…
Tips for advising commercial clients during economic downturns
May 9, 2023 by Alyssa Di SabatinoInflation and the looming threat of an economic downturn would seem like a one-two punch that would make commercial clients think about ways to skimp on insurance. But it isn’t necessarily so. “Insurance is not a discretionary spend for most companies,”…
Aviva reveals Number 1 risk facing Canadian businesses
May 3, 2023 by Jason ContantEconomic uncertainty remains the Number 1 risk facing Canadian businesses, according to Aviva Canada’s second annual Risk Insights Report. Based on a survey of nearly 1,500 Canadian business leaders, the report found one in three businesses stated they were “very…
Brokers still worry about the hard market, but what’s next?
May 1, 2023 by Philip PoradoAlthough Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed…
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…
Why brokers still need to protect clients from inflation
April 18, 2023 by Alyssa Di SabatinoCanada’s inflation rate eased to 4.3% in March, Statistics Canada reported on April 18. That’s down nearly a percentage point from February’s 5.2% and solidly below inflation’s 8.1% peak in summer 2022. And, with inflation beginning to cool, P&C insurance…
Why resolving claims disputes is about more than numbers
April 11, 2023 by Derek SayersWant to increase the likelihood of a construction project insurance claim being accepted? Take the time to validate each aspect of that claim. The upfront work will make it easier for any umpires, mediators, consultants or lawyers brought in to…
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,”…
Court sides with Trisura in $475K construction bond case
March 22, 2023 by David GambrillTrisura has successfully defended a $475,000-plus claim against it after a B.C. court found a construction subcontractor couldn’t prove it had a formal contract with the principal contractor named in Trisura’s labour and materials (L&M) payment bond. “I…do not accept…
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…
Sales Column: Clients ignoring your emails? Try texting
February 22, 2023 by Adam MitchellPeople love their smartphones. And even those who claim they don’t still spend hours using them every day. A study last year by cybersecurity company NordVPN found 66% of Canadians even use their phones while in the washroom. I’ve always…
Investigation underway into apparent gas explosion in Ottawa
February 15, 2023 by Cindy Tran and Mickey Djuric - THE CANADIAN PRESSOTTAWA – Officials say the investigation is now ongoing after 12 people were injured in an apparent gas explosion that rocked an east Ottawa suburb on Monday morning, including two children and two people who were pulled out of the…