A bevy of challenges, including M&A frenzy, rapidly evolving technology, automation and directs, has spurred some independent brokerages to focus on specialization. And some are even divesting of personal lines. “From a client perspective, it’s great to have a broker…
The out-of-control wildfire burning near Lytton, B.C. shows the community and its surrounding area are at high risk of repeated fires, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR). The Nohomin Creek wildfire about 1.7…
As artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be…
Canada’s hard market in insurance remains the Number 1 concern of new and experienced brokers alike, as well as brokerages big and small, according to Canadian Underwriter‘s 2022 National Broker Survey. The gender split among respondents was most prominent, with…
Several inflation drivers have increased claims costs for insurers since 2020, but some are less aggressive than expected and a few have yet to register significant impacts, a June report from AON found. Insurers can expect it to cost more…
VICTORIA – The fire-ravaged community of Lytton, B.C., is getting $21 million from the provincial government to help it rebuild essential infrastructure and services. The Public Safety Ministry says in a statement the new funding will support priorities identified in…
At first glance, 2022 Q1 results for Canada’s P&C industry would support the idea that high profits aren’t sustainable. Industry-wide return on equity dipped to 11.5% in 2022 Q1, compared to 19% in 2021 Q1. But the profitability decline stemmed…
While the pandemic created extra work for brokers, it also highlighted the value of the broker proposition, which includes, choice, advice and advocacy, according to Canadian Underwriter‘s 2022 National Broker Survey, which asked more than 250 brokers nationwide about challenges…
By Keith Porter, adjunct research professor, civil and environmental engineering, Western University This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original…
Strikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a…
OTTAWA – Rebuilding in the fire-ravaged village of Lytton, B.C., is likely to begin in September, according to the province’s minister of public safety. That would be 15 months after an out-of-control wildfire swept through and burned 90 per cent…
Steep inflation means brokers should consider approaching commercial clients about mid-term adjustments in insured values. “We’re definitely seeing more awareness around inadequate insurance-to-value ratios,” said Paul Gallately, assistant vice president of risk control with Travelers Canada. “It comes down to…