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Why water damage claims cost the industry more each year than severe weather claims

September 14, 2020 by Adam Malik

Water is the primary reason for rising commercial property claims costs and experts are putting the blame squarely on one major issue: Deteriorating infrastructure. Some industry experts say a sharp increase in water damage caused by aging and inadequate pipes

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Pandemic relief: Keeping the size of auto insurance discounts in perspective

September 14, 2020 by Greg Meckbach

Sometimes it’s not just about the size of the pandemic auto insurance discount, but the fact that it was a discount and not a rate hike that makes all the difference to a consumer. For example, a 25% auto insurance

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What’s driving D&O rate increases for privately-held firms

September 11, 2020 by Greg Meckbach

Lawsuits from employees alleging harassment or discrimination is one reason for significant price increases in directors’ and officers’ liability rates. In Canada, commercial brokerage Gallagher is seeing an uptick in age and gender discrimination claims and workplace harassment claims under

News BrokersInsurersManagementOperations

The ‘new normal’ workplace that could be coming your way

September 11, 2020 by Adam Malik

While a rating agency complimented the property and casualty insurance space for pivoting its work environment from the office to employee homes, a new workplace survey has found that Canadian employees are looking for greater flexibility in choosing where they

News ClaimsClaims Canada ArchiveClaims ProfessionalsInsurersLoss ControlLoss TrendsPersonal Auto

How bad Canada’s auto loss ratios are getting

September 11, 2020 by Greg Meckbach

The Canadian industry’s loss ratio in auto liability has deteriorated for the fourth year in a row, A.M. Best Company Inc. has reported. Meanwhile, the loss ratio in “auto personal accident” deteriorated nearly 10 points. It increased from 70.4% in

News BrokersClaims TechnologyInsurersTechnology

The next big step in accelerating real-time data exchange

September 10, 2020 by Jason Contant

The Canadian property and casualty insurance industry intuitively understands the benefits to brokers, carriers and consumers of better connectivity — it’s a matter of getting everybody moving in the same direction, an industry veteran told Canadian Underwriter recently. “Moving data

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Why Canadian P&C insurers in a good spot to tackle ongoing challenges

September 10, 2020 by Adam Malik

Canadian property and casualty insurance companies are in a good financial position going forward as challenges — both new and continuing ones — mount, according to A.M. Best’s latest outlook. Over the last 10 years, the vast majority of Canadian

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TD faces class-action lawsuit over travel insurance and cancelled trips amid pandemic

September 10, 2020 by Christopher Reynolds – The Canadian Press

Toronto-Dominion Bank is facing a class-action lawsuit over its refusal to pay travel insurance claims following trip cancellations triggered by the COVID-19 pandemic. Lead plaintiff Kevin Lyons cancelled his family’s flight to Italy along with their Mediterranean cruise in early

News BrokersClaimsClaims TechnologyEducationHRInsurersManagementTechnology

The key demographic noticing the industry’s technological pivot

September 9, 2020 by Adam Malik

The property and casualty insurance industry’s response following the global declaration of the COVID-19 pandemic and how it adjusted quickly in numerous aspects, especially technology, has made the industry more attractive to new graduates, according to a recent report. While

News BrokersCommercialInsurersOperationsTrusted Advisor

Why your clients aren’t feeling too good these days

September 9, 2020 by Adam Malik

Whether it’s your personal or commercial clients, neither are feeling too optimistic about their financial situation as the COVID-19 pandemic continues to stress them out, a pair of recent surveys have found. But the head of the national broker association

News BrokersCatastrophesClaimsCommercialConstructionInsurersLoss TrendsProperty

COVID-19 compounds ongoing real estate insurance challenges

September 8, 2020 by Adam Malik

The global pandemic isn’t necessarily causing a large number of problems around insurance issues in the real estate sector, but it’s clogging up the pathway to making things better. “The way we’re thinking about real estate and insurance is that,

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How brokers can help mitigate risk when clients build in risky areas

September 4, 2020 by Adam Malik

Cost management needs to become a top priority if the property and casualty insurance industry wants to slow down the rise in premiums for the real estate sector. And to do that, an expert explained, both industries — insurance and