Topic Insurers
What the regulator’s focus on digital risk means for you
June 27, 2022 by David GambrillExpect Canada’s solvency regulator to become more active in overseeing the P&C industry’s digital risks. “Insurers have become more digital with changes in business models and service delivery,” OSFI superintendent Peter Routledge said in prepared remarks to insurers attending the…
Will rocketing consumer prices spark social inflation?
June 24, 2022 by Philip PoradoWhile consumers are paying close attention to inflation’s impact on their wallets, insurers should be keeping an eye on social inflation – and recognize the two are often linked. “There’s quite a distinction between the impact of what I would…
Digital-only for P&C consumers after the pandemic? Not so fast…
June 24, 2022 by Alyssa DiSabatinoDespite online insurance gaining popularity, consumers still need — and want — personalized advice from their insurance companies and brokers, executives observed during a recent industry panel discussion. “I had really thought at the end of 2020 that digital…
Broker or insurer: Who’s responsible for letters of non-renewal on auto policies?
June 23, 2022 by Jason ContantThe issue of how much responsibility an Ontario broker has for sending out non-renewal notices to auto insurance clients is in the spotlight, featuring an online discussion focused on adequate notice time and the possibility of errors and omissions (E&O)…
Don Forgeron to retire from Insurance Bureau of Canada
June 23, 2022 by Alyssa DiSabatinoDon Forgeron will retire as president and CEO of the Insurance Bureau of Canada after a tenure of almost 30 years. He will also retire as a member of the IBC’s board of directors. The search for Forgeron’s successor will…
Water damage dispute: Why the court wouldn’t end three-year dispute resolution
June 22, 2022 by David GambrillB.C.’s Supreme Court has denied a claimant’s attempt to bail out of two mandatory dispute resolution hearings with multiple insurers in a three-year dispute over the value of water damage in her strata unit. “The plaintiff is understandably frustrated by…
How much of the industry will change hands in five years: Intact exec
June 22, 2022 by Alyssa DiSabatinoCanada’s largest insurer thinks 15% of insurers will undergo ownership changes in the next five years. “We predict that about 15% of the existing market shares will change hands in the next five years,” said Louis Gagnon, CEO of Intact…
Will the oil shock slow auto insurers’ post-pandemic loss ratios?
June 21, 2022 by David GambrillInsurers have been sounding the alarm about their auto claims ratios returning to normal post-pandemic, but expect the oil shock to temper that expectation somewhat, P&C industry execs predict. The war in Ukraine and consequent embargo on Russian oil have…
Commissions may not compensate brokers for rising workloads
June 21, 2022 by David GambrillCommission structure doesn’t always compensate for the time brokers must spend preparing for prospective business, only to have a client reject the proposal, said a broker responding to Canadian Underwriter’s latest National Broker Survey. “If I go to a dentist,…
Three key issues facing the broker channel
June 21, 2022 by Alyssa DiSabatinoExpect the quickening pace of mergers and acquisitions (M&A) activity to present a big challenge — or advantage — to brokers, Joseph Carnevale, president at Insurance Brokers Association of Ontario, said at the Young Brokers Conference. The Insurance Broker…
How the industry is addressing service level challenges
June 20, 2022 by Alyssa DiSabatinoConsumer behaviour, supply chain issues and staffing shortages are among the reasons why service levels have been challenged in recent months, but revamping outdated technology and insourcing claims may help ease the backlog, say industry executives. Processing claims in-house helps…
P&C industry fastening its seatbelt for risk of global recession
June 20, 2022 by David GambrillFresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023…