Topic Loss Control
It’s not always wise to base coverage solely on clients’ balance sheets
September 16, 2022 by David GambrillLess than one-quarter of Canadian businesses have trade credit insurance, which protects their receivables against buyer default and bankruptcies, but Intact Insurance predicts that market penetration is likely to change as the pace and size of interest rate hikes could…
Lessons from COVID-19 will help brokers get clients through a recession
September 9, 2022 by David GambrillIf a long-predicted recession comes to pass, brokers will need to stay close to their clients’ changing needs. But in some ways, commercial insurance brokers have gained an advantage from the discipline developed while navigating their clients through COVID-19. Those…
Brokers: Do your clients have the right amount of vehicle loss-of-use coverage?
August 30, 2022 by Jason ContantAlthough supply chain issues show some signs of easing, these challenges are still causing lengthy repair times for vehicles that extend well past standard loss-of-use coverage. In other words, clients may need to pay out of pocket for months’ worth…
Fire-risk recall may give brokers opportunity to contact auto clients
August 25, 2022 by Philip PoradoA recall of two late-model SUV models by Hyundai Motor America and Kia America was amplified by a consumer alert from the U.S. National Highway Traffic Safety Administration (NHTSA) in Washington. The issue involves a tow hitch, sold as a…
How to bust a car theft ring – a look inside project MYRA
August 24, 2022 by Philip PoradoIn late July, charges were announced in a nearly two-year, multi-jurisdictional investigation nicknamed Project MYRA that targeted rings of organized car thieves. The thieves altered vehicle identification numbers (VINs), and then re-registered and sold the cars privately to unsuspecting customers.…
Uptick in business bankruptcies just the tip of the iceberg: CFIB
August 19, 2022 by The Canadian PressTORONTO – A small business lobby group says commercial bankruptcies are rising in Canada and even more small businesses are at risk of closure. Data from the Office of the Superintendent of Bankruptcy Canada shows small business insolvencies have been…
How tech is helping insurers mitigate equipment breakdown losses
August 17, 2022 by Alyssa DiSabatinoThe use of drones has accelerated some loss control operations in equipment breakdown insurance, but there are pros and cons to using these technology advancements says Doug Laurin, Director, National Energy & Equipment Breakdown at Intact. A benefit is that…
Deloitte report: How microeconomic factors will impact claims costs
August 17, 2022 by Philip PoradoYes, overall inflation is high. One trip to the grocery store demonstrates that faster than a macroeconomics refresher lecture. So will a glance at Canada’s June 2022 Consumer Price Index, which jumped 8.1% over the prior year to mark its…
How China-Taiwan tensions are affecting Canada’s supply chain
August 15, 2022 by Jason ContantAlthough there has been some easing in supply chain issues around the world, other disruptions are coming into play, a marine expert from Allianz Global Corporate & Specialty (AGCS) told Canadian Underwriter in an interview. One major disruption is escalating…
Do your clients have enough (or any) coverage for ransomware attacks?
August 10, 2022 by Jason ContantBusinesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new…
Inflation creates opportunities for brokers to revisit risks with clients
August 8, 2022 by Philip PoradoRecent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada…
Was 2021 a high-water mark for P&C industry returns?
August 4, 2022 by Glenn McGillivrayDespite turmoil from the ongoing COVID-19 pandemic that affected everything from the need to work remotely, auto premium rebates and the handling of Cat claims, to the availability and price of building materials and labour, Canada’s P&C insurers still managed…