Topic Property
Yes, COVID-19 really did boost broker workloads
June 20, 2022 by David GambrillWhile 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…
The cheaper we build our buildings, the more they cost after an earthquake, wildfire or tornado
June 17, 2022 by Keith PorterBy 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…
How to help your clients prepare for civil unrest
June 16, 2022 by Philip PoradoStrikes, 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…
Flood of atmospheric rivers in B.C. cost $675 million in insured damage: CatIQ
June 16, 2022 by The Canadian PressVANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as…
Travel selfie spike could prove stressful for contents insurers
June 13, 2022 by Canadian Underwriter StaffSocial media savvy Canadians may find their tendency to post vacation selfies resulting in the wrong kind of house cleaning. With COVID-19 restrictions easing, summer is once again travel time and 62% of Canadians who are active on social media…
How to help your commercial clients align coverages with rising insured values
June 10, 2022 by Philip PoradoSteep 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…
How the derecho impacted claims service levels
June 7, 2022 by Jason ContantIt’s only natural claims adjusting service levels will drop, given the large number of claims arising from the derecho that struck parts of Ontario and Quebec in May, says the president of the Canadian Independent Adjusters’ Association (CIAA). “Things like…
Remember 1970s stagflation? Why insurers should pay attention to the World Bank
June 7, 2022 by Philip PoradoLingering impacts of COVID-19 and Russia’s invasion of Ukraine have magnified a global economic slowdown and raised the risk of stagflation – in which long-term, feeble growth combines with high inflation – the World Bank says in its latest prospects…
Inflation creates need for brokers to revisit coverage levels with their clients
June 3, 2022 by Philip PoradoBrokers are typically leading conversations about inflation-driven insurance value adjustments for commercial building owners and builders, said Bernard McNulty, chief agent and head of claims, Allianz Global Corporate Specialty. But, he added, clients also are contacting brokers to inquire about…
Why insureds might need parametric coverage alongside conventional policies
June 1, 2022 by Megan LinkinWhen Hurricane Ida made landfall on Aug. 29, 2021, a handful of parametric insurance policies in Swiss Re Corporate Solutions’ portfolio were affected and potentially triggered. By Sept. 1, all relevant data for determining if the hurricane’s winds met policy-defined…
How to speed up claims response for NatCats
May 25, 2022 by Yasser Korany, Mario Delorme and Mazen HabashExtreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme…
First Cat of the year predicted after powerful “derecho” storm
May 24, 2022 by Alyssa DiSabatinoA series of powerful thunderstorms that affected Ontario and parts of Quebec this weekend is already being billed by the industry as the first major Cat of 2022. And while industry experts anticipate a large number of insured damages, one…