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How solvency risk has changed since the days of the eight-track tape

October 23, 2020 by Greg Meckbach

When Bob Tisdale started his career about 40 years ago, insurers were more likely to get into financial trouble. “When I first started in this industry in the early days, I was doing commercial underwriting and there were a lot

News BrokersEducationManagementMergers and AqcuisitionsOperationsTrusted Advisor

The downside of selling for 4 times multiple during COVID

October 23, 2020 by Greg Meckbach

Despite the economic disruption from the COVID-19 pandemic, some brokerage owners could sell their business for multiples of more than four times revenue, but there is potential downside to this, Ontario brokers heard Wednesday at their annual convention. “About 15

News BrokersBusiness InterruptionClaimsClaims Canada ArchiveCommercialEducationInsurersLoss ControlLoss TrendsOntarioRisk ManagersTrusted Advisor

Why reinsurers are now ‘hesitant’ to support some Canadian insurers

October 22, 2020 by Greg Meckbach

One lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital

News BrokersBusiness InterruptionClaimsClaims Canada ArchiveCommercialInsurersLegalOntarioTrusted Advisor

Why brokers are going to get sued over pandemic business interruption claims

October 21, 2020 by Greg Meckbach

Some brokers are going to get sued by clients whose COVID-19 business interruption claims were denied, a keynote speaker warned Insurance Brokers Association of Ontario (IBAO) members Wednesday. “The main area of claim will be failure to advise of potential

News BrokersClaims Canada ArchiveCommercialCyberEmerging RisksInsurersLoss ControlLoss TrendsRisk ManagersTechnologyTrusted Advisor

How COVID-19 has changed cyber underwriting

October 19, 2020 by Greg Meckbach

With loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or

News EducationManagementOperationsTrusted Advisor

The business case for diversity and inclusion at a brokerage

October 9, 2020 by Greg Meckbach

If you truly want to connect with your customers, your organization must be diverse, an industry consultant suggests. “There is room for improvement in corporate Canada, not just in property and casualty insurance, in ensuring women, visible minorities and people

Feature BrokersManagementOperationsTrusted Advisor

We need to talk…

October 4, 2020 by David Gambrill, Editor in Chief

Based on recent consumer research and brokers surveys, Canadian Underwriter has identified three crucial topics of conversation to help brokers forge stronger bonds with their clients

Feature BrokersCommercialRisk ManagersTrusted Advisor

The rise (and fall?) of specialization

October 1, 2020 by David Gambrill, Editor in Chief

Specialization continues to be a major growth strategy for brokers, as our third annual National Broker Survey shows. But has the pandemic exposed the limits to specialization…?

News AlbertaB.C.BrokersTechnologyTrusted Advisor

What this insurtech says are two ways of being better than the average broker

September 28, 2020 by Greg Meckbach

If you want to be better than the average brokerage, try explaining coverages through the use of examples and try not making consumers wait for days for answers, the co-founder of an insurtech advises. “Insurance can be somewhat stuffy and

News CommercialTechnologyTrusted Advisor

One broker’s bold prediction about contactless payment options

September 21, 2020 by Greg Meckbach

Concerns over the risk of COVID-19 transmission could accelerate the changes that technology has been bringing to financial transactions, including contactless payment options, a commercial broker suggests. “Financial services are changing very quickly,” said Mark Morency, senior vice president and

News AlbertaOntarioPersonal AutoTrusted Advisor

How vehicle depreciation can create E&O risk

September 21, 2020 by Greg Meckbach

Personal auto insurance brokers who don’t offer an endorsement that would limit an insurer’s right to restrict its coverage to actual cash value could be increasing their errors and omissions risk, a senior broker has cautioned. Alberta and Ontario have

News ClaimsClaims Canada ArchiveCommercialEmerging RisksLoss ControlLoss TrendsRisk ManagersTrusted Advisor

How Northbridge is advising clients to prepare for second COVID-19 wave

September 18, 2020 by Greg Meckbach

One key component of preparing for the anticipated second wave of COVID-19 cases in Canada is for businesses to assess how they responded to the first wave of the disease, Northbridge Insurance is telling its commercial clients. “Many businesses that