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How to convince your clients that buying insurance isn’t a waste of money 

June 15, 2021 by Jason Contant

One of the biggest challenges for the insurance industry is convincing policyholders that they haven’t wasted their money if they constantly pay premiums but don’t have a claim.  To overcome this challenge, insurers should help policyholders celebrate the fact that

News Insurance

How to be really customer-centric: Lessons from the global insurance market

June 11, 2021 by Jason Contant

Canada’s property and casualty insurance industry should look towards the global insurance market for some insights about how to increase take-up rates, particularly among marginalized and low-income people, speakers said Thursday at the CatIQ Connect virtual conference. In the global

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The hard part of managing wildfire risk

February 26, 2020 by Greg Meckbach

Your clients may be doing all the right things to manage their wildfire risk, but what about the property halfway down the street? “You can have four homes in a row that are perfectly maintained, just the way they are

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Do insurance pros have a duty to restore a client’s well-being after a loss?

February 20, 2020 by Adam Malik

Brokers are taught the principles of indemnity early in their training: Return the client to the same financial position they were in prior to the loss. But what about their clients’ mental well-being? Can the industry restore that to what

News CatastrophesClaimsInsurance

How the P&C industry can help move the needle on building a climate-resilient society

February 14, 2020 by Adam Malik

The clock is ticking on taking action when it comes to creating more climate-resilient homes, neighbourhoods and cities, a panel warned at a recent conference. When asked by moderator Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction,

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Why insurers aren’t getting much traction with Canadian businesses on climate change

February 13, 2020 by Adam Malik

Canadian industries have a silo-ed approach to preparing for climate change, which is working against the Canadian P&C insurance industry’s desire to address climate change loss exposures and manage catastrophes, a pair of experts told a recent conference. For example,

News Climate ChangeInsurance

Why P&C will need to lead the charge on climate change action

February 12, 2020 by Adam Malik

If recommendations from a report released last year on sustainable finance are going to succeed, the property and casualty insurance industry is going to play a key role in making it happen, said one expert. There is a lack of

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How much damage a toilet malfunction can cause

February 11, 2020 by Greg Meckbach

Your property client’s flood risk could arise from a weak link in the bathroom. Water damage claims of over $100,000 can result if the supply line feeding water to the toilet breaks, says metallurgist Paul Okrutney, founder of Toronto-based insurtech

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How are you managing your mental health?

February 11, 2020 by Adam Malik

Insurance professionals can run the gamut of emotions over the course of a claim, which is what makes managing mental health a challenge, according to industry experts. Whether it’s the broker fielding the call from a panicked client to the

News CatastrophesInsuranceReinsurance

When can Canadian clients get advance warning of earthquakes?

February 10, 2020 by Greg Meckbach

If an earthquake hits Canada after 2024, some clients could get at least a few seconds’ advance warning. At least that’s what the federal government is hoping for. “Earthquake early warning has the potential to reduce the impact of a

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What the regulator found when asking if fire following earthquake is covered in Quebec

February 5, 2020 by Greg Meckbach

Most Quebec homeowners are covered for fire following earthquake, according to a survey by the province’s regulator, which canvassed about 90% of insurers doing business in Quebec. The results of the Quebec Autorite des Marches Financiers (AMF) survey indicate that