Keyword
Commercial
The “perfect storm” conditions for commercial rate increases
February 4, 2019 by Jason ContantThe past few years have created a perfect storm leading to an increase in commercial insurance rates, Signature Risk Partners Inc. says in a white paper released last week, entitled Hard Commercial Insurance Market on the Way. One factor is…
How to grow in an era of new, intangible business risks
December 6, 2018 by David GambrillAs business risks become more global, interconnected and less tangible, brokers and insurers should expand their dialogue with clients about loss mitigation or loss prevention, the chief executive of CNA Canada says. “An insurance policy today isn’t really enough,” CNA…
How this commercial brokerage addresses skills shortages
October 14, 2018 by Greg MeckbachBrokerage owners in some regions are struggling to find staff who know commercial lines. “There are very few people (in Saskatchewan) who understand commercial insurance deeply,” said David Reidy, president and CEO of Regina-based commercial brokerage Henderson Insurance Inc. To…
Working around the workarounds
October 1, 2018 Lisa Kerr, president, Zynamic SolutionsThere is a lot of room to improve the current process for buying commercial insurance in Canada. In a brokerage, fully half of the 24 common touchpoints involved in processing a single new commercial policy could be removed through automation,…
Signs of a hardening commercial market
August 20, 2018 by Greg MeckbachShopping around for the best deal for a business client may be getting more difficult as commercial lines prices start to uptick. Among commercial insurers, “it seems there is a little bit of tightening up on the risk appetite,” Raymond…
Fine for broker in business interruption coverage mix-up
July 13, 2018 by David GambrillA $500 fine against a Manitoba broker illustrates the importance of documenting conversations with a client when advising on business interruption coverage in a commercial insurance policy. The broker, Edward Tetrault, provided a quote to his commercial business client on…
How this top-tier Canadian brokerage plans to double its revenue in 5 years
July 11, 2018 by David GambrillNavacord Inc., Canada’s fifth-largest insurance brokerage by premium volume, has entered into an agreement that will see a management-led buyout of its minority capital partner, Fairfax Financial Holdings Ltd., with the support of Madison Dearborn Partners (MDP), a leading private…
Aviva combines multiple business segments into one commercial policy
March 6, 2018 by Jason ContantAviva Canada has launched a new commercial product that allows a company’s different business operations to be included on one policy. This consolidation is intended to make it easier for brokers to offer limits and extensions for different segments. In…
Commercial brokers close to “holy grail” of data integration
November 19, 2017 by Canadian UnderwriterToronto Insurance Conference (TIC), an association of Canadian commercial insurance brokers, is poised to launch a proof of concept leading towards real-time data integration — the “the holy grail” of commercial lines insurance. It’s a big step towards real-time data…
Insurer “redefines” its commercial insurance strategy
November 16, 2017 Jason Contant, Online EditorEconomical Insurance is looking to “redefine” its approach to commercial insurance with a new strategy and structure, the insurer’s manager of public and media relations, Doug Maybee, told Canadian Underwriter on Thursday. “It certainly shows that we are taking steps…
North American commercial insurance buyers likely to face rate increases in 2018: Willis Towers Watson
November 7, 2017 by Canadian UnderwriterCommercial insurance buyers in North America are likely to face rate increases for 2018 insurance programs as the industry continues to tally losses following one of the most “active and financially disruptive hurricane seasons in history,” according to Willis Towers…
Combined ratio, net loss for Economical Insurance up in 2017 Q3 over 2016 Q3
November 6, 2017 by Canadian UnderwriterThe impact of strategic investments by Economical Insurance contributed to the insurer witnessing a combined ratio of 116.2% and an almost doubling of net loss in 2017 Q3 compared to 2016 Q3. The combined ratio for the third quarter of…