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Products
Ontario re-ignites commitment to auto insurance reform
August 10, 2022 by Alyssa DiSabatinoThe Ontario government re-introduced its 2022 budget and, while there were no changes from an auto insurance perspective, creating choice for consumers will be among the industry’s main concerns, the Insurance Bureau of Canada (IBC) told Canadian Underwriter. The budget…
Was 2021 a high-water mark for P&C industry returns?
August 4, 2022 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…
Where to find recession-proof clients to help grow your business
July 28, 2022 by David GambrillGlobal recession can not only change the way insurance does business, but it also may change the way your clients do business – which may lead to the next big recession-proof opportunities for insurance sales growth. Economies in recession don’t…
Don’t forget to serve, even if the insurer already knows about the lawsuit
July 26, 2022 by David GambrillA claimant in a product liability case must still go through the formal process of serving notice in China of intent to sue a Chinese manufacturer, even if the defendant manufacturer was aware of the claim since 2019, had a…
What’s to blame for P&C industry’s quarterly profitability decline?
June 23, 2022 Canadian Underwriter StaffAt first glance, 2022 Q1 results for Canada’s P&C industry would support the idea that high profits aren’t sustainable. Industry-wide return on equity dipped to 11.5% in 2022 Q1, compared to 19% in 2021 Q1. But the profitability decline stemmed…
Yes, COVID-19 really did boost broker workloads
June 20, 2022 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…
What Millennials and Gen Z want when they buy insurance
June 17, 2022 Alyssa DiSabatinoYounger Canadians are accustomed to getting immediate results from their actions. Sending an e-transfer, text or e-mail means things happen in the blink of an eye, said Katy Fowler, personal lines hero at InsuranceHero. “We expect our internet to be…
How do you insure artificial intelligence?
June 15, 2022 Alyssa DiSabatinoPicture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult…
Inflation creates need for brokers to revisit coverage levels with their clients
June 3, 2022 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 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…
What disco-era stagflation means for insurers’ bottom lines
May 5, 2022 Philip PoradoTight supply chains are taking a bite out of GDP numbers, stagnating economies across the globe while simultaneously pushing up prices. For anyone whose memories don’t stretch back to the 1970s, the counterintuitive combination of a stagnating economy and rising…
Beware the tax implications of unlicensed insurance
May 3, 2022 Jason ContantIf you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…