Canadian Underwriter

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Brokers

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News BrokersInsurance

Digital-only for P&C consumers after the pandemic? Not so fast…

June 24, 2022 by Alyssa DiSabatino

Despite online insurance gaining popularity, consumers still need — and want — personalized advice from their insurance companies and brokers, executives observed during a recent industry panel discussion.   “I had really thought at the end of 2020 that digital

Insurance broker discussing and consulting on auto insurance policy
News Insurance

Broker or insurer: Who’s responsible for letters of non-renewal on auto policies?

June 23, 2022 by Jason Contant

The issue of how much responsibility an Ontario broker has for sending out non-renewal notices to auto insurance clients is in the spotlight, featuring an online discussion focused on adequate notice time and the possibility of errors and omissions (E&O)

News AnnouncementsAssociationsBrokersInsuranceLegislation / Regulation

Don Forgeron to retire from Insurance Bureau of Canada

June 23, 2022 by Alyssa DiSabatino

Don Forgeron will retire as president and CEO of the Insurance Bureau of Canada after a tenure of almost 30 years. He will also retire as a member of the IBC’s board of directors. The search for Forgeron’s successor will

Roof Leaking
News BrokersClaimsInsuranceLegal

Water damage dispute: Why the court wouldn’t end three-year dispute resolution

June 22, 2022 by David Gambrill

B.C.’s Supreme Court has denied a claimant’s attempt to bail out of two mandatory dispute resolution hearings with multiple insurers in a three-year dispute over the value of water damage in her strata unit. “The plaintiff is understandably frustrated by

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News BrokersInsuranceMarkets / CoveragesMergers and Aqcuisitions

How much of the industry will change hands in five years: Intact exec

June 22, 2022 by Alyssa DiSabatino

Canada’s largest insurer thinks 15% of insurers will undergo ownership changes in the next five years. “We predict that about 15% of the existing market shares will change hands in the next five years,” said Louis Gagnon, CEO of Intact

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News BrokersEmploymentInsuranceProfessional Development

Commissions may not compensate brokers for rising workloads

June 21, 2022 David Gambrill

Commission structure doesn’t always compensate for the time brokers must spend preparing for prospective business, only to have a client reject the proposal, said a broker responding to Canadian Underwriter’s latest National Broker Survey. “If I go to a dentist,

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News BrokersInsuranceMergers and Aqcuisitions

Three key issues facing the broker channel

June 21, 2022 by Alyssa DiSabatino

Expect the quickening pace of mergers and acquisitions (M&A) activity to present a big challenge — or advantage — to brokers, Joseph Carnevale, president at Insurance Brokers Association of Ontario, said at the Young Brokers Conference.   The Insurance Broker

Stressed out person working from home.
News BrokersCommercial LinesConstructionInsuranceMarkets / CoveragesProductsProfessional Development

Yes, COVID-19 really did boost broker workloads

June 20, 2022 David Gambrill

While 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

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News BrokersClaimsInsurance

How the industry is addressing service level challenges

June 20, 2022 by Alyssa DiSabatino

Consumer behaviour, supply chain issues and staffing shortages are among the reasons why service levels have been challenged in recent months, but revamping outdated technology and insourcing claims may help ease the backlog, say industry executives.  Processing claims in-house helps

News Insurance

The future of cyber-security: MFA and beyond

June 17, 2022 by Jason Contant

Here’s some cyber security advice for your clients: time to install multi-factor authentication (MFA). In the future, that advice may morph to: Please send us a scan of all your tech vulnerabilities, so we can see what cybercriminals see. As

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News BrokersInsuranceProducts

What Millennials and Gen Z want when they buy insurance

June 17, 2022 Alyssa DiSabatino

Younger 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

Picturesque family home with red facade combined with wooden details. Hard roof top pergola covering the patio, protecting it from snow. This modern style home gives you a cozy feel, because of wood and warm colors.
News BrokersClaimsInsuranceLegal

Sewer back-up or overland flood? Is a sun deck “within” a dwelling?

June 17, 2022 by David Gambrill

A sewer backup insurance policy only applies to a flood originating from “within” a dwelling and not from a drain overflow on a sun deck partially exposed to the outdoors, B.C.’s Supreme Court has ruled. In Gill v Wawanesa Mutual