Segment
Consumers
‘Very pleasant surprise’: Canada’s inflation rate tumbled to 2.9% in January
February 20, 2024 Nojoud Al Mallees – The Canadian PressOTTAWA – Canada’s inflation rate fell more than expected last month as price growth moderated across the economy, including outright price declines for gasoline, airfares and clothing. Statistics Canada reported Tuesday the annual inflation rate tumbled to 2.9 per cent…
Making clients valuable to your brokerage for the long term
February 15, 2024 Adam MitchellWhen it comes to ensuring clients have the right products and coverage levels, life insurance brokers are doing things much better than personal lines brokers. But there’s no reason the P&C industry can’t operate at that level. You can’t sell…
KPMG buys insurance claims practice
February 2, 2024 by Jason ContantProfessional services firm KPMG in Canada has purchased an insurance claims practice that offers income replacement benefit and related calculations, as well as commercial loss claims calculations for insurance companies and their customers. The acquisition of the claims practice of…
When will Canada’s insurers reach a tipping point over NatCats?
January 17, 2024 Philip PoradoIf insurers’ recent response to drastic storm and fire losses recorded in many parts of the U.S. are any harbinger, some Canadian regions may soon grapple with a future in which standard market insurers simply walk away. It’s already happening…
Can higher lodging costs cut restoration losses?
January 12, 2024 Philip PoradoInsurers looking to reduce home restoration claims costs should find ways to avoid tearing out walls, flooring, rugs, trim and other major construction components. One insurer’s launched a program to do just that. The approach will lead to a “1%…
Should insurers help customers build back better…or not at all?
January 4, 2024 Philip PoradoIncreased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to…
2024 Executive Outlook |Kenny Nicholls, Western Financial Group
December 26, 2023 Canadian Underwriter StaffKenny Nicholls, president, CEO, Western Financial Group If there’s ever been a time for all industry players to come together and focus on the consumer, it is now. Much of the insurance industry’s focus over the past few years has been on…
How insurers can manage losses as NatCat events ramp up
December 18, 2023 Philip PoradoWhatever’s driving increasingly devastating storms over the past decade, one thing is certain — insurers have watched NatCat losses ramp up over the past decade. “It used to be an unusual year where you’d have more than a billion dollars…
Can Canada’s P&C industry catch up to NatCats?
December 14, 2023 Philip PoradoIn much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents…
How insurance premium financing enhances client relationships
December 13, 2023 Jeffrey PsiukCanadian brokerages aren’t taking full advantage of an opportunity to arrange premium financing for their clients, particularly for commercial policies covering broad-based risks. In Canada, only 15% of brokered premiums are financed. By comparison, the U.K. rate is 20%, and…
How economic woes hike minor accident claims
December 13, 2023 Philip PoradoCurrent economic conditions have people stressed, and it’s showing up in personal auto claims, said Jesica Ryzynski, a claims specialist with Mitch Insurance. Minor at-fault accidents among insureds are taking place more frequently, she told CU, with many taking place…
How new vehicle tech is changing the auto theft equation
December 11, 2023 Philip PoradoThere’s a small upside to Canada’s current auto theft wave, industry sources have told Canadian Underwriter. Thieves’ adoption of technologies that can capture vehicle key fob signals means criminals no longer need to resort to violent methods like carjacking to…