Segment
Consumers
Video-based telematics? Car subscription services? The future of auto insurance is already here
April 23, 2021 by Jason ContantIncreased use of video-based telematics in the commercial fleet space, as well as the evolution of car subscription services, are just two ways in which the Canadian insurance market could change over the next few years. Panellists discussed their predictions…
Insurers seek federal grants for homeowners to improve basement flood protection
April 21, 2021 by Greg MeckbachThe industry is pushing to make federal grants available for Canadian homeowners to reduce basement flood risk. In the fall of 2020, the federal government announced its Greener Homes initiative. When the program rolls out, the plan is to provide…
The limits of data collection: Making a case for pounding the pavement
April 20, 2021 by Jason ContantTo provide an excellent customer experience for your clients, data can only take you so far, the digital director of a brokerage said recently during the CIP Society Symposium’s virtual conference. Sometimes brokers simply have to hit the pavement to…
Can insurtechs match the financial performance of traditional carriers?
April 19, 2021 by Greg MeckbachLemonade, Root and Metromile have a few things in common, and it’s not just their leading-edge technology. “Their performance has been consistently worse than those of their more traditional [insurance company] peers,” writes Joel Baker, CEO of MSA Research Inc.…
Pandemic lockdowns make the case for pay-as-you-go commercial insurance
April 14, 2021 by David GambrillAuto insurance has introduced pay-as-you-go options for personal clients, but in the era of business shutdowns to prevent the spread of COVID-19, it seems as though commercial lines could use a similar option as well. Brokers in a LinkedIn thread…
Client dogged by $1,277 uninsured water damage remediation bill
April 14, 2021 by Greg MeckbachA British Columbia client who runs a dog kennel business out of her home is liable for some water damage remediation costs that her insurer did not cover because they relate to business and not personal use of the property.…
How to bring the risk of catastrophic events home to your clients
April 9, 2021 by Jason ContantCanada’s property and casualty insurance industry needs to ramp up its public education efforts to bring the risk of catastrophic events home to the Canadian population, speakers said Thursday during the virtual CIP Society Symposium 2021. “I don’t like to…
Number of suspicious claims “at an all-time” high during COVID: RSA
April 6, 2021 by Jason ContantEven though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss…
Why more auto insurers may opt for UBI
March 30, 2021 by Greg MeckbachOntario motorists can expect to see more insurers offering telematics now that the province is allowing carriers to impose surcharges on risky drivers. “The bottom line is that insurance companies always want to find the right price for a risk…
Are you offering insurance products that your clients want during the pandemic?
March 16, 2021 by Jason ContantSeven in 10 consumers and small business owners want home protection and usage-based insurance policies for the current remote working environment, a recent survey from Ernst & Young found. “With consumers spending more time at home and online, new concerns…
Why auto rates are increasing despite fewer drivers on the road
March 6, 2021 by Jason ContantAverage auto insurance rates rose in Canada during the second half of 2020 despite the COVID-19 pandemic and lockdowns that led to fewer drivers on the road, a new report from LowestRates.ca found. The average auto insurance premium climbed by…
February auto sales down 10% from year ago due to lockdowns and supply chain disruptions
March 3, 2021 The Canadian PressTORONTO – Canadian auto sales in February were down nearly 10 per cent compared with February 2020, the last full month before the lockdowns began due to the COVID-19 pandemic. According to estimates compiled by DesRosiers Automotive Consultants auto sales…