Segment
Consumers
Brokers try to manage client stress over auto repair timelines
July 25, 2023 Philip PoradoSpare parts shortages continue to cause significant auto insurance claims delays, and a scarcity of adjusters is, in some cases, exacerbating the issue. Many problems brokers are now seeing and helping clients manage wouldn’t have popped up in prior years,…
How Canadian P&C insurers are tackling record auto thefts
July 17, 2023 by Jason ContantAfter the Canadian P&C insurance industry paid out a record $1 billion for auto theft in 2022, some insurers are tackling the issue by offering discounts for consumers installing a tracking system or applying surcharges for those who don’t equip…
How inflation is affecting small business owners and carriers
June 16, 2023 by Jason ContantAlthough inflation cooled to 4.4% in April from its high of 8.1% in June 2022, it’s still affecting small business owners and insurers, an executive at Hartford Steam Boiler told Canadian Underwriter. From a carrier perspective, claims costs are increasing…
How carriers get real-time info on property (and other) risk exposures
June 15, 2023 by Jason ContantCarriers in the small business space are increasingly turning to technology to understand exposure changes and help insureds manage their own risk, an expert said recently. By relying on things like sensor technology, carriers can get real-time information on changes…
Why claims frequency is trending for electric vehicles
May 16, 2023 by Jason ContantRepairable claims frequency for electric vehicles (EVs) in Canada and the U.S. continues to increase slightly with each passing quarter, albeit very slowly, according to a new report from Mitchell, an Enlyte company. EV repairable claims frequency increased 2.41% in…
Residents of Quebec town still struggle with aftermath of 2019 flooding
May 1, 2023 Morgan Lowrie - THE CANADIAN PRESSSAINTE-MARTHE-SUR-LE-LAC, Que. – Sylvie Bechard had only owned her little brick house for six months when her neighbour came banging on her door on the night of April 27, 2019. The dike holding back the Lake of Two Mountains had…
Auto insurers take note: Why this economic downturn is so unusual
April 25, 2023 by Jason ContantCanada’s sluggish economy might be headed for a ‘shallow downturn,’ but it’s unique in the sense there’s also pent-up demand for motor vehicles, said BMO Financial Group chief economist Douglas Porter during an industry event last week. “Anybody here who…
What Canada’s national flood insurance program could look like
March 31, 2023 by Jason ContantCanada’s upcoming national flood insurance program will likely take characteristics from flood models in both France and Britain, Insurance Brokers Association of Canada (IBAC) CEO Peter Braid told Canadian Underwriter in an interview. In its 2023 budget, the federal government…
Will fragile economy make it harder for brokers to sell D&O?
March 28, 2023 Philip PoradoA double-whammy of negative pricing shifts and claims uncertainty is hitting the Directors and Officers (D&O) insurance segment in the U.S., said a recent report from Fitch Ratings. It’s happening at a time when Canadian D&O lines are seeing some…
ATV roll-over decision could help insureds who are denied coverage
March 23, 2023 Philip PoradoRecent granting of a plaintiff’s motion for summary judgement against an insurer in an all-terrain vehicle (ATV) overturn accident may make it easier for auto insurance policyholders to access their coverage. Ultimately, the decision may be of future benefit to…
Direct bringing competition to small-business space
March 15, 2023 Philip PoradoDirect writer TD Insurance has launched TD Insurance for Business, which will offer commercial property, commercial auto for business vehicles and commercial general liability coverage to Canadian small businesses. Coverage will initially be available in Ontario, followed by other provinces, according…
Where brokers and insurers stand on seamless data interfaces
March 14, 2023 David GambrillWorking on application programming interfaces (API), the industry’s leading-edge technology for broker-carrier connectivity, is a lot like doing a home renovation project, said Michael Loeters, ProLink’s senior vice president of commercial insurance and risk management. “You think it’s going to…