Segment
Underwriting
How these two auto insurers rate Gender X differently
May 27, 2020 by Greg MeckbachPembridge Insurance Company plans to start rating motorists who identify themselves as ‘Gender X’ in Nova Scotia, charging Gender X motorists the same as women, the province’s regulator announced Tuesday. Through its Pembridge unit, Allstate writes home and auto insurance…
This ‘cardinal sin’ will increase your client’s auto insurance bill
May 26, 2020 by Greg MeckbachYoung male motorists can expect to pay more than women for auto coverage but the decisions your clients make have an even greater bearing on their insurance bill, the co-founder of LowestRates.ca suggests. “The cardinal sin is cancellation for non-payment,”…
Carrier exec calls for BMS vendors to move away from developing third-party rating tools
May 22, 2020 by David GambrillBroker management system (BMS) tech vendors need to move away from spending time, effort and money on developing third-party rating tools used for comparison quoting, an insurance company executive said at a recent webinar on broker-carrier connectivity. Instead, they should…
Q&A: Business Continuity in the Digital Age
May 22, 2020 by David GambrillThere has been a significant amount of discussion, both within and outside of P&C industry, about whether a commercial insurance policy offers pandemic coverage for business interruption losses. Generally speaking, commercial liability policies exclude business interruption coverage for pandemic. However,…
What can go wrong if ‘actual cash value’ is not clearly defined in a property policy
May 19, 2020 by Greg MeckbachAfter a 132-year-old Cape Breton Island building was heavily damaged by a sprinkler line failure, there was a huge disparity between the property owner and insurer’s versions of “actual cash value.” The claimant said $1.59 million, while the insurer said…
‘BI coverage’ misnomer puts the P&C industry behind the 8-ball: U.S. expert
May 14, 2020 by Adam MalikThe insurance industry set itself up for a public relations disaster when it comes to business interruption claims, and it should be prepared to be called out more often on the name given to the coverage, says one risk researcher.…
Wimbledon cancellation could ‘change the entire way of looking at insurance’: Broker
April 30, 2020 by Greg MeckbachThe cancellation of the Wimbledon tennis tournament, and the associated nine-figure insurance payout, is going to change the way the industry offers pandemic coverage, a Canadian commercial broker suggests. A report by Britain-based GlobalData says the Wimbledon organizer paid for…
How brokers can protect themselves from lawsuits during COVID-19
April 28, 2020 by David GambrillBroker advice and advocacy are shining brilliantly during the days of the global pandemic, with insurer products, coverage options and consumer relief packages in a constant state of flux. Many in the P&C industry have noted that broker value has…
How COVID-19 is ramping up insurance needs for telemedicine
April 22, 2020 by Jason ContantCOVID-19 has sharply increased the demand for telemedicine in Canada, and with it comes emerging risks and possible unexpected gaps in coverage for clients. Telemedicine – or using video, audio and other technologies to deliver preventive, diagnostic and treatment services…
Car sharing shutdown in these Canadian cities
April 22, 2020 THE CANADIAN PRESSGeneral Motors says it has permanently shut down its Maven car sharing service in all markets including Toronto after suspending operations in March due to the COVID-19 outbreak. The company said in an email to customers Tuesday that it made…
Staging an Intervention
April 21, 2020 David GambrillAs difficult as this may be for brokers to hear, market swings in the competitive environment of the P&C insurance industry are inevitable. During soft markets, when capacity is plentiful, companies will use that capacity to lower premium rates to…
Will more Canadian insurers introduce COVID-inspired D&O exclusions?
April 21, 2020 by Jason ContantThe Canadian insurance industry will struggle with adding exclusions related to COVID-19 in directors and officers (D&O) policies, “particularly in light of the fear that adding them now will suggest past policies did not exclude these issues,” a Toronto lawyer…