It is hoped a new pilot project involving three different municipalities in three different provinces will offer similar outlooks regarding the value of being able to assess municipal infrastructure before the next severe weather event occurs.
The Canadian Independent Adjusters’ Association is celebrating its 60th anniversary this year as the profession’s singular voice of advocacy, education and membership. Evolving from an elite conference of like-minded independent adjusters in the 1950s to mid-1980s to a truly national association in the modern era, CIAA has seen its share of changes – yet many of its goals have stayed the same. We take a brief look at the history of the association, share some observations from past presidents and, perhaps most importantly, glimpse into where CIAA is headed in the future.
How environmental claims can be handled quickly and cost effectively.
It was a relatively quiet 2012 for reinsurers; the same cannot be said for 2013. Two flooding events have taken their place among the most expensive natural catastrophes ever in Canada, prompting insured loss estimates well in excess of $2.5 billion. Is the country on the verge of something new? Do these seemingly more frequent – certainly most expensive – events demand a whole new conversation when it comes to perils in Canada?
As more customers buy insurance through aggregators, price will become a key differentiator. But brokers who are good at delivering insurance will be in the best position to compete.
Telematics, well-suited to documenting vehicle usage, offers promise as a means of monitoring and underwriting risk. But telematics will only fulfill its loss reduction potential if consumers looking to govern and manage their own risk have a clear understanding of defining criteria, how rates can be affected and what their choices are.
Why should the equipment breakdown insurance industry care about 3D printing? Despite being around for decades, 3D printing is now becoming commonplace in manufacturing. And with every new product made comes not only benefits, but also the need to adapt to new and different circumstances.
Independent adjusters experienced a surge of claims from record flooding in Southern Alberta and the Greater Toronto Area in late June and early July. The losses from epic flood-related damage to personal and commercial property will represent the costliest natural disaster in Canada.
Providing proof of auto insurance coverage in Canada today is somewhat like a trip back in time. Despite the availability of mobile devices and technology that could put electronic proof of insurance a click away, insurance companies at home seem reticent to be the insurer to make the first move.
Amidst all the hype around “big data,” insurers and brokers are discovering tangible applications for unstructured information in areas like marketing, risk assessment, underwriting, loss mitigation and claims management. As data creation becomes faster, wider and more voluminous in the digital age, some industry pioneers are experimenting with ways to glean insight and translate that into real-life business strategies.
Independent adjusters can find an important market in self-insured retention (SIR) clients. Insurance industry cycles often dictate the appetite for alternative risk transfer, particularly during a prolonged soft commercial market with attractive premiums. For those adjusters who persist in this field, SIR clients present an avenue of opportunity – and challenge.
An Emerging Claims Field That Adjusters Should Understand