Why your clients will buy insurance only after a disaster
February 12, 2019 by Jason ContantDue to six decision biases, consumers will typically not protect themselves against low-probability, high-consequence events until it is too late, a keynote speaker said recently at the CatIQ Connect conference in Toronto. When consumers decide not to purchase insurance or…
B.C. limits court experts in auto insurance to spur early settlements, savings
February 11, 2019 THE CANADIAN PRESSVICTORIA – The British Columbia government is clamping down on the use of experts to cut costs and reduce delays in settling claims in motor vehicle accidents. Attorney General David Eby says the changes to B.C. Supreme Court civil rules…
Common misconceptions about business interruption insurance
February 8, 2019 by Jason ContantOne strong challenge to the broker channel, according to brokers, is consumer self-education about their insurance needs and options. Nowhere is this more evident than in the field of business interruption (BI) insurance, a very specialized coverage that is rife…
Two weird things about the 2018 catastrophe season
February 7, 2019 by Jason ContantThe Canadian insurance industry saw a bit of an unusual catastrophe season last year, with more cats in the second quarter than the third, and Ontario beating out Alberta for insured losses. There were a total of 12 catastrophes last…
Mystery explosion damages 22 homes in Caledon
February 6, 2019 by Greg MeckbachNearly two dozen homes were damaged after one fatal incident Sunday near Toronto. An explosion demolished a house in Caledon, killing Joseph Westcott and damaging neighbouring properties, The Canadian Press reported. About 22 homes were “damaged to varying degrees,” Andrea…
Has Intact noticed the impact of pot legalization on auto claims?
February 6, 2019 by Greg MeckbachRecreational cannabis has been legal for nearly four months, but it’s too early for Canada’s largest property and casualty insurer to tell whether it’s having an impact on auto claims frequency. Senior managers with Intact Financial Corp. were asked Wednesday…
The “perfect storm” conditions for commercial rate increases
February 4, 2019 by Jason ContantThe past few years have created a perfect storm leading to an increase in commercial insurance rates, Signature Risk Partners Inc. says in a white paper released last week, entitled Hard Commercial Insurance Market on the Way. One factor is…
MSA Research hires former Guarantee VP as COO
February 1, 2019 by Greg MeckbachMarilyn Horrick, a former executive with The Guarantee Company of North America, is now executive vice president and chief operating officer of MSA Research Inc. The appointment took effect Friday. Toronto-based MSA’s reports include financial information on most of Canada’s…
Why the cyber market has become so crowded
January 31, 2019 by Greg MeckbachClients shopping for cyber insurance today can choose from among far more carriers than they could a few years ago, because it’s such a profitable line of business. However, one reason cyber is more profitable than other lines of coverage…
Hundreds of collisions in aftermath of Toronto snow storm
January 30, 2019 by Jason ContantA winter storm that dumped nearly a foot of snow on Toronto and surrounding areas over a 24-hour period has also caused hundreds of collisions. From a claims perspective, there has not been a “significant increase” in claim activity, one…
How to make money during an unprofitable market
January 24, 2019 by David GambrillAs market conditions start to become more challenging in personal home, auto and commercial property lines, how can carriers and brokerages maintain a healthy, profitable book of business? “To me, there are three possible strategies,” says Greg McCutcheon, president of…
Why the global protection gap is the lowest it’s been in 14 years
January 22, 2019 by David GambrillGlobally, the protection gap in 2018 shrunk to 60% – the lowest level it has been in 14 years, according to a new report on global catastrophes by Aon plc. Extreme weather drove the majority of the globe’s $225-billion worth…