Will Canada’s 2023 underwriting results track U.S. improvements?
April 19, 2023 Philip PoradoCanadian insurers, like their U.S. counterparts, may see some better underwriting results this year. In the U.S., property and casualty (P&C) insurance industry underwriting results are likely to improve during 2023, in response to significant premium increases in underperforming automobile…
Has Canada’s P&C hard market finally stabilized?
November 14, 2022 by Jason ContantCanada’s P&C insurance market remains vibrant but unpredictable, although there are signs of stabilization, a Gallagher executive said during an industry webinar Monday. A variety of push-and-pull factors related to underwriting profits, reinsurance rates, interest rates and claims inflation, labour…
Why cyber ratings don’t tell insurers enough about the risks
July 21, 2022 by Alyssa DiSabatinoCyber insurers need to tread lightly when using cyber security rating scores — also known as outside-in security-risk assessments — because the data can be skewed and may mislead consumers into believing they’re more protected than they really are, said…
What the future underwriter will look like
March 1, 2021 by David GambrillUnderwriters of the future are going to look a lot more like technology trailblazers, data pioneers, dealmakers, portfolio optimizers, and risk detectives, according to a new report by Deloitte. “To remain competitive, insurers should accelerate underwriting transformation,” Deloitte states in…
Underwriting long term care: Transforming liability into opportunity
December 4, 2020 by David GambrillWith property and casualty insurance carriers reportedly exiting the long-term care (LTC) class of business following a spate of class-action lawsuits related to COVID-19 deaths in nursing homes, insurance underwriters may be interested to know about a new technology in…
What open banking means for brokers
June 21, 2019 by Greg MeckbachBrokers should see open banking as more of an opportunity than a threat, a partner with EY Canada suggests. Open banking is a system in which consumers could consent to sharing their banking transaction data with other financial services providers,…
The other technology risk that’s keeping clients up at night
June 17, 2019 by Greg MeckbachIf you place commercial insurance, you probably have clients who are very concerned about the risk of making large investments in information technology projects. “The failure rate of IT projects is quite high and the returns are often not what…
This social media risk lacks a mainstream insurance product
June 12, 2019 by Greg MeckbachWant to place insurance that covers a client whose revenue suddenly plummets because of a disinformation campaign? This might be easier said than done, but one commercial insurer with a Canadian branch is hoping to change this. Right now, there…
Business optimization is easy. Why isn’t transformation?
June 12, 2019 by Adam MalikFinding ways to save money isn’t how you make meaningful change in your business. It’s about your people and altering the way they think and work in your company. For many industries – and insurance is no exception – that…
Should cyber insurance products become more standardized?
June 10, 2019 by Jason ContantHow far along is the Canadian insurance industry in terms of cyber product standardization? While some of the standard language for base coverage has become more standardized over the years, there is still an overall general lack of standardization. There…
How an insurtech uses pre-fill data to a homeowner’s best advantage
June 6, 2019 by Jason ContantOne insurtech based in the United States is pre-filling data in home insurance application forms to help answer questions that customers may not be able to answer themselves. California-based home insurance company Hippo Insurance uses trusted public data sources like…
Brokerage fined for rebating premium to unhappy client
June 3, 2019 by David GambrillA Manitoba brokerage recently found itself in hot water with the regulator for rebating premium money to a dissatisfied client. Insurance Council of Manitoba ruled that Donbar Agency Limited, which operates as Crossroads Insurance, should not have rebated an unhappy…