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Brokers need to be more proactive in reaching out to their business and consumer clients, according to the Canadian Underwriter Trusted Advisor 2021 survey. Only 36% of business respondents — and a considerably smaller proportion of consumers (26%) — said their most recent contact with their broker was broker-initiated. “The numbers don’t surprise me,” said […]
By Melissa Shin | October 5, 2021
3 min read
Prices in the cyber re/insurance market could rise sharply between 2021 and 2023, in some cases doubling from current levels, according to a report from S&P Global Ratings. “Depending on the region and [terms and conditions], policyholders could expect rate adjustments of up to 100% because the risk level has fundamentally changed,” S&P Global Ratings […]
By Jason Contant | October 4, 2021
OTTAWA – The gravel strewn across the bike path was the first sign of trouble. Ottawa resident Steven Grant was out for a ride on Sept. 19 when he noticed an LRT train stopped in the middle of the tracks. Gravel from the bed under the rails had been scattered all over the nearby path. […]
5 min read
Walter Neff from the 1944 film Double Indemnity is the quintessential insurance agent. Office-bound and clad in suit, tie and hat, Neff is symbolic of a bygone era. Times have changed, and so have dress codes. “More companies have started moving toward a business casual model versus office attire, where men were required to wear […]
By Melissa Shin | October 1, 2021
LAC-MEGANTIC, Que. – The Quebec government is moving ahead with plans to redistribute $39 million to those impacted by the 2013 rail disaster in Lac-Megantic, Que., that killed 47 people. About $20 million will go directly to victims recognized during the legal proceedings against Montreal, Maine & Atlantic railway. That amount will be deducted without […]
By Jason Contant | October 1, 2021
1 min read
Delivering Care services virtually has become a necessity. Are your clients rethinking the technologies and strategies they employ to manage abuse liability risk? Since the start of the COVID-19 pandemic, the Care Sector has had to rethink the way it adopts technologies to deliver services virtually – and with that, how to manage associated risks […]
October 1, 2021
Consolidation trends in the industry have some brokerage owners looking to larger brokerages as a succession plan. The insurance industry is evolving rapidly, and Western Financial Group President and CEO, Kenny Nicholls, is hopeful and excited about the future for brokers and consumers. What stands out to the CEO? A focus on people, strategy, and […]
Going digital doesn’t simply mean going paperless — it’s about the end-to-end customer experience, panellists participating in a Canadian Underwriter webinar advised. “When we talk about going paperless, it’s much broader and more robust than simply not mailing out paper documents to clients,” said Karen Hoflin, vice president of Go Insurance. “It’s about repositioning ourselves […]
By Melissa Shin | September 30, 2021
Manitoba Public Insurance (MPI) is reporting a 27% decrease in claims costs in the first quarter of 2021 compared to a year ago, primarily as a result of less vehicles on the road due to the COVID-19 pandemic. Claims costs in Q1 2021 were lower than the same period last year by $89.4 million. This […]
By Jason Contant | September 30, 2021
2 min read
TORONTO – The head of Canada’s banking regulator warned Wednesday of the potential for increased volatility in the global financial system as risks, especially around climate change and digital finances, are on the rise. “My new responsibility requires that I assume and plan for more frequent volatility storms,” said Peter Routledge in his first speech […]
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