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If your brokerage lacks diversity, you may not only be missing out on growth opportunities, but you also are setting yourself up for bad hires, bad decision-making, and reputational harm, a keynote speaker recently told Ontario brokers. Organizations lacking diversity have a limited capacity to identify potential instances of reputational harm, because the team does […]
By Adam Malik | November 5, 2020
4 min read
RICHMOND, B.C. – The Transportation Safety Board says a track failure contributed to the derailment of a freight train in northern British Columbia in January. No one was hurt when 34 cars carrying wood pellets on the Canadian National Railway Co. train left the tracks between the communities of Smithers and Terrace. The board’s report […]
By Jason Contant | November 5, 2020
2 min read
Canadian Underwriter’s 2020 National Broker Survey was a survey unlike any other. Conducted during a one-in-100-year global pandemic, we talked to 220 Canadian property and casualty insurance brokers about pressures on the distribution channel, operational challenges, best practices, optimal marketing and sales strategies, and how they feel generally about being a broker. COVID-19 has not […]
By David Gambrill | November 5, 2020
1 min read
Brokers tend to be an optimistic lot. In both 2018 and 2019, most brokers in our National Broker Survey predicted that their financial performance would be better the next year than it was the year before. The same was true in 2020, despite the pandemic and the global economic meltdown associated with it. More than […]
Specialization remains the name of the game in the property and casualty insurance industry. For the past three years, brokers have extolled specialization in our annual National Broker Surveys. This year was no different. We conducted our study in August and September, during the COVID-19 pandemic. Despite the pandemic, 84% of more than 200 brokers […]
5 min read
Physical distancing or no, brokers still see referrals as being the best way to generate sales leads and gain new clients. “Word of mouth,” one broker in the 2020 National Broker Survey wrote, when asked about the most beneficial way to find new clients over the past 24 months. “Our brokerage is in a smaller […]
3 min read
Manitoba Public Insurance has hired Eric Herbelin, a former senior strategist for Zurich Insurance, as its new CEO, effective Jan. 4. Herbelin worked in Switzerland for Zurich from 2001 through 2016, according to his LinkedIn profile. MPI announced Herbelin’s appointment Oct. 20. Herbelin replaces Benjamin Graham, whose LinkedIn profile indicates he is now CEO of […]
By Greg Meckbach | November 4, 2020
Canada’s solvency regulator has released a new draft guideline that tightens the regulator’s oversight of foreign insurance and bank branches in Canada. Among other changes to existing regulations, the Office of the Superintendent of Financial Institutions (OSFI) is requiring local branches in Canada to document the flow of funds between the Canadian branch and its […]
By David Gambrill | November 4, 2020
A common adage around the insurance industry is to hire for soft skills and teach the technical stuff later. While that’s still mostly true among brokerage leaders taking part in a recent panel, one noted that there are times when you need to hire for those harder skills. Everyone always puts soft skills at the […]
By Adam Malik | November 4, 2020
VANCOUVER – As a dispute over an acid spill that damaged thousands of vehicles winds its way through court, the Insurance Corporation of B.C. has been ordered to keep paying storage costs for the writeoffs. The corporation asked the B.C. Supreme Court to allow it to dispose of the 519 vehicles it had determined were […]
By Jason Contant | November 4, 2020
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