Insurance & Risk, Analysis, Events and Careers
Industry
If a claim for a stolen scooter draws suspicion, an insurer will need to do more than just cite skepticism about the condition in which the power charger, keys and helmet are returned — especially if the electronic bike’s purchase receipt is marked as “deprecated.” The word “deprecated” is a stock-keeping system term meaning that […]
By David Gambrill | October 20, 2020
3 min read
Cyber claims have skyrocketed recently thanks to the COVID-19 pandemic, and the relatively young class of business has entered a hard market, meaning that an already-tough-to-sell insurance product may become an even harder sell, according to an expert in the area of cyber coverage. MSA research reported in its Quarterly Outlook Report that in the […]
By Adam Malik | October 20, 2020
Did you know that in the U.S., 130 of the top 150 insurance carriers use CARFAX vehicle history data to improve underwriting and boost claims efficiency? In fact, CARFAX vehicle history data has proven to be highly correlated with loss ratios. Here are some of the most valuable data points for insurers: Odometer readings Based […]
October 20, 2020
Ontario’s long-term care homes are having trouble securing liability insurance for COVID-19, a situation that could force some of them to close, a group representing more than 70 per cent of the province’s homes says. The Ontario Long-Term Care Association says its homes are being offered new policies without a key provision: coverage for infectious […]
By Jason Contant | October 20, 2020
RED DEER, Alta. – A family-run company providing air-tanker support to control menacing wildfires in British Columbia, Alberta, Manitoba and Yukon is a little less busy these days, but it has nothing to do with the COVID-19 pandemic. “It has been really quiet on the fire front in both Alberta and B.C. the past two […]
By Jason Contant | October 19, 2020
The longer the COVID-19 pandemic drags on, the longer businesses will struggle and the risk that they close their doors for good, an economist is warning, and that spells bad news for the insurance industry. Canada is navigating through a second wave of COVID-19 infections and certain “targeted” regions and business segments are facing yet […]
By Adam Malik | October 16, 2020
In the dog-eat-dog world of trying to generate sales during a global pandemic, brokerage principals are increasingly turning to performance-based compensation to help improve the performance of their brokers, according to Canadian Underwriter’s 2020 National Broker Survey. Of the more than 80 brokerage principals surveyed by Canadian Underwriter during this summer, 71% reported performance-based compensation […]
By David Gambrill | October 16, 2020
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Author: Kevin Kemball, Director – Centre for Boreal Research, Northern Alberta Institute of Technology – THE CONVERSATION Lately, there’s been growing concern over the number […]
By Jason Contant | October 16, 2020
5 min read
Advising clients of parametric options will allow brokers and insurers to enhance their value and open up opportunities to provide more options for risk transfer and solutions to coverage issues that couldn’t be solved under traditional measures, says an insurer executive. Focusing on parametric coverage means giving clients the ability to get more customized coverage, […]
By Adam Malik | October 15, 2020
4 min read
As the COVID-19 pandemic extends into the fall and winter months, with cases continuing to rise throughout the country, it is critical that the industry’s leaders foster a culture of trust within their P&C organizations moving forward, an Aviva Canada executive told Canadian Underwriter recently. In making his point, Danny Davies, chief people officer of […]
By David Gambrill | October 15, 2020
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