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Major improvements in Canada’s proposed 2020 seismic hazard model means that there is an increased earthquake hazard all across Canada, including up 50% in some places. “The big change we’ve made in the 2020 model for eastern Canada has really been the ground motion models,” said Michal Kolaj, a seismic analyst with Natural Resources Canada, […]
By Jason Contant | January 27, 2020
3 min read
As commercial insurance prices increase, you could have customers who literally have not factored new rates into their budgets. “We have an understanding, clearly, that there are risk managers and [chief financial officers] of companies that maybe didn’t budget for the rate that is required,” said Gary Grose, president of Colony Specialty, an excess and […]
By Greg Meckbach | January 24, 2020
2 min read
There will come a time when data-enabled learning, as featured in artificial intelligence, will become a “table stakes” component of P&C insurance products — but collecting mass amounts of consumer data won’t always give your company a competitive advantage. Who benefits from your data-enabled learning – be it individual consumers or large customer networks — […]
By David Gambrill | January 23, 2020
The impact of low interest rates on insurer profitability is something that warrants more discussion, suggests a senior executive with one of the world’s largest reinsurers. “This is something that significantly impacts the profitability of the insurance and reinsurance industry, and I don’t think there has been a full appreciation for how severe that problem […]
By Greg Meckbach | January 22, 2020
Both personal auto and personal property premiums in Canada increased double digits compared to the same quarter last year, pointing to a continued hardening in the market, according to Applied System’s latest premium rating index. Personal auto premiums in 2019 Q4 increased by an average of 11.6% over the same period last year, while personal […]
By Jason Contant | January 22, 2020
Hard markets and “difficult” markets are two different things, and one property and casualty insurance industry consultant is not convinced we’re in a hard market. “Almost universally, people are talking about us being at the beginning of a hard market or being in a hard market,” said Phil Cook, a veteran P&C industry consultant, at […]
By Jason Contant | January 21, 2020
The Office of the Superintendent of Financial Institutions (OSFI) could be reissuing a new draft of its proposed new reinsurance rules “within the next few weeks,” a property and casualty insurance industry veteran predicted last week. “I believe OSFI will come back with something more palatable for the industry, but it’s something to watch,” said […]
Technology is making more of an impact in professional sports, and the same can be said for insurance. That makes re-upping the relationship between Sonnet and the National Hockey League Players’ Association a natural decision, said the company’s marketing head. The commercials feature thee young current NHLers and three retired pros. The spots start with […]
By Adam Malik | January 17, 2020
Business interruption outranked cyber incidents as top concerns for Canadian businesses, brokers and trade organizations, according to a new report from Allianz Global Corporate & Specialty. Globally, however, it’s the other way around. When the annual Allianz Risk Barometer, which identifies major business risks for the upcoming year, asked Canadian respondents to pick their top […]
By Adam Malik | January 14, 2020
As we all know, climate change is one of the most prominent topics in the news – so much so that it is being touted as a major deciding factor for Canadian politicians in the upcoming federal election. But, what does this mean for businesses? Where this becomes an interesting topic is the implications it […]
By Ad Ops | January 14, 2020
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