Industry
VICTORIA – Taxi drivers in B.C. will soon be able to purchase the same kind of insurance available to the ride-hailing industry, the transportation minister said Thursday. Claire Trevena said talks are also underway with the taxi industry to ensure sustained and improved services for passengers with disabilities. The province has been working for several […]
By Jason Contant | January 31, 2020
3 min read
Data is a tricky balancing act: You need it to make sound decisions, but if the numbers become the be-all and end-all, it can lead to some pretty questionable corporate behaviours and leadership decisions. “Data is dangerous without context,” Bryant Vernon, Aviva’s chief claims officer, recently told attendees of the Ontario Insurance Adjusters Association’s Claims […]
By Adam Malik | January 28, 2020
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
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
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