Canadian risk managers experienced an average 18.8% salary increase in 2021 from two years prior — and women Canadian risk professionals saw an even bigger jump — according to a recent Risk Management Society (RIMS) survey. The 2021 Risk Management Compensation Survey compiled data submitted by 1,213 full-time risk professionals across seven different risk […]
By Alyssa DiSabatino | February 1, 2022
2 min read
Emergence of new risks alongside capacity restrictions across industry sectors makes it more important than ever for risk managers to strike the right balance between risk retention and risk transfer. Often, this leads to increased interest in alternative risk solutions with self-retention vehicles, such as captives, becoming central to a consolidated, long-term risk management approach. […]
By Phil | January 20, 2022
3 min read
During Danish Yusuf’s morning routine, his work phone rarely rings and seldom is there an appointment with his Toronto insurance company staff. The lack of disruptions is no coincidence. Yusuf instructed staff not to plan meetings or send electronic communications early in the morning or after 5 p.m. years ago in hopes of helping staff […]
By David Gambrill | December 30, 2021
4 min read
Customized risk management advice ranks highest among the top needs of mid-sized businesses to reduce their risk exposure, a new survey found. The findings suggest there’s an opportunity for brokers and risk managers to deepen risk management conversations with clients. The latest annual Mid-Sized Company Risk Report from QBE North America and the Association for […]
By Phil | November 5, 2021
2 min read
Risk management has become a top concern for middle market companies surveyed following more than a year of pandemic and other related business disruption, data from Chubb has shown. According to Chubb’s Middle Market Indicator for Q2 2021, which surveyed 1,000 executives of middle market companies, 79% of those companies consider risk management as “extremely” […]
By Phil | October 22, 2021
3 min read
As brokers grapple with an evolving cyber insurance market, one managing general agent is looking ahead to help the industry keep pace. George Bozanin, managing partner and head of business development with Coalition Insurance Canada, told Canadian Underwriter the post-pandemic shift to hybrid and virtual work models have created the perfect environment for cyberattacks to […]
By Melissa Shin | September 23, 2021
3 min read
With water damage claims due to infrastructure failures costing the industry much more per year than natural catastrophes, brokers need to be more proactive in helping clients understand coverages and risk mitigation strategies. Infrastructure and plumbing related water damage is one of the biggest challenges for property managers, yet brokers often struggle to convince clients […]
By Melissa Shin | August 17, 2021
3 min read
With COVID-19 cases rising across Canada and several large employers — including the federal government — announcing they’ll require workers to be vaccinated, insurers and brokers may begin rethinking their return-to-office plans. Not long before the fourth wave hit, some insurance companies officially announced their return-to-office plans for this fall. Most opted for a hybrid […]
By Melissa Shin | August 16, 2021
2 min read
One of the biggest challenges for the insurance industry is convincing policyholders that they haven’t wasted their money if they constantly pay premiums but don’t have a claim. To overcome this challenge, insurers should help policyholders celebrate the fact that they haven’t had a loss, said Dr. Howard Kunreuther, professor and co-director of the Risk […]
By Jason Contant | June 15, 2021
3 min read
Businesses risk damaging their brand’s reputation if they take a confrontational approach to claimants, risk experts warned during a recent virtual conference. In addition to paying out more for the claim, a company playing hardball may also wind up losing their client’s business (and the business of the claimant’s family and friends, too.) For Tom […]
By Adam Malik | May 8, 2021
3 min read