While the hard market’s still a huge challenge for Canada’s broker distribution channel in 2023, finding qualified workers was also top concern for brokers. So said more than 150 nationwide respondents to Canadian Underwriter’s 2023 National Broker Survey. The survey, fielded in Feb. 2023, was made possible with the support of Sovereign Insurance. It asked […]
By Phil | April 28, 2023
2 min read
Of all the adjectives you could use to describe the insurance sector, sexy may not be the first you’d think of. But the industry provides a “measure of certainty in a dangerous and uncertain world,” and that can be quite alluring, M.I.T economist Amy Finkelstein told the Freakonomics Radio Book Club podcast. While […]
By Alyssa DiSabatino | April 27, 2023
3 min read
Navacord has made its fifth and largest transaction of the year with the acquisition of British Columbia-based SeaFirst Insurance Brokers, effective Apr. 1. With roots dating back to 1950, SeaFirst Insurance has since grown to one of the largest commercial brokers in B.C. and the largest independent brokerage on Vancouver Island, Navacord said in a […]
By Jason Contant | April 24, 2023
2 min read
Bringing new talent through the doors is a priority for brokerages nationwide, said 322 respondents to a recent Canadian Underwriter online survey. About two-thirds (71%) of brokers, reporting all levels of diversity within their senior leadership, have seen at least some encouragement for diverse applicants. This figure is 6% lower than in 2022’s survey, and most […]
By Alyssa DiSabatino | April 24, 2023
3 min read
If you asked a room of insurance professionals how they got into the business, they’ll probably tell you they “fell into it.” But the industry is doing itself a disservice by being so “self-deprecating,” suggested Rob Marsh, president of Liberty Mutual Canada, at the Insurance Institute of Canada’s GTA Symposium in Toronto. “How many people […]
By Alyssa DiSabatino | April 20, 2023
3 min read
A veteran B.C. broker had his broker licence suspended for one year after trying to protect his son by falsely claiming to police and the public auto insurer that he was the driver in his son’s hit-and-run accident. In addition to the one-year suspension, Jasbir (Jesse) Singh Minhas, a licensed broker for more than 20 […]
By David Gambrill | April 17, 2023
3 min read
Amid a shortage of P&C industry talent, brokerages should heed the fact there may be a subtle risk to failing to address diversity — employee attrition. Brokers working in organizations without diversity in senior leadership are three times more likely to be actively looking for another job (27%) versus organizations with diverse senior leadership (10%), said 322 […]
By Alyssa DiSabatino | April 17, 2023
3 min read
Laura Doddington has been appointed as WTW’s new North America Proposition Leader, the commercial brokerage announced Monday. Based in Toronto, Doddington will be responsible for pricing, product, claims and underwriting (PPCU) personal lines for WTW’s Insurance Consulting and Technology business. “Doddington’s depth of expertise, experience in consulting and insurance companies, and knowledge of WTW’s solutions, […]
By Jason Contant | April 17, 2023
2 min read
Most economists are still calling for some degree of economic downturn later in 2023. That makes the road ahead uncertain for commercial companies, and many can be expected to seek ways to tighten their belts. For some, cost-cutting measures may include their insurance spend. So, Canadian P&C insurance professionals must be vigilant to make sure […]
By Phil | April 14, 2023
3 min read
Responsible use of artificial intelligence will change the role of broker client services representatives (CSRs), rather than replace them, by effectively putting humans in the position of training, evaluating, and monitoring AI’s interaction with consumers. “Instead of being dominated by intelligent machines, people are now guiding them based on human experience, perception, and expertise,” says […]
By David Gambrill | April 13, 2023
3 min read