Canada’s hard market in insurance remains the Number 1 concern of new and experienced brokers alike, as well as brokerages big and small, according to Canadian Underwriter‘s 2022 National Broker Survey. The gender split among respondents was most prominent, with 86% of women picking the hard market as their top concern on a list of […]
By Phil | July 12, 2022
3 min read
Despite Interac payment systems and phone lines being down, most businesses will not have insurance coverage for any type of income loss as a result of the national Rogers outage on Friday, says one insurance expert. The outage, which affected mobile and internet users, was reportedly caused by a maintenance update. The outage prevented […]
By Alyssa DiSabatino | July 11, 2022
3 min read
Canada’s hard market continues to be brokers’ Number 1 concern, with impacts being felt in several key areas — namely, workloads, resources, pay structures and work satisfaction, our 2022 National Broker Survey found. “Companies not wanting to write risks,” one senior broker from a mid-sized firm put it frankly in the anonymous comments section. In […]
By Phil | July 4, 2022
2 min read
High workloads during the pandemic had an impact on brokers’ ability to prospect for new business, Canadian Underwriter‘s 2022 National Broker Survey found. The survey asked more than 250 brokers nationwide in February about challenges to the broker distribution channel. More brokers say they rely on customer referrals to drum up new business, and 71% […]
By Phil | June 30, 2022
2 min read
Building relationships across the industry and offering consistency can help brokers overcome a slew of future challenges, including quickening market consolidation, an impending recession, diminished capacity and the hard market, say broker executives. “In order to be able to meet head-on some of the challenges around capacity [and] consolidation of carriers, keep driving [and] building […]
By Alyssa DiSabatino | June 28, 2022
2 min read
Many Canadian P&C companies have shown their support for 2SLGBTQ+ Pride by emblazoning their company logo in rainbow colourways. But creating employee-resource groups, recruitment practices and marketing that embraces 2SLGBTQ+ employees, stakeholders and policyholders is critical for moving the dial further, industry experts say. Although Pride Month is coming to a close, the effort to […]
By Alyssa DiSabatino | June 27, 2022
3 min read
Despite online insurance gaining popularity, consumers still need — and want — personalized advice from their insurance companies and brokers, executives observed during a recent industry panel discussion. “I had really thought at the end of 2020 that digital would take over everything,” said Louis Gagnon, president of Intact Canada, at the June 2022 […]
By Alyssa DiSabatino | June 24, 2022
2 min read
Don Forgeron will retire as president and CEO of the Insurance Bureau of Canada after a tenure of almost 30 years. He will also retire as a member of the IBC’s board of directors. The search for Forgeron’s successor will begin in July, and he will continue to lead the company until his successor is […]
By Alyssa DiSabatino | June 23, 2022
2 min read
Canada’s largest insurer thinks 15% of insurers will undergo ownership changes in the next five years. “We predict that about 15% of the existing market shares will change hands in the next five years,” said Louis Gagnon, CEO of Intact Canada during a panel discussion at the Young Brokers Conference. This would equal approximately 29 […]
By Alyssa DiSabatino | June 22, 2022
2 min read
Commission structure doesn’t always compensate for the time brokers must spend preparing for prospective business, only to have a client reject the proposal, said a broker responding to Canadian Underwriter’s latest National Broker Survey. “If I go to a dentist, a lawyer, a physiotherapist’s office…I have to pay for that first appointment,” one experienced respondent […]
By Phil | June 21, 2022
2 min read