Insurance & Risk, Analysis, Events and Careers
With the May long weekend just around the corner, many Canadians will be packing their bags and heading up to the cottage, but a post-pandemic surge of demand may mean a lot of cottage rentals, and some important points of coverage — such as exclusions for damage caused by renters — may easily be overlooked. […]
By Alyssa DiSabatino | May 17, 2022
3 min read
With people leaving all around you during ‘The Great Re-shuffle,’ the temptation may be to emphasize recruitment to backfill the people who have been lost, but industry leaders would be well-advised to instead focus on retention, according to a blog authored by two HR and leadership-development experts. “The best way to stabilize your business is […]
By David Gambrill | May 16, 2022
3 min read
Ontario Liberals want to bring down auto insurance rates but not via percentage targets, as envisioned by the New Democrats. “We will also work tirelessly to bring down auto insurance rates,” said Ontario Liberal Party press secretary Andrea Ernesaks. She noted that will include “creating a neutral independent assessor [and] modernizing ‘territory ratings’ for accuracy and fairness.” Plus, […]
By Phil | May 13, 2022
2 min read
For years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than ever before, it seems as though a large number of good underwriters are gone,” said […]
By Phil | May 12, 2022
3 min read
Brokers are justified in thinking independence is shrinking due to increased consolidation in the P&C industry, according to Lorie Phair, president of the Canadian Broker Network (CBN), Canada’s largest network of independent brokers. To think ownership does not influence a brokerage’s decision-making would be “naïve,” she adds. Phair refers to a finding in Canadian Underwriter’s […]
By David Gambrill | May 10, 2022
3 min read
The industry’s heavy reliance on outdated legacy systems may be holding it back from modernizing, panellists note during a Canadian Underwriter webinar — and this could be a problem for attracting IT talent. “Legacy platforms are a big challenge for our industry,” says Trevor Wall, vice president of sales and distribution of business insurance at […]
By Alyssa DiSabatino | May 6, 2022
3 min read
To reduce Ontario auto insurance rates substantially, fairer rating systems and offering usage-based insurance (UBI) may be most effective, says one industry observer. The Ontario government is proposing measures to reduce the cost of auto insurance. Among them, it is discussing developing a new framework for ensuring fairness in rates that would replace outdated guidance, […]
By Alyssa DiSabatino | May 4, 2022
2 min read
Telematics, which allows insurance companies to measure client driving behaviour, has largely been used by carriers in the underwriting process, but it may prove to be equally as useful for claims, says one telematics provider. Claims telematics can be used to detect crashes in real-time, a step up from how the current claims process is […]
By Alyssa DiSabatino | May 2, 2022
3 min read
Employee development may be key to increasing worker satisfaction and increasing talent equity, suggests one panellist during the Insurance Institute of Canada’s Pivot with Purpose webinar. Instead of viewing employees as assets, companies should see them as investments, explains Trevor Buttrum, director of operations at TalentEgg. “We actually got the accounting wrong when […]
By Alyssa DiSabatino | April 29, 2022
2 min read
Managers must develop different management skills for the post-COVID world, say panellists at the Insurance Institute of Canada’s Pivot with Purpose webinar. As many organizations begin their transition to a hybrid work model, companies have a responsibility to adapt their work environment to accommodate the needs of employees, suggests one panellist. “There’s a corporate […]
By Alyssa DiSabatino | April 28, 2022
3 min read