Operations
Brokers obviously want to protect themselves from errors’ and omissions’ liability. So why not get a client to sign a hold harmless agreement? In effect, a hold harmless agreement removes liability from one party in a business relationship (in this case the broker). But insureds should not be signing such documents, an American risk management […]
By Jason Contant | January 31, 2020
3 min read
Tech
Risk managers accustomed to a buyer’s market for commercial cyber insurance might discover soon the party is over. “We are starting to see rates harden,” Lindsey Nelson, U.K. and International Cyber Team Leader for CFC Underwriting, said Thursday. She was speaking as a panelist on Quarterly Cyber Risk Trends: 2019 Wrap-up, a webinar hosted by […]
By Greg Meckbach | January 30, 2020
2 min read
The Insurance Brokers Association of British Columbia (IBABC) disputes the conclusions published in a recent report that B.C. drivers are paying up to 42% more for their auto insurance than those in neighbouring Alberta. Such an “apples-to-apples” comparison between jurisdictions – one with a public auto insurer, and the other with a private auto regime […]
By Jason Contant | January 30, 2020
4 min read
Here’s a crazy thought: What if customers bought or leased vehicles directly from an insurer instead of going to an auto dealership? Insurers are exploring such a scenario right now, Sven Roehl, co-founder of Cookhouse Labs in Toronto, told Canadian Underwriter in an interview Monday. Founded in February 2017, Cookhouse Labs is an open innovation […]
By Jason Contant | January 29, 2020
Looking at the number of brokerage acquisitions already in January, you wouldn’t think merger and acquisition (M&A) activity is slowing down. But earlier this month, Willis Towers Watson reported that the global M&A market, with performance in steady decline since its peak in 2015, is forecast to continue to struggle to add value in 2020. […]
By Jason Contant | January 24, 2020
Legal / Regulation
VICTORIA – Vancouver is poised to join most major cities in Canada in offering ride-hailing services with the long-awaited approval Thursday of licences for companies Uber and Lyft to operate in British Columbia’s Lower Mainland and Whistler. The independent Passenger Transportation Board said the next steps for Uber and Lyft before getting vehicles on the […]
Cyber insurers need to get a firmer handle on cyber claims response to be able to add value to their policies, a specialist insurer said recently. James Burns, cyber product leader with London, U.K.-based CFC Underwriting, said that the industry has seen lots of innovation in the area of wordings and what the actual coverage […]
By Jason Contant | January 23, 2020
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Author: Victoria Lemieux, Associate Professor, Archival Science and Founder & Co-Lead of Blockchain@UBC, University of British Columbia Just before the new year, approximately 15 million Canadians […]
5 min read
Brokers looking for a relatively cheap way of upping their game online should check some of the hundreds of insurtechs on the market, but it’s important to know what those insurtechs do and do not provide. If you are a broker shopping for technology offered by insurtechs, you have something on the order of 1,000 […]
By Greg Meckbach | January 22, 2020
The threat of a cyber incident was a distant concern for companies around the world just seven years ago. It ranked 15th back then on a list of major business concerns, according to the annual Allianz Risk Barometer report. Today, it tops the list. Why? The growth of digital dependence has exploded, with high-profile incidents […]
By Adam Malik | January 21, 2020
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