Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed views about the state of the industry, including the strongest challenges facing the broker distribution […]
By Phil | May 1, 2023
3 min read
Brokers worried about challenges faced when placing business during a hard market are looking to carriers for help with online claims service capabilities, said respondents to Canadian Underwriter’s 2023 National Broker Survey. The survey polled 150 brokers nationwide about challenges facing the broker distribution channel. Asked what kinds of technological help brokers desired from their […]
By Phil | May 1, 2023
2 min read
YELLOWKNIFE – The Northwest Territories government says it spent $716,000 to address a cyberattack in November. It says it signed two work orders under existing contracts to help with containment, investigation and response efforts. The territory says the cybersecurity threat was contained and remediated without the exposure of personal or private information. The cyberattack was […]
By Jason Contant | April 13, 2023
1 min read
Canadian drivers are increasingly turning to usage-based insurance (UBI), particularly since the beginning of 2023, new data from rate aggregator RatesDotCa found. Quotes for UBI from the rate comparison site were up 18.22% year-over-year, RatesDotCa said Mar. 31. The data showed quotes for UBI have been rising since September 2022; quotes for UBI increased 54.64% […]
By Jason Contant | April 11, 2023
2 min read
I recently heard radio hosts discussing actor and comedian Pete Davidson’s golden dating resume. They reached the conclusion he’s been in relationships with so many high-profile celebrities like Kim Kardashian and Ariana Grande not because he’s charming, self-deprecating or has some kind of ‘big energy.’ It’s because he had the confidence to ask them out. […]
By Phil | April 5, 2023
3 min read
Your cyber clients likely don’t know the answer to basic questions such as what is being done on a particular server, or even how many computer servers the company has, an expert from a cyber response and recovery firm said recently during NetDiligence’s Cyber Risk Summit. “We’ve been doing this for five years across the […]
By Jason Contant | April 4, 2023
3 min read
It’s not going to be a walk in the park, but experiencing a cyber breach isn’t necessarily all doom and gloom, either. A cyber-attack may help an industry organization up the ante on their cybersecurity — and that makes them a better purchase during an acquisition. In fact, experiencing a cyber breach may actually help […]
By Alyssa DiSabatino | March 30, 2023
2 min read
For the long-sought application programming interface (API) tech solution to truly benefit the P&C insurance process, brokers stress, it’s important to reach critical mass. Without that, APIs wind up being just one more of many solutions brokers must incorporate into their processes. “Brokers deal with multiple carriers,” said grtr Consulting president Tom Reid, the broker […]
By Phil | March 27, 2023
3 min read
Facility Association (FA) is implementing a telematics program in Alberta that will collect geographic information on its participants to help ensure their premiums accurately reflect their risk. The programs allows FA the side-benefit of seeing who’s misrepresenting where they’re headquartered in order to get cheaper rates back into the standard market. The program’s objective is […]
By Alyssa DiSabatino | March 22, 2023
3 min read
Before the pandemic, brokers started work on a breakthrough application programming interface (API) tech solution, designed to improve communication between a broker BMS and insurance companies’ back-end systems. Where do we stand on this project to date? It’s been a tough slog, and yet participants in the project are optimistic that brokers will soon experience […]
By Phil | March 17, 2023
4 min read