Industry
Customers are looking to their brokers for more information about how to reduce their losses, according to Canadian Underwriter’s Trusted Advisor Survey. Risk is indeed top of mind in the policy renewal portion of the survey, which sought opinions from 653 personal insurance customers and representatives of 159 businesses, customers rated their brokers below average […]
By Adam Malik | August 24, 2020
4 min read
Customers are looking for brokers to give them a heads-up about upcoming rate increases. When Canadian Underwriter asked business and personal customers if they got an advanced warning of a rate increase, and an explanation of why it happened, only 56% of commercial and 49% of consumer clients either agreed or strongly agreed. Obviously, clients […]
Clients would clearly like to see their brokers more often compare and provide multiple quote options to them when first purchasing insurance. Customers scored brokers “below average” on comparing the coverage of different insurers and presenting multiple quotes to the consumer, according to Canadian Underwriter’s Trusted Advisor Survey, Part I. (The baseline average agreement for […]
3 min read
Clients are satisfied with many aspects of their relationship with their broker. Not only do they rate their brokers highly on fulfilling the broker proposition generally, but they also viewed their broker as being above average when placing new business or on policy renewal. Canadian Underwriter canvassed the opinions of 653 Canadians who purchased home […]
About one month into the novel coronavirus pandemic, Joseph Carnevale, president of the Insurance Brokers Association of Ontario (IBAO), made a spirited declaration about the value of an insurance broker. “I think for the longest time, as brokers, we have always promised our clients that we would be there in their time of need,” Carnevale […]
Whether business interruption coverage for a notifiable human infectious or contagious disease within a certain distance from the client’s premises actually insures closure due to COVID-19 was a hotly contested issue in a British trial that recently wrapped up. The recent test case before the High Court of England and Wales involves 17 business interruption […]
By Greg Meckbach | August 21, 2020
Economical Insurance will replace Intact Insurance as the commercial auto insurer for Uber in four Canadian provinces effective Sept. 1. Waterloo, Ont.-based Economical announced Tuesday in a press release the “new and significant relationship with Uber in Canada, designed to provide insurance coverage for every Uber Rides and Uber Eats trip in Alberta, Ontario, Quebec […]
By Jason Contant | August 21, 2020
Brokers and insurers should expect an upswing in cyber insurance demand, if they haven’t seen it already, as the workforce shifts in the wake of the COVID-19 pandemic, a number of reports suggest. Just over a third (34%) expect to return to the office full-time, while 21% expect to be at home permanently, according to […]
By Adam Malik | August 21, 2020
When evaluating unexpected catastrophe risks, our experiences can be sparse. Widening our knowledge by going back in time, by exploring the ‘near-misses’ and by expanding our geographic horizons is critical. Fortunately, big catastrophes are rare. This is good in that it allows an insurer to build up reserves over many years, and for governments to […]
By Adam Malik | August 20, 2020
A hard market in reinsurance is among three main reasons why primary insurance rates will continue to rise for brokers’ clients for at least another year or two, Intact Financial Corp. CEO Charles Brindamour suggests. In a recent virtual fireside chat with UBS analyst Brian Meredith, Brindamour set the stage for his commentary about the […]
By Greg Meckbach | August 20, 2020
2 min read
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