Risk
As brokers grapple with an evolving cyber insurance market, one managing general agent is looking ahead to help the industry keep pace. George Bozanin, managing partner and head of business development with Coalition Insurance Canada, told Canadian Underwriter the post-pandemic shift to hybrid and virtual work models have created the perfect environment for cyberattacks to […]
By Melissa Shin | September 23, 2021
3 min read
With water damage claims due to infrastructure failures costing the industry much more per year than natural catastrophes, brokers need to be more proactive in helping clients understand coverages and risk mitigation strategies. Infrastructure and plumbing related water damage is one of the biggest challenges for property managers, yet brokers often struggle to convince clients […]
By Melissa Shin | August 17, 2021
With COVID-19 cases rising across Canada and several large employers — including the federal government — announcing they’ll require workers to be vaccinated, insurers and brokers may begin rethinking their return-to-office plans. Not long before the fourth wave hit, some insurance companies officially announced their return-to-office plans for this fall. Most opted for a hybrid […]
By Melissa Shin | August 16, 2021
2 min read
One of the biggest challenges for the insurance industry is convincing policyholders that they haven’t wasted their money if they constantly pay premiums but don’t have a claim. To overcome this challenge, insurers should help policyholders celebrate the fact that they haven’t had a loss, said Dr. Howard Kunreuther, professor and co-director of the Risk […]
By Jason Contant | June 15, 2021
Businesses risk damaging their brand’s reputation if they take a confrontational approach to claimants, risk experts warned during a recent virtual conference. In addition to paying out more for the claim, a company playing hardball may also wind up losing their client’s business (and the business of the claimant’s family and friends, too.) For Tom […]
By Adam Malik | May 8, 2021
Global events have delayed the career development of young insurance professionals and the P&C industry needs to figure out how to help, risk manager execs said during the recent RIMS Live 2021 virtual conference. Colleen Zitt, chief risk officer at Zurich North America, referred to the affected group of young insurance pros as the ‘pandamennials’ […]
By Adam Malik | May 5, 2021
The global COVID-19 pandemic has taught risk managers to be prepared for any threats, no matter how unlikely or far-fetched they may seem, industry experts said at a RIMS conference webinar panel. The risk of a pandemic has been on the World Economic Forum’s radar since 2006, so no risk manager can say they were […]
By Adam Malik | April 23, 2021
New commercial auto clients may suffer an unfair disadvantage if they operate small truck fleets, an Ontario broker suggests. In Ontario, individual truck drivers who decide to start their own trucking firm may have no option but to have their fleet insured through the Facility Association, said Scott Cober, BFL Canada’s Hamilton, Ont.-based national practice […]
By Greg Meckbach | April 13, 2021
Today’s hard market is different not only because of COVID-19 but also because insurers are more granular in their approach towards specific segments within the commercial market, experts suggested Monday during a Canadian Underwriter webinar. “In some industries [i.e. commercial classes of business], it is extremely hard even just to get the capacity, or just […]
By Greg Meckbach | April 12, 2021
Even if insurance products were available for pandemic risk specifically, several businesses say they wouldn’t anticipate becoming more dependent on risk financing or insurance as a result, according to the results of a global survey from Aon. Few companies have filed an insurance claim related to the COVID-19 pandemic, even though doing so “could have […]
By Jason Contant | February 25, 2021
4 min read
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