Operations
Residential real estate and construction have been hit with rate increases ranging from 8% to 650% this year in Manitoba, says Colin Matchyuk, a commercial account executive at HUB International’s Winnipeg office. That’s because apartment buildings built within 150 feet of each other are considered one building by many insurance providers in the province. “It […]
By Canadian Underwriter Staff | July 6, 2020
2 min read
Before the COVID-19 pandemic, Saskatchewan was projected to see a rare year of economic growth. “Our economy was sluggish heading into the crisis, but it was showing signs of shaking off some rust. Capital investment projections for 2020 were forecasting an increase for only the second time in the last six years, 0.4%,” says Derek […]
By Canadian Underwriter Staff | July 5, 2020
Before COVID-19 hit Canada in March, George Hodgson, CEO of the Insurance Brokers Association of Alberta, says “a good chunk of habitational personal property was probably doing okay.” At least, outside of the condo market. Brokers are struggling to place condo policies, and if they are finding coverage, “the premiums are much, much higher than […]
By Canadian Underwriter Staff | July 4, 2020
Heading into 2020, Chuck Byrne, executive director of the Insurance Brokers Association of British Columbia (IBABC), thought he’d be spending his time preparing local brokers for their public auto insurer’s adoption of a no-fault system in May 2021. Instead, he’s split his time evenly between two problems: COVID-19 and the strata insurance crisis. “Things were […]
By Canadian Underwriter Staff | July 3, 2020
Canadian Underwriter recently surveyed 653 home and auto insurance customers, as well as 159 commercial insurance policyholders, all of whom buy their insurance through the broker channel. We asked them to tell us what they thought about the service they were receiving from their brokers. Here is what they told us…
By David Gambrill, Editor in Chief | July 2, 2020
12 min read
The recession will be long and painful so brokers and insurers need to settle in and do what they do best, property and casualty experts said. And don’t be surprised if some mergers and acquisitions activity push forward as tough times extend. “There’s not a lot of great cheer about a slow recovery. But, simply […]
By Adam Malik | June 26, 2020
3 min read
Employees are working longer and harder in a COVID-19 world than they did before, and it’s raising concerns about burnout — especially when many aren’t making vacation plans, according to a number of recent studies. A recent survey showed that more than 50% of respondents who are working from home because of the COVID-19 pandemic […]
By Adam Malik | June 25, 2020
Yes, times are tough, and brokers’ commercial clients are in a difficult financial situation during an economic recession, but brokers still have to ask their clients to pay their premiums. Brokers need their clients to pay up so that they’re not holding the burden of receivables, said Karen Ritchie, president of Toronto Insurance Council, during […]
By Adam Malik | June 24, 2020
HR
Brokers are advised to be aware of the “second wave” — and that doesn’t refer to the anticipated increase in the number of novel coronavirus infections in the fall. No, brokers are now being cautioned about the new wave of carriers’ coverage changes and adjustments arising from the phased re-opening of Canadian businesses and the […]
By David Gambrill | June 22, 2020
There’s a chance COVID-19 could claim a Canadian insurer, one property and casualty insurance expert believes. “Canada has been blessed for a sustained period with no insurer failings — but there will be one,” warned Alister Campbell, president and CEO of the Canadian Property and Casualty Insurance Compensation Corporation (PACICC). Campbell was speaking as a […]
By Adam Malik | June 22, 2020
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