Operations
Brokers advising clients on cyber insurance during the COVID-19 pandemic will want to make sure there is an appropriate loss of income coverage under the policy, similar to other lines of insurance, a specialist insurer said recently. “If we were to say any time is the right time to buy a cyber policy, now would […]
By Jason Contant | April 8, 2020
3 min read
Just because a business has closed its doors to staff and customers because of the COVID-19 pandemic, risks from fire, combustible materials and flood are still present at their physical buildings even when unoccupied, warned a new report from Allianz Global Corporate & Specialty (AGCS). The insurer offered advice to those affected in the risk […]
By Adam Malik | April 7, 2020
Saying the Canadian P&C insurance industry can do more to offer relief to consumers during the COVID-19 pandemic, one 40-year industry veteran recommends that insurers offer guaranteed renewals and a premium freeze at 2019 levels. Standard measures focus on a “case-by-case” approach, minimizing the financial impact on the insurer itself, Louis-Thomas Labbé, president and CEO […]
By Jason Contant | April 6, 2020
4 min read
Reliable data related to the COVID-19 pandemic is hard to come by. That’s why “flattening the curve,” as health experts put it, and predicting a timeline to return to life similar to one pre-crisis is an exercise in futility, says one risk analyst. Furthermore, relaxing isolation measures too soon can lead to a resurgence of […]
By Adam Malik | April 3, 2020
Canada’s P&C industry is used to planning for demand surges in times of disaster, but the demand for resources during the global COVID-19 pandemic is on a totally different scale. “Generally, I think people associate business continuity plans with isolated events – floods, fire, also earthquake,” Insurance Brokers Association of Ontario (IBAO) CEO Colin Simpson […]
By David Gambrill | April 3, 2020
HR
Looking for a free course that will give you continuing education credits without having to leave your house? The Intact Centre on Climate Adaptation recently launched a 1.5-hour online home flood risk course for brokers anywhere in Canada. “It helps them become [an information] hub for their clients,” said Daniel Filippi, program manager of resilience […]
By Greg Meckbach | April 1, 2020
Brokers will likely see their incomes “relatively stable” during the COVID-19 crisis, at least for the time being, said the head of Ontario’s brokers association. “Generally, I think brokerages – if they have a spread of clients, which most of them do – should see their income relatively stable,” Colin Simpson, CEO of the Insurance […]
By Jason Contant | March 31, 2020
Canada’s fragile economy is what’s keeping everyone in the P&C insurance industry awake at night. The unknown future of an economy that is almost certainly headed for a global recession figured in the Top 3 answers of what P&C insurance industry professionals fear the most about the COVID-19 pandemic, according to a recent online survey […]
By David Gambrill | March 30, 2020
So far, so good, the Canadian property and casualty insurance industry appears to have adapted very quickly to the new virtual environment of working from home, according to results from a recent Canadian Underwriter survey of its readership. Just over 300 insurance industry professionals responded to the online survey Thursday. A vast majority (almost 85%) […]
By David Gambrill | March 27, 2020
Canadian brokers say Prime Minister Justin Trudeau’s announcement Friday of a 75% wage subsidy for small business is definitely good news for their small business clients. However, it remains an open question as to whether a brokerage would actually need to tap into the subsidy. Many provincial governments have deemed brokerages to be essential services, […]
5 min read
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