Tech
James Burns, cyber product leader with CFC Underwriting, shares his insights on what the industry needs to do to sell more cyber insurance policies. cu | How do successful brokers sell cyber insurance? They make cyber products relevant to the client by identifying exposures. Some brokers have been less successful in trying to sell the […]
By Jason Contant, Online Editor | February 2, 2020
6 min read
A client’s personal information is gold to the P&C industry, which relies on data collection and analysis to make a profit. A report on how brokers and insurers are working together to safeguard the industry’s hot new currency — data.
By David Gambrill, Editor in Chief | February 1, 2020
9 min read
Legal / Regulation
An Ontario resident approached a direct writer for an auto insurance quote in March 2005. A new customer, the man gave the insurer his name, date of birth, vehicle information and property information. Upon receiving the quote, he took his auto insurance business elsewhere. Little did he know, the insurer would retain his data for […]
By David Gambrill | February 1, 2020
If you are placing commercial cyber coverage, pay attention to what the various insurers’ policies say about war and terrorism, a commercial broker advises. “I would not say it’s an obscure little corner of your insurance policy,” Tom Srail, executive vice president of the cyber risk team at Willis Towers Watson, said Thursday of war […]
By Greg Meckbach | January 31, 2020
3 min read
Operations
Brokers obviously want to protect themselves from errors’ and omissions’ liability. So why not get a client to sign a hold harmless agreement? In effect, a hold harmless agreement removes liability from one party in a business relationship (in this case the broker). But insureds should not be signing such documents, an American risk management […]
By Jason Contant | January 31, 2020
Risk managers accustomed to a buyer’s market for commercial cyber insurance might discover soon the party is over. “We are starting to see rates harden,” Lindsey Nelson, U.K. and International Cyber Team Leader for CFC Underwriting, said Thursday. She was speaking as a panelist on Quarterly Cyber Risk Trends: 2019 Wrap-up, a webinar hosted by […]
By Greg Meckbach | January 30, 2020
2 min read
The Insurance Brokers Association of British Columbia (IBABC) disputes the conclusions published in a recent report that B.C. drivers are paying up to 42% more for their auto insurance than those in neighbouring Alberta. Such an “apples-to-apples” comparison between jurisdictions – one with a public auto insurer, and the other with a private auto regime […]
By Jason Contant | January 30, 2020
4 min read
Here’s a crazy thought: What if customers bought or leased vehicles directly from an insurer instead of going to an auto dealership? Insurers are exploring such a scenario right now, Sven Roehl, co-founder of Cookhouse Labs in Toronto, told Canadian Underwriter in an interview Monday. Founded in February 2017, Cookhouse Labs is an open innovation […]
By Jason Contant | January 29, 2020
Looking at the number of brokerage acquisitions already in January, you wouldn’t think merger and acquisition (M&A) activity is slowing down. But earlier this month, Willis Towers Watson reported that the global M&A market, with performance in steady decline since its peak in 2015, is forecast to continue to struggle to add value in 2020. […]
By Jason Contant | January 24, 2020
VICTORIA – Vancouver is poised to join most major cities in Canada in offering ride-hailing services with the long-awaited approval Thursday of licences for companies Uber and Lyft to operate in British Columbia’s Lower Mainland and Whistler. The independent Passenger Transportation Board said the next steps for Uber and Lyft before getting vehicles on the […]
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