Operations
Commercial insurance brokers will move beyond their sales role in the future and become true advisors on risk, industry executives predict. Signs of a hardening commercial insurance market provide one impetus for brokers to turn to risk advice to add value to clients. As commercial insurance premiums in certain lines increase, and as some coverages […]
By David Gambrill | August 28, 2018
3 min read
Tech
A new survey for belairdirect has found more than half (53%) of polled Canadians would use an app that tracks their driving habits if it meant having a more personalized auto insurance rating. The finding contrasts recent industry comments and studies on the topic. Wawanesa told Canadian Underwriter in December 2017 that their customers were “not fans […]
By Jason Contant | August 28, 2018
Police concerns about drivers’ mobile phone privacy rights are a major stumbling block in the introduction of electronic proof of insurance in various parts of the country, provincial financial and insurance regulators have told Canadian Underwriter. Canadian Underwriter recently contacted a handful of provincial insurance regulators to check the status of electronic proof of auto insurance […]
2 min read
Legal / Regulation
A B.C. broker has had her sales licence suspended for three years after she took approximately $8,000 in premiums without authorization. The broker admitted she took the funds without authorization to pay for a relative’s medical expenses and her intention was to repay the insurance agency. She repaid the agency in full within two weeks […]
By Jason Contant | August 27, 2018
Some insurers are considering how artificial intelligence could help underwrite marine risks. Although big data has been around for years, “what has changed with AI is just using bigger more disparate data sets which go across different domains – for example using social media, using weather data, using all kinds of other data,” said Aditya […]
By Greg Meckbach | August 27, 2018
Given that “there are no 10-year-old blockchain companies” in an industry that relies heavily on historical data, how do insurers assess a submission for insurance related to the distributed ledger? Just like you would for any type of “traditional insurance”: by focusing on the experience and quality of the company’s management, said Christopher Liu, head […]
By Jason Contant | August 24, 2018
As cannabis comes closer to being legalized in Canada, Hub International told Canadian Underwriter the three major risks the brokerage has faced while writing cannabis insurance for the past four years. One of them is cash-on-hand, meaning pot producers have money stolen from their premises. A lot of pot entrepreneurs may be carrying a lot of […]
Brokers looking to place directors and officers (D&O) insurance coverage for clients involved with blockchain or digital assets will not have an easy time finding the coverage, since there is a limited underwriting appetite for it. “It’s definitely feasible, and we’ve had great success in placing D&O coverage for our clients who are operating in […]
By Jason Contant | August 23, 2018
Despite increased adoption of cyber coverage over the past year, some segments within Canada's enterprise sector remain underinsured against online threats
By Jason Contant | August 22, 2018
Two yet-to-be named Canadian firms, which are using information technology to get “intelligence” from insurers’ data, will be recognized next month in Toronto. Insurance Nexus is accepting nominations for Canadian Insurance Carrier of the Year and Canadian Insurance Innovator of the Year until Aug. 24. This is the third year Insurance Nexus has been running […]
By Greg Meckbach | August 22, 2018
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