Do Insurance Companies Really Need Risk Management?

Risk management in the insurance business is a bit of a head scratcher. On the one hand, insurance companies are selling what many people consider to be a risk mitigation. On the other hand, insurance companies themselves face a variety of…

Deeds Not Words

I recently hosted an industry table at a charity dinner. As always choosing the guests was one of those chores underlining just how few senior women there are in the market. It is utter misery to be surrounded by all or mostly blokes at these events, never mind the lousy message it sends about insurance to the other diners from more progressive parts of the …

MSU Creates New Office of Enterprise Risk Management in Response to Nassar Scandal

Michigan State University has employed a new Chief Compliance Officer in response to the Larry Nassar scandal. By creating an Office of Enterprise Risk Management within the university, MSU is getting on the right track. Earlier this year, former MSU…

Harley-Davidson Moves Manufacturing In Response to Trade War: Was it the Right Call?

Back in March, President Trump’s administration threatened to impose steep tariffs on imported goods from some of America’s biggest trading partners. In the following months, the administration set a 25% import tax on steel and 10% on aluminum. Just as…

Know what you sell: Product Knowledge 

For new general insurance brokers, one of the biggest challenges is to learn and remember their products and coverages from multiple insurers. All of the insurers offer a similar base product with a variety of optional add-on coverages and limits. Although, additional coverages are optional but extremely important to have as a part of the […]

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The long term outlook for automobile insurance in Canada

In a recent online article, Canadian Underwriter magazine asked the question, Is the sun setting on auto insurance in Canada? In my view, it may be late afternoon for the automobile insurance market, but I think it will be a…

Who am I? The Case of the Named Insured and the Owner

What happens when an auto insurer sends a policy termination notice to the named insured, but the named insured does not own the vehicle insured under the policy? In Ontario (Minister of Finance) v. Traders General Insurance Co. (c.o.b. Aviva Traders),…

Adapt to change & offer great value (Part 2)

How we define value. Value is emotional not logical. Each individual has his/ her own standards, expectations, needs and wants to determine the value of a product. If a client believes that she has made a profitable exchange and received more in return for what she paid for, the product becomes more valuable to her. On […]

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P&C Insurance Brokerage Profitability – Let’s Talk Contingent Profit Commissions

Canadian Brokers understand that Contingent Profit Commissions (CPC) are a device that insurance companies use to reward good front-line underwriting, volume of premium business placed and some good claims luck. In simple terms, the better your loss experience and the…

What do you mean by ‘flood’?

When a homeowner gets water in the house, they call it a flood. It doesn’t matter to them how it happened (pipe or municipal water main break; toilet, water heater, dishwasher or washing machine failure; seepage; sewer backup; riverine; storm…

Broker success rule #1: It’s not what you sell, it’s whom you sell. (Part 1)

Most of the time, our focus is to close the sale before our competition gets it. All we want is to add another number in front of our name. Sometimes, it’s the pressure from our employer that forces us to write more and more policies to win a competition or our own desire to be […]

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ONCA Sides with Lessor in Coverage Dispute

What happens when a Certificate of Automobile Insurance specifies that the policy includes coverages under certain endorsements, when those endorsements never make it onto the policy? The Certificate and OPCF Endorsements Ontario’s standard automobile policy (OAP1) offers a number of…

Catastrophe Adjusting with a Purpose

Being an independent catastrophe adjuster is not easy. You get phone calls in the middle of a family celebration and are asked to drop what you’re doing, pack your equipment and head 4,500 km to work field claims in a…

Disaster loss trends and the burden of proof

When illustrating the general trend in disaster losses just a handful of graphs tend to get used the most. When showing the international trend, the most frequently used exhibits are those published by Swiss Re and Munich Re. For the…