Insurable Interest Canadian Insurance Blog

American Family Ranks Highest among Small Commercial Insurers: J.D. Power 2024 U.S. Small Commercial Insurance Study Troy, MI (Aug. 20, 2024) – Even in an environment of rising rates in which 36% of small business owners have experienced premium increases during the past year, overall customer satisfaction, loyalty and brand advocacy stay strong when customers trust their commercial insurance providers. According to the J.D. Power 2024 U.S. Small Commercial Insurance Study,SM among small businesses with the highest levels of trust in their insurers  81% say they “definitely will” renew with their carrier and 79% say they “definitely will” recommend their carrier. Overall trust levels, however, vary widely by insurer. “Trust is the single most important variable in the customer relationship with commercial insurance providers,” said Stephen Crewdson, senior director of global insurance intelligence at J.D. Power. “Across virtually every business metric that matters to insurers—customer loyalty, advocacy, premium retention, share of wallet—small business owners who trust their insurers represent significantly higher value. While some insurers are doing a great job cultivating that trust, others have a lot of work to do.” Following are some key findings of the 2024 study: Trust is key value driver for commercial insurers: Overall small business...

Industry experts identify top technology predicaments facing insurance leaders and how to address them — By Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions, SAS — While billions trust their lives and livelihoods to insurers every day, the insurance sector itself is facing an existential crisis. Record losses due to more frequent and severe natural disasters have skyrocketed premiums and deductibles. Carriers face significant backlash as policyholders scramble to find coverage in abandoned, high-risk markets. Meanwhile, analysts warn that the rate hikes and non-rate underwriting actions taken to navigate these market conditions will prove unsustainable in the long term. In search of workarounds, some insurance leaders pinned hopes on the generative AI (GenAI) boom for quick fixes. However, allegations of faulty algorithms rendering unfair denials have fueled critics, who claim that AI has become just one more problem in an already fraught landscape. The truth, per SAS’s Stu Bradley, is more nuanced. “While insurance leaders will certainly encounter obstacles as they advance their analytic maturity, AI itself isn’t the problem,” said Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions. “Rather, organizations’ understanding of their data and the potential unintended consequences of AI is the root...

Toronto, ON (Aug. 16, 2024) – SSRU is pleased to announce a strategic initiative with Allied World Specialty Insurance Company (AWSIC), a subsidiary of Allied World Assurance Company Holdings, Ltd., to enhance their Residential Realty program by increasing capacity and carrier depth. AWSIC enters this relationship at a pivotal time for SSRU, bringing capacity that will enable SSRU to deliver larger line shares and enriched services to their clients. This partnership marks a significant advancement for SSRU,” stated Heather Jamieson, SVP Property at SSRU. “AWSIC’s reputation as a top-tier capacity provider, combined with SSRU’s specialized knowledge in the Residential Realty market, positions us to offer advanced solutions and meet growing client demands.” “AWSIC is an ideal fit for SSRU,” added Stephen Stewart, President and CEO. “They have a deep understanding of the complexities and long-term dynamics of this niche market. Their capacity will bolster our growth objectives, enabling us to continue to deliver exceptional value to our clients.” As brokers contend with challenges stemming from limited capacity options in a CAT driven sector, SSRU continually focuses on delivering solutions that meet market demands. The relationship with AWSIC enhances SSRU’s capacity, enabling brokers to more effectively manage diversified panels and address...

Start Slideshow In a new survey, Americans say it takes an average of $2.5 million to be considered wealthy, up from $2.2 million in 2022 and 2023, Charles Schwab reported Wednesday. The threshold for how much they believe is needed to be considered wealthy ranged from $1.2 million for Generation Z respondents to $2.8 million for baby boomers. It also varies based on where survey respondents live. Poll participants think that the average net worth required to be financially comfortable is $778,000. This is down from a peak of $1 million recorded last year but in line with the 2022 finding of $775,000. Logica Research conducted the online survey from March 4-18 among a national sample of 1,000 Americans aged 21 to 75. An additional 200 Gen Z Americans completed the study. Asked whether they expect to be wealthy within their lifetimes, 21% of respondents say they are on track to be wealthy, including 29% of millennials and Gen Zers.  Although they are optimistic about their future wealth, respondents acknowledge that they can do more. A third say they are on track to gaining control of their finances, and another third state that they need to make changes in order to...

Whitby, ON (Aug. 20, 2024) – Quotey is delighted to announce that it has expanded its commercial and specialty insurer marketplace to include Shore Underwriting’s Management Liability product. Effective today, brokers using the Quotey platform can receive instant quotes for Directors and Officers (D&O) and Employment Practices Liability (EPL) for Canadian private companies and non-profits with up to $250M in revenues or 250 employees. Shore’s product covers over 1,000 industry classes and offers up to $5M limits for D&O and EPL and $1M for crime. “We’re excited to welcome Shore Underwriting to our marketplace and to offer their innovative Management Liability product to our broker partners,” said Quotey CEO and Co-Founder, Nick Kidd. “Shore has a wealth of experience and expertise in this niche area of insurance and has developed a product that is easy to quote, flexible and competitive.” “Quotey is a trailblazer in the digital space in Canada, and Shore Underwriting is thrilled to collaborate with Quotey to add our products to their platform.” says Shore CEO, Michael Shore. “We believe that digital and online strategies are the way of the future and Quotey is the ideal partner based on our aligned visions for underwriting innovation in the...