Insurable Interest Canadian Insurance Blog

New York, NY (May 2, 2024) – Mercer and Marsh, businesses of Marsh McLennan, the world’s leading professional services firm in the areas of risk, strategy and people, are pleased to announce the release of their US People Risk 2024 Report. Based on responses from more than 1,000 risk and HR professionals nationwide, the survey revealed that ineffective leadership is viewed as the biggest people risk facing organizations today, followed by improper rewards decision making, and increasing health and benefit costs. Risk managers also identified a lack of cybersecurity knowledge and mismanagement of AI as key people threats in 2024. “The breadth and depth of intersecting risks organizations face today is staggering,” said Susan Potter, Mercer’s US and Canada Region President. “People are an organization’s most important asset, but they can also expose organizations to risk without the right culture, policies, and training. By taking a proactive, predictive, and disciplined approach to people risk management, businesses will be better prepared to help their people and businesses thrive in this increasingly complex risk environment.” Risk and HR managers have several concerns related to ineffective leadership at their organizations. According to the report, a third (34%) of employers are concerned about significant...

Toronto, ON (May 8, 2024) – Navacord is excited to announce their recent partnership with Navis Marine Insurance Brokers, effective as of May 1. Founded in 2011 after seeking to fill a gap in the BC market for a specialty marine insurance provider, Navis has now grown to be a leading national marine broker based in Vancouver. As a Lloyd’s coverholder, Navis brings a strong presence in the London market alongside their expertise in insurance solutions for both commercial vessel owners and recreational boaters as well as marina operators, manufacturers, dealers, repairers, cargo transporters, and general personal and commercial lines. “Navacord’s reputation for service excellence and their desire to grow in the niche sector of marine insurance made them a perfect fit as our partner,” says Paul Mendham, President and CEO, Navis Marine Insurance Brokers. “This collaboration provides us not only a ‘safe harbour’ where we can refine our expertise, but also opens doors to new opportunities for amplified market presence and expansion.” Leveraging Navis’ deep understanding in meeting the marine industry’s needs for tailored insurance solutions, this partnership reinforces Navacord’s commitment to building out their specialty lines while expanding their geographic presence in BC. “The addition of Navis to...

According to Deloitte Canada’s first Summer Travel Outlook, 77 per cent of Canadians will spend more compared to last year New York, NY (May 30, 2024) – Sky-high costs and ongoing economic pressures are not dampening the mood this summer season. According to the 2024 summer travel outlook: Canadian destinations in the spotlight, Canadians are eagerly making travel plans and are ready to get away and make up for missed travel time. Overall, consumers plan to spend an average of $2,405 on transportation and lodging costs for their major summer trip, with three in four (74%) planning to stay in the country and experience the very best it has to offer. “The evolving landscape of summer and leisure travel presents significant growth opportunities to the travel and hospitality industry stakeholders as they prepare for the increasing demand in Canadian tourism, keeping in mind that travellers will still be price-sensitive,” says Leslie Peterson, National Transportation, Hospitality, and Services industry leader at Deloitte Canada. “Despite an unpredictable economic climate, Canadians still value their travel plans for the upcoming summer season and are more eager than ever to make the most of their time off. From lakeside getaways to big city escapes, Canadians...

By Jim Vecchio, Head of VIN Products, Autodata Division, J.D. Power — The insurance industry needs dynamic auto pricing symbols. At the 2024 Casualty Actuarial Society’s (CAS) Ratemaking, Product & Modeling (RPM) seminar last month, I had the opportunity to join Martin Ellingsworth from Salt Creek Analytics and Liam McGrath and Clayton Spinner from WTW for a panel discussion around how insurance carriers can simplify their risk analysis using VIN-specific, as-built data. VIN level data has been used in ratemaking for decades. As vehicles get less homogeneous at the make and model level, there is more opportunity to add precision to rating not just using the first 8 digits of the VIN, but the entire 17-digit VIN. Our session dove into the ways auto insurers look at vehicle data and confronted some of the challenges associated with using a one-size-fits-all approach. We also explored examples using insurance loss data to show how using changes in used car prices can enhance pricing algorithms.For those who were unable to catch our panel, below is a recap of our discussion. Martin cautioned insurers to be ready to explain why the same base rate increases were being applied across the board despite every car...

Start Slideshow Following the COVID-19 pandemic, workers’ attitudes may have permanently shifted regarding work-life flexibility, part-time or gig work, and shared caregiving responsibilities, according to a new survey report supplement published by Goldman Sachs. Similarly, the survey results suggest that Americans’ stated concerns about their current financial lives and their prospects for preparing adequately for retirement have also evolved, and there are clear differences across the generations with their biggest perceived hurdles to achieving financial security now and in the future. The new crop of data offers additional insights drawn from Goldman Sachs’ annual Retirement Survey & Insights Report, which focused this year on the concept of the “financial vortex” and the way that countervailing personal and economic challenges can leave even affluent Americans struggling to make ends meet. Specifically, the supplement evaluates the distinct retirement planning challenges faced by baby boomers, Generation X, millennials and Gen Z. By appreciating the needs of each generation, the authors argue, key stakeholders can better see the macro changes happening across Social Security, longevity, caregiving, education costs and general views on retirement that are affecting how people save and prepare. Ultimately, the authors conclude, the financial vortex necessitates that retirement savers create a...