Insurable Interest Canadian Insurance Blog

Start Slideshow The post-pandemic recovery has been anything but smooth, leaving many Americans anxious about their finances and prompting them to look to financial professionals for advice. However, the industry is experiencing a crisis in recruiting and retaining new blood. Need for Advice Advice seekers have varying needs, depending on levels of wealth and demographics. High-net-worth practices are increasing investment service offerings as clients clamor for alternatives, and expanding their planning services as families prepare for wealth transfers and transitions.  Many younger wealthy investors are switching advisors because they need one with different or specific expertise. They also prefer to work with advisors who have diverse teams and track records of helping women, business owners and minorities, and offer remote services. Women bring particular factors to the advice relationship that can make financial planning different for them. They shoulder the majority of caregiving, which can negatively affect their career, savings potential and mental health; they live longer in retirement; and they often lack a firm idea of their potential health care costs. Black and Hispanic Americans, who are increasingly engaging with advisors, require a holistic approach by financial professionals. They want to discuss big, unexpected expenses, how the high cost...

Asia Pacific region will see the fastest growth; six countries forecasted to have the largest GDP growth are in Asia Cambridge, MA (Jan. 18, 2023) – Forrester’s Global Tech Market Forecast 2023-2027 reveals that as economic conditions continue to improve, technology spend will grow 5.3% in 2024 — up from 3.5% in 2023. Two factors will primarily contribute to this growth: Increased spending on software and IT services, including generative AI (genAI), cloud, security, and digital, and economic growth in Asia Pacific. By 2027, software and IT services will capture 69% of global tech spend, with investments in genAI software predicted to reach $227 billion by 2030 at a 36% compound annual growth rate. Asian countries, especially India, the Philippines, Vietnam, Indonesia, Malaysia, and China, will see the fastest tech spend growth in 2024. Global tech spend is expected to reach $4.7 trillion in 2024, with growth occurring across all regions: Asia Pacific will grow 5.7%. India is one of the largest exporters of technology services: IT exports will reach $194 billion in 2023, and total technology and service industry revenues could reach $350 billion by 2025. North America will grow 5.4%. Software and IT services will capture 60% of...

New practice provides a customized approach for clients to secure insurance coverage and manage commercial property risks Chicago, IL (Jan. 18, 2024) – Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, is pleased to announce the launch of the HUB Property Practice. The practice brings together HUB’s extensive group of Property specialists throughout North America to provide clients with tailored risk management and insurance solutions to better address complex challenges in the commercial insurance property market including rate increases, record industry losses, insurance to value adequacy, heightened underwriting scrutiny, and challenges with market capacity for particular risks and perils. “HUB’s Property Practice extends our level of commitment to reinvest in HUB and bring comprehensive resources to our clients with enhanced services and insurance to help them protect and grow their business,” said Marc Cohen, President & CEO of HUB. “We continue to expand our boundaryless solutions to support our clients and mitigate their risks by bringing the right experts and resources to them.” Blake Giannisis, who recently joined HUB as Executive Vice President, will serve as North American Property Practice Leader and will lead the practice and HUB experts to manage key product offerings, oversee...