WHAT's NEXT in YOUR STORY Red River
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WWW.INSURANCEBUSINESS.CA ISSUE 8.06 WHAT’S NEXT IN YOUR STORY Red River Mutual is Making a Difference as One of IBC’s Top Insurance Workplaces A CAPTIVE INSIDE ROCKY POLITICAL AUDIENCE AN INSURTECH TERRAIN Can captives bring What it’s like to be part of Insurers’ approach to hospitality clients relief a rapidly growing cyber political risk during a from the hard market? insurance startup time of instability YOUR SPECIALTY MGA PAL thanks our valued Brokers! HOSPITALITY PROGRAMS Host Liquor & Special Event Liability Weddinguard Server Liability Performer Liability Event Planners Caterer Liability Exhibitor/Vendor & Kiosk Liability With an experienced global claims team and a large, stable balance sheet, BHSI has the ways and the means to help customers successfully navigate CONTINGENCY PROGRAMS CELEBRATING Event Cancellation/Non-appearance even the most complex claims. We also have a commitment to claims Prize Indemnity - Hole in One excellence, and to doing the very best for each customer – so they can 30 face down the worst days with confidence and peace of mind. UNIQUE PROPERTY COVERAGES YEARS!! NEW PAL’s Collectables Program Contents in Storage ATM, VLT & Vending Machines Miscellaneous Property Claim on. Automatic Rates and Instant Policy Issuance available for most PAL products online! www.bhspecialty.com The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Please refer to the actual policy for www.palcanada.com complete details of coverage and exclusions. IFC-01.indd 8 11/11/2020 5:00:27 am YOUR SPECIALTY MGA PAL thanks our valued Brokers! HOSPITALITY PROGRAMS Host Liquor & Special Event Liability Weddinguard Server Liability Performer Liability Event Planners Caterer Liability Exhibitor/Vendor & Kiosk Liability With an experienced global claims team and a large, stable balance sheet, BHSI has the ways and the means to help customers successfully navigate CONTINGENCY PROGRAMS CELEBRATING Event Cancellation/Non-appearance even the most complex claims. We also have a commitment to claims Prize Indemnity - Hole in One excellence, and to doing the very best for each customer – so they can 30 face down the worst days with confidence and peace of mind. UNIQUE PROPERTY COVERAGES YEARS!! NEW PAL’s Collectables Program Contents in Storage ATM, VLT & Vending Machines Miscellaneous Property Claim on. Automatic Rates and Instant Policy Issuance available for most PAL products online! www.bhspecialty.com The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Please refer to the actual policy for www.palcanada.com complete details of coverage and exclusions. IFC-01.indd 9 11/11/2020 5:00:37 am ISSUE 8.06 CONNECT WITH US Got a story or suggestion, or just want to find out some more information? FINALISTS twitter.com/InsuranceBizCA PAGE 44 CONTENTS facebook.com/InsuranceBusinessCanada UPFRONT 2020 04 Editorial The benefits of focusing on employees’ mental health 22 06 Statistics What are brokers most concerned about heading into 2021? 08 News analysis PRESENTED BY 34 FEATURES At a time of rising tensions, how are CANADA NEVER TOO OLD insurers approaching political risk? TO START UP 10 Intelligence How cyber insurance startup BOXX This month’s big movers and shakers Insurance came to be – and what’s 12 Technology update next for the company This hard market is Bolstering resilience to technology risks 14 MGA update a bear. Let Cansure How MGAs are making inroads in 39 commercial general liability show you the honey! 16 Opinion SPECIAL REPORT Why it’s time for the industry to take a hard look at commissions TOP INSURANCE When you struggle to place business WORKPLACES FEATURES and protect hard-earned relationships, Insurance professionals reveal what the industry’s best companies are doing to take care of their employees FEATURES 38 Embracing the hard market Cansure can help with thoughtful What brokers can do to adapt to A BUDDING difficult market conditions underwriting and creative approaches. SUCCESS 42 Leading the change PEOPLE The cannabis industry has been The women on Sovereign Insurance’s Cansure’s extensive product lines and resilient through the pandemic – leadership team are ushering in a new experience in underwriting hard-to-place INDUSTRY but plenty of challenges remain era of diversity and inclusion ICON risks, make us, as Goldilocks once said, A career specializing in 43 Making waves catastrophic risks has How The Commonwell has refocused just right! prepared Monica Ningen, its charitable giving during COVID-19 Swiss Re’s Canadian CEO, to confront the many 52 The growing need for mental crises that loom large health care We’re proud to be your choice for over the industry Moving from conversation to support MGA of the Year! 40 PEOPLE PEOPLE 56 Other life Exploring the wilds of Ontario with Service | Speed | Expertise SIGN OF THE account executive Ryan Spilar TIMES Hospitality specialist Karim INSURANCEBUSINESS.CA Chandani reveals why captives 18 could be key to helping a struggling industry recover CHECK IT OUT ONLINE [email protected] www.cansure.com 2 www.insurancebusiness.ca 02-03_TOC-SUBBED.indd 2 11/11/2020 5:11:50 am IB FP Ad - Bear Ad (Nove 2020) in Progress.indd 1 9/18/2020 10:14:44 AM This hard market is a bear. Let Cansure show you the honey! When you struggle to place business and protect hard-earned relationships, Cansure can help with thoughtful underwriting and creative approaches. Cansure’s extensive product lines and experience in underwriting hard-to-place risks, make us, as Goldilocks once said, just right! We’re proud to be your choice for MGA of the Year! Service | Speed | Expertise [email protected] www.cansure.com IB02-03_TOC-SUBBED.indd FP Ad - Bear Ad (Nove 2020) 3 in Progress.indd 1 9/18/202011/11/2020 10:14:44 5:11:51 AMam UPFRONT A member of the #TeamEconomical Broker Assist Centre EDITORIAL www.insurancebusiness.ca EDITORIAL Managing Editor Prioritizing Paul Lucas Editor Bethan Moorcraft Writers mental health Lyle Adriano, Tom Goodwin, Alicja Grzadkowska, Mallory Hendry, Kasi Johnston, Gabriel Olano, Ryan Smith, Ksenia Stepanova, Mia Wallace Copy Editor ake a moment. Take a breath. It’s human nature to sometimes need to step Clare Alexander away from a situation and restore our mental health. It’s not always easy CONTRIBUTORS to escape our mental demons – especially when they’re triggered by T Charlie Wilmerding, Gustavo Razzetti something as complex and overbearing as a global pandemic – but it’s something we all need to do, and it’s something all employers must acknowledge. ART & PRODUCTION Designer Joenel Salvador The coronavirus has disrupted life as we know it, causing mass uncertainty, Production Coordinator Kim Kandravy distress and anxiety. On top of questions pertaining to the virus itself, people Traffic Manager Ella Dayandante around the world are trying to get by on reduced hours and wages while also SALES & MARKETING caring for their families, homeschooling their children and hitting pause on National Account Manager Eric Langille normality by social distancing. Business Development Manager Desiree McCue The COVID-19 pandemic, while the dominant force shaping our lives today, Sales Manager Dane Taylor Vice President - Sales John Mackenzie has only exacerbated an issue that has been top of mind for many organizations, Global Head of Communications Lisa Narroway including those in the insurance industry, for some time, which is that it’s in Project Coordinator Jessica Duce everyone’s best interest when people are as mentally healthy as possible. CORPORATE President & CEO Tim Duce Office/Traffic Manager Marni Parker Happy and healthy employees are Events and Conference Manager Chris Davis Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil typically more engaged and more able Global CEO Mike Shipley to perform to their best of their ability Global COO George Walmsley RESILIENT FOR It’s not just systemic events like pandemics or natural catastrophes that put a Editorial Inquiries strain on mental health; often, the triggers are much more personal and can be [email protected] tied to an individual’s perceived identity. That’s why it’s critically important for Subscription Inquiries [email protected] companies to embrace differences and to allow employees to be their authentic Advertising Inquiries CANADIANS selves in the workplace. [email protected] In September, Dive In – the festival for diversity and inclusion in insurance [email protected] We’ve been strategically investing to transform and improve the experience – welcomed more than 10,000 insurance professionals from around the world to we deliver to customers and brokers through innovation in our systems and virtual events focused on the development of inclusive workplace cultures. Many KMI Media inspiring personal stories were shared, including one of a transgender woman in 20 Duncan Street, Suite 300 processes. Everything we’ve done to build a strong foundation for tomorrow the US who suppressed her true identity for decades and suffered several mental Toronto, ON M5H 3G8 has made us steady and resilient in the face of today’s unique challenges.