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Insurance Market Outlook 2022
The Canadian property & casualty (P&C) insurance market remains in what is termed a ‘hard market’ environment, challenging for us and clients alike. In fact, in over 30 years in the business, I’ve have never seen a market cycle like it.Rate momentum in many sectors seems to be stabilizing, some capacity re-entering the market, and the insu...
Considerations For Leading A Hybrid Team
In the space of two years, most offices went from 100% in-person work to 100% remote; but now many offices exist in some middle ground between the two. With hybrid work being a fairly new model to most workplaces, there’s still some ambiguity around how to best work with this new mixed set-up. Hassan Osman manages virtual teams for a living...
The Transportation Insurance Industry - An Overview
Those who have their fingers on the insurance pulse will know that the insurance industry as a whole has been locked in a hard market for quite some time – something we have discussed before. However, within the insurance industry, it must be said that the case of the Transportation Insurance industry is particularly fascinating.
According ...
Representations & Warranties - 101
With ever increasing M&A activity across many sectors, there is an insurance coverage that can take some of the risk associated with acquiring a target company. Inaccuracies in representations and warranties made by the seller or the target company in connection with a merger or acquisition can result in costly liabilities.
Buyers can be left ...
Cyber Insurance 101 - A Primer
Cyber insurance is a bit of a catch all and covers cybercrime such as social engineering, ransomware (extortion), electronic compromise, breaches, phishing schemes and the like. It is without a doubt the single biggest claim area for insurance, and in the first half of 2021 we have seen more cyber claims then in the past 5 years combin...
Cyber Crime and Transport
The concept seems a strange one. Why would cyber criminals go after transport? The usual suspects when it comes to cybercrime tend to be financial institutions – such as the recent hacks on Desjardins and Capital One. The answer, though, is rather simple.
Cyber criminals go wherever there is technology. If that technology can be exploited in a boo...
Data Breaches Cause Long-Term Damage To Businesses
According to a major study conducted by KPMG, as much as 84% of Canadians state that they will reconsider doing business with an organization that has suffered a data breach.
To those who have kept their finger on the pulse, this comes as no surprise. As we have mentioned before, cybersecurity is becoming an essential part of any organization’s in...
Natural Disasters & Insurance
The world seems to simultaneously be both on fire and under water. There has been a spree of natural disasters all around the world – from the wildfires and floods in Europe and Asia in July to the wildfires and floods in Canada and America today.
We have previously covered how climate change is worse than we all think – but what does this ...
Insurance Market Outlook 2021
The “Triple-Whammy”: Increasing Rates, Limited Capacity and Stricter Underwriting rules
“The commercial insurance marketplace in Canada will likely continue to remain “hard” for the next couple of years” according to industry execs.
Despite the urge to blame all financial challenges on the COVID-19 pandemic, the rate momentum, coverage...
How Will Group Benefits Change in 2021 & Beyond?
There is no doubt that the pandemic has affected the working world significantly – with a rapid shift to working-from-home occurring as a direct result. A change of this magnitude, then, means that traditional benefits plans are no longer serving their purpose and must also change in kind. Here are some changes you can expect to see in an i...
The Pride of Hubbard, The End.
The sun is shining its brightest best, grills across the country are being fired up, and normalcy is slowly making a return. In the words of the legendary Nina Simone, “I’m feelin’ good.’
Welcome to the final part of our Pride series. In previous iterations, we have covered the origins of the Pride Parade as well as the origin of the Pride flag it...
The Pride of Hubbard, Part II
Welcome to part II of our Pride Month series! Last time around, we touched upon the origins of the Pride movement before moving onto a little profile of Karen Fuentes – a broker here at Hubbard. If you haven’t yet, make sure to check it out!
It’s a Monday, the weather is doing its best Martin Riggs impression, and I’m making dated Lethal We...
The Pride of Hubbard, Part I
As we mark the beginning of June and the imminent arrival of summer, it’s a good time to turn the spotlight onto what June has become increasingly known for – Pride. Now, Pride Month is more than just a celebration of lifestyles; in fact, it has a rather dark past.
June 28, 1969. 1:20 A.M. Four plainclothes policemen wearing dark sui...
6 Group Insurance Trends For 2021
With the ever changing landscape of insurance, it can be crucial to identify trends before they reach the mainstream – and, at Hubbard Insurance Group (HIG), we regularly bring out the proverbial crystal ball to make some predictions. With that said, here are 6 trends that we think will play a major role in 2021.
Virtual Care Is Here For Goo...
Auto Insurance Depreciation - What Does It Mean?
The concept of depreciation is pretty straightforward – most things, with time, decrease in their value. This is something that is perhaps most prevalent with cars; in fact, it could be argued that the second-hand auto industry is entirely reliant on depreciation in order to provide more affordable vehicles to those operating under stricter budget...
The Top 5 Directors & Officers Risks
Directors and Officers continue to play an integral role in the development of an organization. As these professionals are crucial parts of corporate governance and decision-making, it is imperative to make sure there is a safety-net in case mistakes are made – something we have discussed previously.
The risk, though, is only rising. A global surv...
Hubbard Hires Alert!
We are very pleased to announce the addition of Sana Subhani to the Hubbard Insurance Group as Group Benefits Specialist and Susan Jacques-Bennett as a Commercial Insurance Advisor, effective April 19, 2021!
Sana has many years experience working as a Benefits Specialist… most recently with one of the Group MGA insurance leaders.
Susan has experie...
Broker Disclosure Agreement
Thank you for your business. As your Independent Insurance Broker, we purchase insurance products and services on your behalf that are available, affordable, and understandable.
Our role is to provide you with the best insurance value that combines coverage, service, and price. We also provide personalized, quality service that includes professiona...
Is There A Mental Health Crisis?
At the start of 2020, there were a few murmurs on social media about a novel coronavirus that was beginning to cause concern. By March of the same year, the lives of all Canadians would change forever.
In the time since, there has been a major shift in the routines of the working force – and the consequences of this shift are becoming increasingly...
Congratulations Nancy!
We have some exciting news!
On the ‘team happenings front’, we wanted to let you know that Nancy Mills is now recognized as our office’s Senior Commercial Insurance Advisor. With over 25 years in the industry, Nancy has been managing some of the largest and most complicated risks in our office. Although Nancy’s quick to say that it seems like ever...
Why The D&O Market Will Get Harder
If you have your finger even remotely on the pulse, you will know that one of the major trends in 2020 going into 2021 was how data breaches were going to affect directors’ and officers’ liability claims.
According to a new report by Allianz Global Corporate & Specialty (AGCS), “outside the U.S., securities class actions are being filed in rec...
Why You Need Personal Cyber Insurance
Did you know that the average individual loses over $4,000 to cyber criminals? With the ever-growing presence of technology in modern society, more people are at risk of cyber crime than ever before.
Hackers look to the vulnerable, unprotected sections of the population and attempt to steal sensitive data such as social insurance numbers as well a...
Mental Health Claims On The Rise
It is no secret that the impacts of the coronavirus are far-reaching and have been devastating for many. Not only have the effects been felt physically, but data suggests that there has been a major increase in claims for medications that treat mental health issues; particularly depression and anxiety.
In fact, according to Express Scripts Canada,...
Pandemic Scams To Watch Out For
No matter what happens around us – be it a global pandemic or the apocalypse itself – you can be sure that there will be a group of people looking to take advantage of you. Covid-19 has been no different.
Though the Canadian Centre for Cyber Security states that they have taken down an abundance of fake government websites, emails, and notificatio...
Hubbard Hires! Jodi Clarke Joins The Team
We are very pleased to announce the addition of Jodi Clarke to the Hubbard Insurance Group team in the position of Operations Manager.
Jodi has developed extensive management experience, people leading, project planning and brings organizational skills to the table that will help her in the duties of supporting the already strong and dedicated tea...
The Top 5 Tips For Winter Driving
Though November has been a historically warm month so far, Ontario has seen its first proper snowfall of the year. The Canadian winter is nefarious for many reasons – one of them being how much more difficult it can be to drive in snowy, icy conditions.
With that said, whether you are a seasoned driver or someone who is about to drive through wint...
Climate Change Is Worse Than You Think
If it seems like weather forecasts are becoming decreasingly accurate and increasingly speculative – well, that’s because they are. Experts use present-day climate models to predict how severe the weather will be in the future; except those predictions are becoming inaccurate because of the destabilisation of weather that has been observed across ...
What Is the Most Expensive Part of a Cyber Breach?
If you have your finger even remotely on the pulse, then one thing is clear to you – we are living in an increasingly digitized, cyber world. In this world, there are obvious dangers; and these dangers apply universally.
When discussing the threat of a cyber-attack, often times the subject of cost comes up. Is it worth it to have cyber protection?...
Hubbard Hires! Welcome Amanda McCormack
We are very excited to announce the addition of Amanda McCormack to our Commercial Insurance Advisor Team this week!! Amanda comes to us with a vast background in client advocacy in the commercial insurance and risk management space, with significant experience in the specialized Transportation Insurance sector.
Amanda will be working with new and...
Schools Face Covid-19 Legal Risks
As schools begin to open up all over the country, some institutions have tried to find ways to mitigate their risks regarding Covid-19. According to Lyle Adriano of Insurance Business Canada, “While private schools could issue waivers to students’ parents to allow children to continue attending classes amid the COVID-19 pandemic, legal experts war...
Why Pandemic Pods Aren't The Answer
With the country slowly returning back to normal, schools are beginning to open up; however, this news isn’t welcomed by all sections of the population. Parents who fear for the safety of their kids in schools have decided to set up “Pandemic Pods” – environments to homeschool small groups of children.
The issue is, though, that this is not safe.
...
Virtual Care - The New Norm, Part 2
We recently brought to light the introduction of virtual care into the mainstream of the healthcare world. While that piece served as more of a summary for those unfamiliar with virtual care, it is now time to go more in-depth.
The International Foundation of Employee Benefits Plans recently conducted a survey and the findings were quite spectacul...
Let's Stick Together
As the country continues to follow the path of opening back up, some of us have started to adjust back into some of our old responsibilities and activities.
With some of our customers possibly heading back to work or establishing a ‘new normal’ for themselves and their families, we wanted to reach out to remind you that if you have made changes to...
Virtual Care Is The New Norm
It may not have been a mainstream term in 2019, but the turn of the year has seen the popularization of Virtual Care. Aided by the pandemic, virtual care is quickly becoming the new normal and it is here to stay. So, what is virtual care?
Virtual care encompasses any interaction between a patient and their healthcare provider done remotely. If thi...
4 Reasons You Need Directors & Officers Insurance
Directors and officers play important roles in businesses across that country as they form the management team of a corporation. These are professionals who supervise important business affairs and are responsible for making decisions (Directors) as well as overseeing the daily aspects of the organization (Officers).
As these professionals are cru...
5 Tips For Driving In A Storm
What a summer this has been already. Severe heat warnings have become the norm and the only relief we may feel comes in the form of severe thunderstorm warnings. We touched upon how climate change has been affecting insurance in the past and it seems like a more relevant topic than ever before.
At the time of writing this, there are once again sev...
Insurance Market Outlook 2020 - Mid-Year Update
One of our roles as your insurance advisor is to keep an eye on insurance industry trends and stay ahead of the curve as to the impact changes may have on our client partners. As every year, we did that in January … Right, and now it seems like we're in March 125th, 2020 or whatever the days amount to since the pandemic started. It’s time for a mi...
Cyber Insurance Is Right For Your Business
Have you considered cyber insurance for your business? Here are a few reasons why it might be smart to do so.
Cyber insurance is finding its way onto the agendas of businesses everywhere, but it’s still a relatively misunderstood class of insurance. Because of this, many companies find themselves confused about how cyber insurance actually works a...
Enhanced Insurance For The Agriculture Industry
The world is in the middle of a severe pandemic – with various industries feeling the full wrath of COVID-19 on their workforce and their bottom lines. Yet, if you were to walk into a grocery store today, fresh fruit and vegetables continue to adorn the shelves. How do they get there?
The agriculture industry, much like every other industry, has s...