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Latest Updates

  • Tackling the Risks in the World of Sports

    Rio 2016 Olympic logo

    Insurance in the world of sports has been attracting a lot of attention, especially as the 2016 Olympic Games commence in Rio. As the country battles a recession, contaminated water, the Zika virus and concerns over terrorism, there’s much to be concerned about as the International Olympic Committee battle through the press. Thankfully, most exposure to risk is held by a handful of large reinsurers, and insurance would cover a number of losses.

    While we typically associate sports insurance as a niche product intended only for professional athletes, much discussion around concussions and other risks that affect recreational athletes have scored some recent attention as well.

    There are a number of health related risks in the world of sports, from the Olympic level to close to home. In Canada, concerns over concussions at the professional and recreational level have led to a national concussion strategy aimed for 2017. Meanwhile, the NFL, CFL and NHL are facing separate legal battles between the league and the players regarding head injuries.

    A new risk for athletes comes in the shape of ground up car and truck tires that is used on soccer fields called crumb rubber. Recent studies are showing that this material may be toxic and most of the particles are either carcinogens or irritants, which can cause respiratory issues including asthma.

    There’s much to be learned in the world of sports insurance and the types of coverage available for athletes of all levels.

    Read this Trends Paper to get the full outlook of sports insurance.

    Sports Insurance Trends Paper

    Posted by CIP Society on 8/5/2016

  • Top 5 reasons to get your FCIP


    Are you a CIP grad looking to take your p&c knowledge to the next level?

    Consider this: About 80 FCIP grads over the past three years were once in your shoes. They were CIP grads wondering whether to take the Insurance Institute’s Fellow Chartered Insurance Professional (FCIP) designation, the pinnacle of education in Canada’s p&c industry.

    What made them go ahead and take the plunge?

    FCIP grads have told us at least 100 individual reasons why they did it. That’s a pretty long list, so we’ve decided to condense it down into their Top 5 reasons to get your FCIP >

    Posted by Insurance Institute of Canada on 7/6/2016

  • The 3 D's changing customer expectations in the insurance industry

    The 3 D’s changing customer expectations in the insurance industry is an overlapping interconnected cycle that seems to be driving the future of the insurance industry.
    Image of  Demographics, Digital and Data
    Our society’s demographics are changing and the insurance industry needs to enhance their use of digital and data to produce better targeting, positioning, customer service, and product development that meets the changing demands of consumers.
    A discussion about changing demographics naturally points to Millennials, and this cohort simply does not lead the same lifestyle that their parents did when they were the same age (18-34). As simply put in the March 2016 IBM Commerce Blog, “Millennials don’t want the same insurance products Baby Boomers do because millennial households don’t look like ours!” 

    The emergence of peer-peer insurance, the internet of things, and more online services than ever before can possibly be traced in response to the unique needs that are emerging from Millennials’ lifestyles – for example, many Millennials are renting over owning and making purchase decisions based on experiences, not by what they’re told. An IBM Institute for Business Value survey reports that “89% of millennial consumers believe friends’ comments more than company claims” and “93% of millennial consumers usually read reviews before making a purchase.”

    As mentioned in the 2016 Trends and Predictions Trends Paper by Phil Cook,  many of the new licensed drivers our industry will insure this year were born in the 21st Century (i.e. post Y2K). They will also become our direct consumers in a few short years and we better be prepared to meet their needs, and even more importantly as an industry, to begin the process of defining those needs for them.

    So how can the insurance industry provide Millennials with the Amazon Experience - the right product, competitive prices, good service and seamless delivery, all served up digitally? Join the CIP Society on June 2 for the live webinar, The 3 D’s changing customer expectations in the insurance industry: Digital, Data, and Demographics, where Donal Corcoran, Canada Executive Vice President, Consumer Insurance at AIG Insurance Company of Canada and Marc Lipman, Chief of Staff at AIG Insurance Company of Canada will discuss if the insurance industry is ready for these rapidly changing demands compared to other services industries and how our industry we can keep up advancements in these innovations.

    Register today!

    Posted by CIP Society on 5/17/2016