Get ahead with your insurance professional
(NC) Is your insurance professional keeping pace with all the recent changes in property and casualty coverage? The Insurance Institute of Canada says that those with the ‘chartered insurance professional’ designation (CIP) are doing just that.
“CIPs need to be adaptable to all the situations they face, especially with the industry in such a state of change,” says John Alaimo, FCIP, CRM, institute instructor and AVP Commercial Lines, Aviva Canada, Hamilton.. “Insurance companies put a great deal of emphasis on continuing education and the CIP designation along with hundreds of annual Institute seminars help to build our credibility and professionalism.”
Alaimo says the institute helps more than 1,000 graduates each year stay on top of their game when it comes to protecting investments like your house and your car. And the industry has had to adapt to many changes, he points out. Take a look at a few of the top issues keeping insurance professionals busy right now and into 2015.
Extreme weather: A record sum of almost $3 billion has been paid out to policyholders as a result of catastrophe losses due to severe weather in 2013. Research suggests that extreme weather will continue to be an issue in the future, causing the industry to consider the effects of this trend on their business. The Insurance Institute has recently partnered with the Institute for Catastrophic Loss Reduction to deliver a series of seminars to insurance professionals about how to help consumers prevent or reduce damage caused by extreme weather.
Cyber risk: This year saw increased risk to our online security. Breaches like ‘heartbleed’ – which allowed the theft of internet servers’ private keys, as well as users’ session cookies and passwords – had businesses and individuals scrambling to figure out what to do when these security situations arise. More than 200 insurance professionals attending the Insurance Institute’s CIP Symposium this year heard about the legal implications and upcoming issues relating to insurance, data protection and cyber risk.
Increased regulation and economic uncertainty: Economic uncertainty and unpredictable capital markets since 2008 have resulted in a tightening of regulations for all industries in the financial sector. As an industry based on assessing risk, insurance is no stranger to regulation. Designations like the CIP provide knowledge of how the industry is regulated and how those regulations affect policyholders.
Telematics, or ‘pay-as-you-drive’ insurance, is probably the most-discussed coverage in 2014 as we all wrangle with questions about personal data, ownership and how to protect privacy. Discussion on telematics will continue as the popularity of the topic increases.
More information is available at www.insuranceinstitute.ca/consumers.
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