Risk & Business Magazine Gillons Insurance Winter 2019 | Page 5

WELCOME CHANGING LANDSCAPE FOR INSURANCE 6 feature MYLES KUHARSKI NAVIGATING THE HARD MARKET CONTENTS 5 LETTER FROM THE PRESIDENT & CEO 6 NAVIGATING THE HARD MARKET Myles Kuharski 9 THE NEW ECONOMIC MODEL 2.0: Amy Jo Martin 12 READ MORE BOOKS Neil Pasricha 14 HOW WE DO PERFORMANCE REVIEWS Ari Meisel 16 ATTRACTING YOUR IDEAL CUSTOMERS Joe Polish 20 HOW DO YOU BALANCE YOUR PERSONAL AND PROFESSIONAL SOCIAL MEDIA PRESENCE? 22 BRAND ENDEARMENT: Return the High-Five 24 PERSONALITY TESTS 27 WHAT EVERY PARENT SHOULD KNOW ABOUT LIFE INSURANCE Chad Canfield 28 WINTER DRIVING SURVIVAL KIT 30 #GILLONS COMMUNITY The year 2019 has been a challenging one for insurance consumers across Canada with insurance pricing on the rise. Many clients, like yourself, are frustrated with paying more and not understanding why. Climate change was a hot topic in the recent Canadian election, and regardless of whether this has impacted you directly or not, it is partly responsible for your insurance premiums rising. From a bigger picture perspective, the cost of settling property losses and the increased frequency of catastrophic losses is on the rise. Water claims of any type have replaced fire losses as the most destructive type of property loss. Some will argue this has nothing to do with climate change, but the reality is that these types of losses are becoming more frequent and more severe. Along with the increase in property losses is the changing legal landscape in Canada. As a society, Canadians have become more litigious, and this has resulted in a higher frequency and severity of liability claims. Liability damage awards and the cost of defending these claims are rising. These claims are also becoming more complex in nature, which also adds to the time and resultant cost to defend. Cyber liability claims further compound the increase in losses. Many of you may have been a victim of a credit card breach, and some of you may have experienced a breach in your business setting. Cyber liability claims have risen dramatically in the last three years. With online transactions, keeping records and data in cloud-based systems, and the sophistication of hackers, it is anticipated that these claims will continue to grow at an exponential rate. If we switch over to the auto side of our business, distracted driving (mainly due to the use of smartphones) is out of control. Think of how many times you’ve pulled up to an intersection and seen drivers looking down at their phone. Or you’ve followed a vehicle on the highway that is meandering down the road. Distracted driving losses are now the number one cause of automobile losses in Canada. And with vehicles being more sophisticated with high-valued parts, the damage to a vehicle from a minor accident today costs more to repair than it did a few years ago. The cost of bodily injury claims associated with auto claims are also on the rise as people with severe injuries live longer. Future care costs for medical and nonmedical needs for items such as medications, rehabilitation needs, personal care services, transportation and home modifications continue to add up. What can we do at Gillons to help you? As the insurance landscape continues to become more complex, our clients are increasingly reaching out to us with questions around emerging risk issues and how they can do more on the risk management side to prevent losses. As a consumer, regardless of how you select your insurance provider, we encourage you to think of insurance as a product with a promise of service, not a commodity with a price attached to it. A good insurance product should include tailored risk management and claims services, so we encourage you not to lose sight of those items. The insurance industry is getting more complex as society and the climate becomes more complex. For our existing client base, I encourage you to reach out to your representative if you have questions or concerns. For new clients, we encourage you to contact us, and we will be happy to discuss our unique risk assessment approach with you. In closing, we know this has been a challenging year for our clients. We truly appreciate your business and look forward to working with you into the future. Myron Romaniuk, President & CEO Gillons Insurance Brokers Ltd. WWW.GILLONS.CA