Insurance Business reveals Canada's top insurers for claims in 2024

Insurance Business reveals Canada’s top insurers for claims in 2024 | Insurance Business Canada

Claims

Insurance Business reveals Canada’s top insurers for claims in 2024

Broker feedback crucial in selection process

Claims

By
Roxanne Libatique

Insurance Business Canada (IBC) has identified six leading insurers in its 2024 rankings for excellence in claims handling, recognising their ability to manage increasing challenges such as natural disasters, labour shortages, supply chain issues, and rising claims costs.

The 2024 5-Star Claims Insurers were selected based on a comprehensive survey of insurance brokers across Canada, who provided feedback on their experiences with claims insurers over the past year. This broker feedback was crucial in identifying which insurers are setting the standard in areas such as claims quality, industry expertise, and customer service.

Selection process for IBC’s list of 5-Star claims insurers of 2024

The selection process for the list of Canada’s top claims insurers this year involved engaging a wide array of brokerage firms to ascertain the key factors brokers consider when evaluating a top claims insurer.

Hundreds of brokers were asked to rate the insurers they interacted with during the past 12 months, and their responses were used to assign weighted scores to various performance criteria. Insurers with the highest overall scores were awarded 5-Star status.

Arch Insurance Canada

Arch Insurance Canada was highlighted for its strong performance in claims management, attributed to its focus on incorporating employee input, using technical expertise, and maintaining a customer-focused approach.

The company’s flat management structure encourages collaboration, which has been central to its operational success and has earned it a place on IBC’s list of 5-Star claims insurers for 2024.

Northbridge Insurance

Northbridge Insurance, a key provider in Canada’s commercial insurance sector, was also recognised for its effective claims handling practices.

By collaborating closely with broker partners and applying specialised industry knowledge, Northbridge helps businesses manage risks and recover from incidents more efficiently.

The company emphasises empathetic and transparent communication throughout the claims process, ensuring that clients are fully informed and supported. Its commitment to achieving favourable outcomes for its clients contributed to its inclusion in IBC’s top claims insurers list for 2024.

Insurance Business reveals Canada’s top insurers for claims in 2024