Noor Uppal (pictured), a commercial insurance broker at Armour Insurance Brokers, is deeply immersed in the world of logistics and transportation. Every day, she works closely with businesses navigating the challenges that come with uncertainty in the industry.
“Tariffs are a huge concern right now, especially with potential changes from the US,” Uppal said. “It’s a tense time, and the unpredictability is making it difficult for businesses to make decisions. Everyone is holding off, waiting for clarity.”
This hesitation is affecting trucking companies, with many stalling renewals and pushing decisions down the line. But Uppal pointed out that in times like these, waiting doesn’t eliminate the financial uncertainty.
“The impact is felt by businesses large and small,” Uppal said. “The economy is struggling, and even my own brokerage is feeling the effects. But the key is finding a way to adapt and keep moving forward.”
In this shifting landscape, some insurance premiums are dropping, but it’s not the case across the board. The industry is evolving, with new players entering the market, and Uppal is focused on adapting alongside it to find the best solutions for her clients.
“There’s a lot of competition right now, with brokers working closely with major insurers to offer more competitive pricing for large transportation companies. At Armour Insurance Brokers, we’re constantly innovating to bring value to both our clients and insurers,” Uppal said.
But that competition can come with trade-offs – higher deductibles and changing coverage terms that businesses need to be prepared for.
“Deductibles have increased compared to a few years ago,” Uppal said. “Many transportation companies are making adjustments in response, looking for ways to manage costs more effectively.”
Recent changes to coverage, like the optional status of Ontario’s Direct Compensation Property Damage (DCPD), have some companies opting to cut it in an attempt to save on insurance costs. However, companies with higher loss ratios or poor safety records aren’t seeing the same opportunities for savings.
“No-one wants to take on bad business,” Uppal said, reflecting the cautious approach that insurers are adopting. "They're being more selective and mindful of the risks they’re willing to take on."
Another challenge? The driver shortage. With less experienced drivers entering the market, safety concerns are rising, and insurers are becoming more particular about the companies they cover. More accidents mean higher claims, and that leads to higher costs.
“We’re focusing on working with businesses that have a solid financial foundation and a commitment to safety,” Uppal said. “In uncertain times like these, it’s crucial to have strong, sustainable businesses as partners.”
She’s selective in who she works with, preferring businesses that are committed to the long haul and not just chasing short-term financial gains. "There are companies that see trucking as a means to borrow money for other investments, but they often struggle when things get tough," she said. “Those businesses tend to overextend themselves, and it’s difficult to recover from that.”
At Armour Insurance Brokers, Uppal’s priority is clear: collaborate with businesses that are focused on sustainable growth and long-term stability.
“We prioritize working with companies that are committed to sustainable operations and long-term growth,” she said. “We aim to build relationships with businesses that share a similar focus on stability and success over time.”
Uppal’s approach is all about stability, trust, and planning for the future – qualities that are more important than ever in today’s shifting market.
