Topic
Construction
How new sources of capital are changing (re)insurance
July 18, 2023 Glenn McGillivrayBack in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost…
By how much premiums increased in the first quarter
July 14, 2023 by Alyssa DiSabatinoWhile consumers might have noticed their insurance rates are still increasing, prices are flattening out compared to last year’s single- or double-digit increases, two new reports from Applied Systems showed. Commercial lines saw an overall rate increase of 7.39% in…
High building materials and labour costs still slowing home repairs
July 12, 2023 Philip PoradoWhile inflation’s pace has eased in Canada, it’s still expensive to put homeowners back into their properties after a fire, flood, wind or other event. That’s because lingering supply chain and labour-shortage issues are extending restoration timelines. And that’s increasing…
Don’t believe the hype: Why the hard market is softening
July 11, 2023 by David GambrillCanada’s P&C insurance industry is showing signs of market softening despite the many reasons for a hard market to persist, according to a June 2023 Marketplace Insights report from Lloyd Sadd, a Navacord brokerage. The report cites many reasons industry…
Why D&O brokers are looking at risk mitigation
May 19, 2023 Philip PoradoAmid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national…
Private investment needed to ramp up climate adaptation in infrastructure: report
May 16, 2023 The Canadian PressA new report by the Canadian Climate Institute says private capital is needed to invest in climate adaptation infrastructure as extreme weather events like fires and floods become more acute by the year. The report co-authored by insurance firm The…
Vacant retail and office space: How to advise clients on this post-pandemic trend
May 12, 2023 Philip PoradoWith office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The…
Growth? Maybe. Why carriers aren’t promising a soft market yet
May 11, 2023 Alyssa DiSabatinoBeyond the obvious threats of inflation and a possible economic downturn later in 2023, a confluence of other issues is triggering duress for brokers and insurers, which has carriers cautioning the hard market isn’t over yet. Taken together, these factors…
Aviva reveals Number 1 risk facing Canadian businesses
May 3, 2023 by Jason ContantEconomic uncertainty remains the Number 1 risk facing Canadian businesses, according to Aviva Canada’s second annual Risk Insights Report. Based on a survey of nearly 1,500 Canadian business leaders, the report found one in three businesses stated they were “very…
Why brokers still need to protect clients from inflation
April 18, 2023 Alyssa Di SabatinoCanada’s inflation rate eased to 4.3% in March, Statistics Canada reported on April 18. That’s down nearly a percentage point from February’s 5.2% and solidly below inflation’s 8.1% peak in summer 2022. And, with inflation beginning to cool, P&C insurance…
Why resolving claims disputes is about more than numbers
April 11, 2023 Derek SayersWant to increase the likelihood of a construction project insurance claim being accepted? Take the time to validate each aspect of that claim. The upfront work will make it easier for any umpires, mediators, consultants or lawyers brought in to…
Where brokers writing construction coverage may see bottlenecks
March 31, 2023 Philip PoradoA significant rise in construction projects being submitted in Canada means lead underwriting time is critical, according to a 2023 Q1 Global Construction Rate Trend Report from WTW. “Staffing shortages and underwriting approval processes are causing delays in quote turn-around,”…