Topic Commercial
What brokers are asking of their underwriters
February 12, 2021 by David GambrillIn the midst of a hard market in several Canadian commercial insurance lines, several senior Canadian broker executives are urging underwriters not to substitute data and analytics entirely for their own good judgment about what constitutes a good or a…
Covering influencers: Don’t forget to like and subscribe…and insure
February 11, 2021 by Adam MalikBrokers looking for growth opportunities should pay closer attention to the social media influencer market, an expert in the field recommends. It’s a multi-billion-dollar industry and has only continued its rapid rise during the pandemic, according to Meghan Argier, media…
Why this MGA exec predicts more Canadian MGA consolidation in the future
February 11, 2021 by Jason ContantMore mergers and acquisitions (M&A) activity between managing general agencies (MGA) is likely in the future, since private equity is focusing on this sector, giving MGAs the fiscal tools to make acquisitions, the president and CEO of one MGA told…
How much the second COVID wave will probably add to Intact’s claims costs
February 10, 2021 by Greg MeckbachIntact Financial Corp. has now reserved $106 million for claims related to COVID-19, with $23 million of that booked during the last three months of 2020. Intact initially set aside $83 million in reserves for COVID-19 claims during the three…
What the P&C industry is telling Wall Street about cyber risk
February 9, 2021 by Greg MeckbachCommercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks…
Business interruption insurer could be sued by this Canadian restaurant owner
February 9, 2021 by Greg MeckbachAn Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19…
Brokerage executives to examine COVID impact today and beyond
February 8, 2021 by Adam MalikBrokers have been on the front lines while the global COVID-19 pandemic has tightened its grip on the economy and, in turn, brokers’ clients. Four leading national brokerage executives will take a look at what Canadian brokers can expect as…
How Aon’s proposed takeover of Willis Towers Watson is going
February 8, 2021 by Greg MeckbachAon plc has yet to complete its proposed acquisition of Willis Towers Watson plc, but the future management team of the combined brokerage is already starting to collaborate, Aon CEO Greg Case suggested last week. Shareholders of both Aon and…
Deal Tracker: The latest in brokerage M&A
February 4, 2021 by Jason ContantThe number of mergers and acquisitions in the Canadian P&C insurance space (mostly involving brokerages) has hit double digits already this year, with two large brokerages contributing to the latest round of deal-making. Hub International announced Tuesday that it had…
How much Chubb predicts COVID could cost the industry
February 4, 2021 by Greg MeckbachCOVID-19 could ultimately cost the global property and casualty insurance industry somewhere in the neighbourhood of US$75 billion in claims, Chubb Limited CEO Evan Greenberg suggested Wednesday. Zurich, Switzerland-based Chubb released its financial results for 2020 on Tuesday. During a…
Sontiq announces agreement to acquire CyberScout
February 2, 2021 by Jason ContantHigh-tech security and identity protection company Sontiq announced Tuesday it had signed a definitive agreement to acquire CyberScout, a major provider of cyber products and services tailored to the insurance industry. “Through Sontiq’s comprehensive product portfolio, major insurance carriers, mutual…
Get ready for a ‘multi-year correction’ upwards in commercial insurance pricing
February 2, 2021 by Greg MeckbachDespite consecutive quarters of double-digit increases in specialty lines, commercial insurers are likely to continue raising your clients’ premiums even further in the coming years, a Bermuda insurance CEO warns. “While the pricing momentum we are seeing in both insurance…