Topic Construction
Inflation creates opportunities for brokers to revisit risks with clients
August 8, 2022 by Philip PoradoRecent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada…
Will inflation reboot the P&C hard market?
August 5, 2022 by Philip PoradoAlthough the commercial insurance market shows signs of gradually shifting toward more stable conditions, the hard market isn’t yet in the rear-view mirror and a soft market hasn’t arrived. “I would say we are more in a transitioning market [and]…
2021 Cat frequency ties 2008 for second place
August 3, 2022 by Glenn McGillivraySevere weather cost Canadian insurers $2.25 billion in 2021, placing the year in the Top 5 for losses according to Catastrophe Indices and Quantification Inc. (CatIQ). Last year, 14 events with $25 million in claims or higher were declared nationwide,…
P&C industry’s 2021 results: A one-hit wonder?
July 28, 2022 by Glenn McGillivrayLast year was generally the most favourable for Canada’s insurers in a while – since 2006 as a matter of fact – with the industry’s return on equity (ROE) coming in at a solid 17.2% (against 11.2% in 2020). ROE…
Is specialization the best route to broker independence?
July 27, 2022 by Jason ContantA bevy of challenges, including M&A frenzy, rapidly evolving technology, automation and directs, has spurred some independent brokerages to focus on specialization. And some are even divesting of personal lines. “From a client perspective, it’s great to have a broker…
What the latest wildfire near Lytton, B.C. reveals
July 22, 2022 by Jason ContantThe out-of-control wildfire burning near Lytton, B.C. shows the community and its surrounding area are at high risk of repeated fires, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR). The Nohomin Creek wildfire about 1.7…
Who owns the risks posed by artificial intelligence?
July 13, 2022 by Alyssa DiSabatinoAs artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be…
Hard market challenges aside, brokers not racing for the exits
July 12, 2022 by David GambrillCanada’s hard market in insurance remains the Number 1 concern of new and experienced brokers alike, as well as brokerages big and small, according to Canadian Underwriter‘s 2022 National Broker Survey. The gender split among respondents was most prominent, with…
What the latest inflation measures mean for insurers
July 7, 2022 by Philip PoradoSeveral inflation drivers have increased claims costs for insurers since 2020, but some are less aggressive than expected and a few have yet to register significant impacts, a June report from AON found. Insurers can expect it to cost more…
B.C. commits $21 million to help rebuild infrastructure in Lytton after fire
June 24, 2022 by The Canadian PressVICTORIA – The fire-ravaged community of Lytton, B.C., is getting $21 million from the provincial government to help it rebuild essential infrastructure and services. The Public Safety Ministry says in a statement the new funding will support priorities identified in…
What’s to blame for P&C industry’s quarterly profitability decline?
June 23, 2022 by Canadian Underwriter StaffAt first glance, 2022 Q1 results for Canada’s P&C industry would support the idea that high profits aren’t sustainable. Industry-wide return on equity dipped to 11.5% in 2022 Q1, compared to 19% in 2021 Q1. But the profitability decline stemmed…
Yes, COVID-19 really did boost broker workloads
June 20, 2022 by David GambrillWhile the pandemic created extra work for brokers, it also highlighted the value of the broker proposition, which includes, choice, advice and advocacy, according to Canadian Underwriter‘s 2022 National Broker Survey, which asked more than 250 brokers nationwide about challenges…