Canadian Underwriter

hard market

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Where brokers can find opportunity in a softer D&O market

September 13, 2023 David Gambrill

After several years of a hard market, P&C industry executives report a plateau of price increases in directors and officers (D&O) lines. As fears of pandemic-fuelled losses fade, D&O lines are becoming more profitable and that’s leading to some increased

Clients that lock down their cybersecurity are favoured by insurers
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Which clients are cyber underwriters favouring?

September 11, 2023 David Gambrill

Recent loss ratio data suggests the hard market in cyber insurance has plateaued. In part, that’s due to underwriters being more discriminating about which risks they select for coverage. “Insurance companies have rightsized their books. They know which clients they

Person showing others the way out of a cave
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Which coverages will lead brokers out of the hard market?

September 5, 2023 David Gambrill

For several years, Canadian P&C insurance brokers climbed through a hard market in virtually all commercial specialty lines. Now, industry analysts have told Canadian Underwriter, that climb has plateaued in both the cyber and directors and officers (D&O) lines. “Now

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Reinsurance in Canada unlikely to cost less in 2024

August 24, 2023 by David Gambrill

If Canadian P&C insurers thought the Cat reinsurance market was tough this year, just wait until next year. “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years

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Will markets soften after 2022’s strong performance?

July 14, 2023 Glenn McGillivray

For 2021, a year-in-review for the P&C industry began with the sunny news that it “was the most generally favourable for Canadian insurers in a long while.” But that same review ended with the suggestion that those rosy numbers may

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Growth? Maybe. Why carriers aren’t promising a soft market yet

May 11, 2023 Alyssa DiSabatino

Beyond 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

Glowing yellow arrow indicating upward growth
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Commercial lines are growing. Will this affect profitability?

May 3, 2023 by Alyssa DiSabatino

Tighter underwriting control, client safeguards and softening of certain lines have helped some business segments start growing again, experts told a Canadian Underwriter webinar. But the industry is wary of growth at the expense of profitability. “We’ve got a lot of

Vice pushing on both side of businessman to represent the hard insurance market
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Brokers still worry about the hard market, but what’s next?

May 1, 2023 Philip Porado

Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed

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2 reasons why Canadian P&C industry’s hard market may linger

April 18, 2023 by David Gambrill

Coming out of the pandemic, the global economic environment still contains two ingredients for ongoing hard market conditions in Canada’s P&C insurance sector — high inflation, and a lack of global reinsurance capacity. “If you look at the picture behind

News BrokersCommercial LinesInsuranceMarkets / Coverages

Where Intact CEO sees the hard market heading in 2023

April 4, 2023 by Alyssa DiSabatino

Editor’s Note: This version corrects an earlier one in which it was suggested Intact CEO Charles Brindamour was predicting the beginning of a soft market cycle for the Canadian P&C industry, when in fact he was arguing the opposite (that

Economies worldwide are becoming more fragile and prone to crisis
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Will fragile economy make it harder for brokers to sell D&O?

March 28, 2023 Philip Porado

A double-whammy of negative pricing shifts and claims uncertainty is hitting the Directors and Officers (D&O) insurance segment in the U.S., said a recent report from Fitch Ratings. It’s happening at a time when Canadian D&O lines are seeing some

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How to make a profit on cyber coverage

March 16, 2023 Jason Contant

How does the industry make cyber insurance a viable and profitable line of business going forward? “I would say cyber is a viable and profitable business line,” said Neal Jardine, global cyber risk intelligence and claims director with Boxx Insurance. “I