Canadian Underwriter

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hard market

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What insurers are doing to improve recruiting

August 23, 2022 Philip Porado

It’s not your imagination, COVID-19 really did throw a wrench into the insurance industry’s ability to hire and retain talent, says a new Deloitte report on the state of Canada’s P&C industry. It found industry demand for people with the

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News ClaimsInsuranceMarkets / CoveragesRisk

Why extended hard market should be easier to explain to consumers

August 11, 2022 by David Gambrill

Consumers should be able to relate to inflation’s impact on goods and services — and hence, the impact on insurers’ claims costs — making it easier for brokers to explain the continuation of the P&C industry’s hard market cycle after

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News Insurance

Is the personal lines hard market abating?

August 4, 2022 by Jason Contant

Personal lines in Canada’s property and casualty insurance industry still appear to be in the grip of a hard market cycle, with both personal auto and property premium rates generally showing high, single-digit rate increases. On average, personal auto quoted

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News BrokersInsuranceMarkets / Coverages

More people are flying – is that good for travel insurance profits?

July 13, 2022 by Alyssa DiSabatino

Business and leisure travel is on a post-pandemic rise, but major flight delays and cancellations will have impacts on travel insurers’ credit profiles, said a commentary from credit-rating agency DBRS Morningstar. Even though airplane travel remains below 2019 levels, staff

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News BrokersEarnings / RatingsInsurance

Despite “aggressive growth goals,” insurers cautioned to keep their powder dry

April 25, 2022 by David Gambrill

Although the industry achieved a highwater mark financial result in 2021, industry executives are cautioning insurers to keep their powder dry and not reduce pricing drastically to grow market share. “I just look through the windscreen, all the things coming

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News CatastrophesCommercial LinesInsuranceMarkets / Coverages

Exiting the commercial hard market may be prolonged: Insurers

April 5, 2022 by David Gambrill

Canada’s P&C insurers are exposed to historically-high inflation rates, which may prolong the hard market in commercial lines, Canada’s association of home, auto and business warns. “On the commercial side, I think this inflation is either going to prolong the

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News BrokersInsuranceMarkets / Coverages

Top 3 concerns of Canadian brokers

March 21, 2022 by David Gambrill

Canada’s hard market continues to be the Number 1 concern of brokers right now, but with the end of many COVID restrictions, brokers are starting to worry more about the growth of direct-to-consumer distribution models. Market consolidation is slowly but

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News InsuranceMarkets / Coverages

Hospitality’s hard market pre-dates the pandemic

March 15, 2022 Jason Contant

Slip-and-fall claims, sewer backup and a hard market pre-dating COVID-19 are among the reasons you may find it difficult to find coverage for clients in the hospitality sector, such as restaurants and bars. “A handful of insurance companies are still

Inflation Meter
News BrokersConstructionEarnings / RatingsInsuranceRisk

How inflation could prolong the hard market

February 25, 2022 by David Gambrill

Inflation could prolong the hard market in Canada’s property and casualty lines, brokers caution. RMS Canada reports that inflation will hit 5% in 2022 before approaching 3% by the year’s end. “Persistent inflation is primarily due to supply constraints and

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News Markets / Coverages

Are we past the hard market peak?

February 17, 2022 by Alyssa DiSabatino

Insurance brokers want the hard market to end, and brokerage executives say we might be edging closer to the peak of it.   Doug Morrow, CEO and managing partner at Excel Insurance Group, says we are “near” or “slightly past”

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News Markets / Coverages

When can insurers expect the hard market in personal property to go down?

January 28, 2022 by Alyssa DiSabatino

The hard market in personal property won’t be going down anytime soon, said P&C experts in a Canadian Underwriter webinar on Jan. 25.  “It’s going to be an interesting time in personal property over the next number of years, particularly looking

News Insurance

Brokers adapting to pandemic, hard market adversity

November 8, 2021 Jeff Buckstein

Brokers have adapted well to the unprecedented challenges posed by the worst global pandemic in more than a century, on top of a hard insurance market, according to the Trusted Advisor 2021 survey by Canadian Underwriter. Brokers are “a very