Price point and carrier capacity have become increasingly important factors for brokers in recommending insurance coverage to their clients over the past year, according to Canadian Underwriter’s 2021 National Broker Survey. Canadian Underwriter asked 234 Canadian P&C insurance brokers across…
Today’s hard market is different not only because of COVID-19 but also because insurers are more granular in their approach towards specific segments within the commercial market, experts suggested Monday during a Canadian Underwriter webinar. “In some industries [i.e. commercial…
Commercial lines market hardening in Canada — and globally — should continue through the early half of 2021, with some possible easing of rate increases during the second half of the year once vaccine rollout is widespread, an Aon report…
Brokers could see a “K-shaped” recovery from the hard market in commercial lines because some sectors have been hit harder by the COVID-19 pandemic than others, panelists observed in a webinar hosted Jan. 25 by Canadian Underwriter. Some commercial lines…
Interest in captives naturally increases as a hard market intensifies, but now even mid-market or smaller organizations are considering captives as an alternate way to transfer risk, panellists of a Canadian Underwriter webinar observed Monday. “Traditionally, when you think of…
Cyber insurance is a relatively new line of business in Canada and so it hasn’t seen any hard markets historically — until now, that is. And it seems that insurers have ransomware to thank for that. “I think it is…
After setting aside as to whether or not we’re in a hard market, industry consultant Phil Cook said he expects the hard market to last into 2022. Cook, who is also chairman of Omega Insurance Holdings, typically gives his Industry…
Dave Partington, appointed in December as CEO of Gallagher Global Brokerage — Canada, explains how firming market conditions bring new opportunities for commercial brokers.
As difficult as this may be for brokers to hear, market swings in the competitive environment of the P&C insurance industry are inevitable. During soft markets, when capacity is plentiful, companies will use that capacity to lower premium rates to…
Canadian brokers assess the current market in commercial lines, noting the contrast with what’s happening in personal lines
Don’t be surprised if more reciprocals and self-insured pools emerge, a past president of the RIMS Canada Council suggests. “In some cases, pools and reciprocals will become popular if this market stays hard,” said Tina Gardiner, a Canadian member of…
How would you characterize the hardening commercial market right now? We put the question to Scott Treasure, CEO of Edmonton-based Treasures Insurance and Risk Management Inc., a founding partner of the Excel Insurance Group. – As told to Greg Meckbach…