Keyword
hard market
Cyber insurance: another victim of the hard market?
February 20, 2020 by Jason ContantRates for excess cyber insurance in Canada are on the rise. “In Canada, I would say what we are seeing is excess cyber insurers increasing rates,” Brian Rosenbaum, national director of the legal and research practice at Aon Risk Solutions,…
This commercial line’s hard market has reached ‘crisis’ point
January 29, 2020 by Greg MeckbachThe difficulties some condominium corporations are having in finding insurance has reached a “crisis” Canada-wide, a lawyer told a committee of Ontario legislators looking at proposed changes to the province’s condominium law. “We’re facing a condominium insurance crisis across the…
Are your commercial clients budgeting for a hard market?
January 24, 2020 by Greg MeckbachAs commercial insurance prices increase, you could have customers who literally have not factored new rates into their budgets. “We have an understanding, clearly, that there are risk managers and [chief financial officers] of companies that maybe didn’t budget for…
How much have personal auto and property premiums increased in one year?
January 22, 2020 by Jason ContantBoth personal auto and personal property premiums in Canada increased double digits compared to the same quarter last year, pointing to a continued hardening in the market, according to Applied System’s latest premium rating index. Personal auto premiums in 2019…
Why this P&C consultant is not convinced we’re in a hard market
January 21, 2020 by Jason ContantHard markets and “difficult” markets are two different things, and one property and casualty insurance industry consultant is not convinced we’re in a hard market. “Almost universally, people are talking about us being at the beginning of a hard market…
Market outlook
December 6, 2019 David Gambrill, Editor in ChiefCanadian Underwriter fearlessly predicts the end of the hard market
What brokers and carriers want of each other in the hard market
December 3, 2019 by Jason ContantIt would appear that brokers and carriers want each other to “take on a little bit more,” in this hardening market, attendees to Insurance Bureau of Canada’s first-ever Commercial Insurance Symposium heard last week. Carriers want assistance in general underwriting,…
Industry execs see no immediate end to the hard market
November 26, 2019 by Greg MeckbachDon’t expect the pressure on prices to ease any time soon, brokers learned Monday at the Top Broker Summit in Toronto. “Unfortunately for customers I think it’s got a long run,” Carol Jardine, president of Canadian property and casualty Operations…
Will hard market conditions persist beyond the end of next year?
November 21, 2019 by Greg MeckbachWith insurers’ returns on equity lower than normal, it’s anyone’s guess how much longer your clients are going to see price increases. “Through 2020 we will see rate increases,” said Jim Auden, Chicago-based managing director of North American Insurance at…
Intact CEO says odds of upsetting current hard market momentum are “fairly small”
November 7, 2019 by Greg MeckbachWith the Canadian industry experiencing its lowest return on equity in 17 years, Intact’s senior leadership is not foreseeing a soft market in the short term. “To find similar [hard market] conditions, you have to go back to 2002-03,” Charles…
You think the auto market is bad? Check out personal property…
October 10, 2019 by Jason ContantThe hard market is showing no signs of abating, with all provinces posting premium rate increases in personal lines in the latest quarter, according to Applied Systems’ most recent rating index. Personal property premiums increased on average by 13.6% compared…
How reinsurers benefit from the market turn
October 9, 2019 by Jason ContantWith primary insurance companies seeking higher rates since the beginning of the year, proportional reinsurance programs are benefiting directly from these rate improvements, Joseph El-Sayegh, president and CEO of SCOR Canada Reinsurance Company, told Canadian Underwriter Wednesday. In proportional reinsurance,…