Segment
Underwriting
Why insurers risk losing millions in premiums without this tech
August 24, 2022 by Alyssa DiSabatinoMillions in insurance premiums each year in Canada could be at risk due to poor claims experiences and process inefficiencies, but artificial intelligence (AI) technologies can mitigate these losses and create efficiencies that bring in more dollars, a new report…
What insurers are doing to improve recruiting
August 23, 2022 Philip PoradoIt’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…
Do new cars reduce fatality for women in accidents?
August 19, 2022 by Alyssa DiSabatinoWomen are safer driving newer cars, a new report by the U.S. National Highway Traffic Safety Administration suggests. Female fatality risk compared to male fatality risk is significantly reduced in newer vehicles, starting with model year 2000, the report finds.…
Why global reinsurers are high-fiving right now
August 17, 2022 by Jason ContantFor the first time in five years, global reinsurers posted an underwriting profit, albeit a small one. The average combined ratio of the Top 10 global reinsurers was 99.2% in 2021, significantly better than the 104.9% posted in 2020, credit…
Deloitte report: How microeconomic factors will impact claims costs
August 17, 2022 Philip PoradoYes, overall inflation is high. One trip to the grocery store demonstrates that faster than a macroeconomics refresher lecture. So will a glance at Canada’s June 2022 Consumer Price Index, which jumped 8.1% over the prior year to mark its…
As inflation and supply chain concerns ease, will insurers adjust pricing?
August 16, 2022 Philip PoradoSupply chain issues driving inflation since early in the COVID-19 pandemic remain a concern, although emerging signs suggest some trends impacting global goods pricing are starting to abate. “We’ve seen some easing of the supply chain challenges,” said Colette Taylor,…
Why the pandemic hit these Canadian sectors particularly hard
August 16, 2022 by Jason ContantHospitality was the sector hardest hit by the pandemic in Canada, but that industry was already challenged with access to capacity prior to both the pandemic and the current hard market, Deloitte said in a recent report. The impacts of…
Why Deloitte doesn’t anticipate a soft market ‘for the next few years’
August 15, 2022 by David GambrillCanada’s commercial P&C insurance market may not soften “for the next few years,” said a report on the industry published by Deloitte. “While there may be products where the market becomes more competitive on new business with good claims experience,…
Why extended hard market should be easier to explain to consumers
August 11, 2022 by David GambrillConsumers 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…
Why the basics count in construction loss prevention
August 9, 2022 Philip PoradoInflated materials costs, and a need for brokers and insurers to see to it that valuations for commercial structures closely track replacement costs, are frequently mentioned in conversations about risks for the building sector these days. But site safety is…
Will inflation reboot the P&C hard market?
August 5, 2022 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]…
Was 2021 a high-water mark for P&C industry returns?
August 4, 2022 Glenn McGillivrayDespite turmoil from the ongoing COVID-19 pandemic that affected everything from the need to work remotely, auto premium rebates and the handling of Cat claims, to the availability and price of building materials and labour, Canada’s P&C insurers still managed…