Segment
Underwriting
Tips for insuring properties worth more than $500 million
October 2, 2023 Philip PoradoCoverage for high-value real estate, defined as sites worth $500 million or more, is often based as much on how those sites are used as on the physical assets themselves. Multi-use sites, where activities like manufacturing, distribution, logistics and management…
How insurance helps when converting office buildings to housing
September 29, 2023 Philip PoradoCanada’s housing crisis has deepened since the start of the COVID-19 pandemic. And when office vacancy rates across Canada topped 17% in 2022 Q4, calls grew louder to convert some of that unused commercial space into residential units. What’s more,…
How to insure emerging tech companies
September 27, 2023 Jason ContantTechnology companies today can run the gamut from those resembling traditional manufacturers to others dabbling in artificial intelligence or emerging tech – which are more difficult to insure. This variety means both insurers and brokers need to thoroughly understand a…
What’s driving challenges in commercial property?
September 19, 2023 by Jason ContantChallenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to…
Why insurers worry about clients’ crime coverage
September 15, 2023 Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…
Why strong housing markets have builders tweaking their insurance
September 14, 2023 Philip PoradoBooming real estate markets in many Canadian cities have top-tier developers considering building sites they might previously have written off. “Here in Toronto, we know the city was heavily industrialized with old manufacturers that were there 100 years before going…
Where brokers can find opportunity in a softer D&O market
September 13, 2023 David GambrillAfter 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…
Which clients are cyber underwriters favouring?
September 11, 2023 David GambrillRecent 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…
Which coverages will lead brokers out of the hard market?
September 5, 2023 David GambrillFor 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…
What FSRA found when it examined take-all-comers compliance
August 4, 2023 Philip PoradoOntario’s auto insurance regulator has used the phrase “systemic non-compliance” to describe how the province’s 12 largest auto insurance companies are approaching Ontario’s take-all-comers requirement. According to a Financial Services Regulatory Authority of Ontario (FSRA) report, released Friday, market behaviour…
What’s the future for Canada’s reinsurance rates?
August 2, 2023 Alyssa Di SabatinoNew risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was…
What the math says about P&C return rates
July 24, 2023 Alyssa Di SabatinoWhat’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average,…