Segment
Underwriting
How the industry’s ROE is trending
April 26, 2023 by Jason ContantThe Canadian property and casualty insurance industry’s return on equity (ROE) last year dropped a few percentage points from the 17% to 18% level it was in 2021, but it’s still above the long-run average of 10.1%, a new industry…
Brokers braced for tough conversations when the economy slips
April 14, 2023 Alyssa Di SabatinoMost economists are still calling for some degree of economic downturn later in 2023. That makes the road ahead uncertain for commercial companies, and many can be expected to seek ways to tighten their belts. For some, cost-cutting measures may…
Why resolving claims disputes is about more than numbers
April 11, 2023 Derek SayersWant to increase the likelihood of a construction project insurance claim being accepted? Take the time to validate each aspect of that claim. The upfront work will make it easier for any umpires, mediators, consultants or lawyers brought in to…
How underwriters are tackling cyber exposure in D&O policies
April 6, 2023 by Jason ContantUnderwriters are starting to address cyber exposure in directors and officers (D&O) policies, an insurtech told delegates at the NetDiligence Cyber Risk Summit in Toronto. “What we’re seeing is mandatory cybersecurity exposure questions on D&O submissions,” said Ben Davis, team…
Where brokers writing construction coverage may see bottlenecks
March 31, 2023 Philip PoradoA significant rise in construction projects being submitted in Canada means lead underwriting time is critical, according to a 2023 Q1 Global Construction Rate Trend Report from WTW. “Staffing shortages and underwriting approval processes are causing delays in quote turn-around,”…
How insurers can respond to interest rate hikes and market volatility
March 24, 2023 Philip PoradoHow might high inflation, rising interest rates, and current volatility in stock and bond markets impact future P&C insurance pricing? It’s too early to tell. For insurers, the current environment requires consistent monitoring of profitability and portfolio performance, said Fiona…
Can cyber coverage recover from past high loss ratios?
March 20, 2023 Jason ContantThe Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…
What might cause the softening D&O market to stall?
March 8, 2023 Philip PoradoHard markets may come and go, but they seemed to stick around longer for Directors and Officers (D&O) coverage than for some other P&C industry segments. As of last fall, though, D&O availability and affordability have been improving. After several…
What the industry says about regulator’s draft corporate culture guidance
March 7, 2023 David GambrillCanada’s solvency regulator has refined its proposed guidance on corporate culture for P&C insurers, and it’s now consulting with the industry about its expectations. The Office of the Superintendent of Financial Institutions (OSFI) was scheduled to have a technical briefing…
How CSIO’s forging consistent data standards interpretation
March 6, 2023 David GambrillThe Centre for Study of Insurance Operations (CSIO)’s mandate has evolved to ensure consistent interpretation of the property & casualty (P&C) insurance industry’s data standards by insurance companies and technology vendors. “In developing the multi-year strategic plan, CSIO’s board of…
Sales Column: Clients ignoring your emails? Try texting
February 22, 2023 Adam MitchellPeople love their smartphones. And even those who claim they don’t still spend hours using them every day. A study last year by cybersecurity company NordVPN found 66% of Canadians even use their phones while in the washroom. I’ve always…
Why 2022 was a good year for cyber insurers
February 21, 2023 by Jason ContantControls and underwriting actions that cyber insurers took over the course of 2020 and 2021 started paying off last year, a cybersecurity expert told Canadian Underwriter recently. “I think the cyber insurance industry in general had a much better year…