Segment
Underwriting
How hurricane losses will impact pricing and capacity
November 21, 2022 Philip PoradoWatch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”…
Has Canada’s P&C hard market finally stabilized?
November 14, 2022 by Jason ContantCanada’s P&C insurance market remains vibrant but unpredictable, although there are signs of stabilization, a Gallagher executive said during an industry webinar Monday. A variety of push-and-pull factors related to underwriting profits, reinsurance rates, interest rates and claims inflation, labour…
How Canada’s D&O and cyber insurance markets are shifting
November 14, 2022 by David GambrillSofter market conditions in Canada’s D&O insurance market have arrived, with ample capacity and decreased pricing in this class of business in 2023 Q3, according to Aon. “The [Canadian D&O] market transition further accelerated in Q3, especially for public companies…
Why Intact Financial’s CEO says insurance market cycles aren’t ‘dead’
November 11, 2022 by David GambrillProperty and casualty insurance market cycles are by no means ‘dead’ — not because of insurers’ competitive behaviour, but because claims cost shocks often trigger the need to shore up pricing, according to Intact Financial Corporation CEO Charles Brindamour. Brindamour…
How inflation will affect Intact’s auto rates going forward
November 10, 2022 by David GambrillIntact is predicting a firming of its auto insurance rates in Canada, where brokers and consumers can expect the company to increase auto rates by percentages in the upper single digits by the end of 2022. In its personal lines…
IBC announces new president and CEO
November 10, 2022 Canadian Underwriter StaffCelyeste Power will succeed retiring Insurance Bureau of Canada (IBC) president and CEO Don Forgeron at the end of 2022. Power, who takes over as president and CEO on January 1, 2023, is currently executive vice-president for strategic initiatives and…
Why new risks plague the hospitality sector post COVID-19
November 8, 2022 Alyssa Di SabatinoPeople can eat in restaurants across Canada without wearing a mask or providing proof of vaccination, a sign the risks initially associated with the spread of COVID-19 have lessened. But, with public health restrictions largely lifted, restaurant and bar owners…
CU launches new P&C industry podcast
November 8, 2022 David GambrillCanadian Underwriter is pleased to announce today’s launch of its new podcast series, What’s on Dec? in partnership with industry veterans Pete Tessier and Curt Wyatt. Tessier and Wyatt will be well-known to those who listen to The Insurance Podcast,…
How Cats will impact insurers’ and reinsurers’ pricing and investments
November 3, 2022 Philip PoradoRising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row…
Selling your brokerage? Don’t forget to tell your clients
October 31, 2022 Michael CareyImagine you’re a client who calls your broker to talk about renewing a policy, only to find they’ve sold the business and moved to Florida. It’s hardly an elegant retirement notification. A client would much rather be told about the…
How acquisitions help P&C brokers boost cross-selling options
October 28, 2022 Philip PoradoSeveral Canadian commercial P&C brokerages are actively acquiring wealth management, retirement planning and employee benefits firms so they can boost revenues by adding to their product ranges. The simple math suggests a larger product suite — one that brings in…
Communication around claims must be top priority: CEOs
October 24, 2022 by David GambrillSupply chain pressures and labour shortages mean Canada’s P&C industry and its suppliers need to focus on communications around claims service to maintain consumer trust and high service levels, insurance executives told a broker conference last week. Matthew Turack, group…