Canadian brokerages leading the charge on digital strategy adoption
February 4, 2022 by Alyssa DiSabatinoCanadian brokers have a leg up on their counterparts in the United States and the U.K. when it comes to digital transformation, a recent survey finds. Seventy-three percent of Canadian brokerages say they have a digital strategy in place, and…
Is the commercial insurance market starting to soften?
November 16, 2021 by Jason ContantPremium rate changes in commercial lines in Canada have experienced a slight downturn quarter-over-quarter, indicating that the commercial hard market may be easing up a bit. “While we are still experiencing a hard market, the Q3 index shows a slight…
Average personal auto premiums drop in Q3 2021; personal property up
October 21, 2021 Phil PoradoPersonal auto premium average dropped 2.7% in 2021’s third quarter compared with the same period a year ago but rose 9.4% when compared to second quarter 2021, according to the latest Applied Rating Index, which reports Canada-wide personal auto and…
What is needed as more P&C brokerages move into employee benefits
September 3, 2021 by Jason ContantWith more and more property and casualty insurance brokerages moving into the employee benefits (EB) space, there is a need to have an integrated technology solution, tech vendor Applied Systems said recently. “We know our P&C customers are moving further…
How technology is addressing ‘broken offline processes’ and broker pain points
August 25, 2021 by Jason ContantCreating a “digital round trip” for all players in the insurance ecosystem – from broker to technology vendor to consumer – has really been catalyzed by the COVID-19 pandemic and the move to remote working, the CEO of tech vendor…
All major commercial lines seeing average premium renewal increases, report says
August 11, 2021 by Jason ContantCanada’s hard market in commercial P&C is showing no signs of letting up, with all major lines seeing average premium renewal rate increases in the second quarter of 2021. “Overall, the magnitude of rate increases across all segments included in…
Brokerages accelerating digital transformation in face of COVID-19
August 4, 2021 Canadian Underwriter StaffCOVID-19 has “forced” companies in Canada and the U.S. to accelerate digital transformation efforts, and property and casualty brokerages are no exception. According to Ernst & Young (EY), this sudden accelerated digitization has been “forced” on Canadian companies “in ways…
Personal auto renewal rates continue downward trend, but homeowners’ rates up: Applied
July 30, 2021 by Jason ContantAverage personal auto premium renewal rates in Canada continued their downward trend in the second quarter of 2021, while personal property (homeowners) renewal rates remained up over the same period, according to Applied Systems’ latest premium rate index. In Q2…
How commercial premium renewal rates are trending in Canada
April 30, 2021 by Jason ContantCanadian commercial line renewal rates increased at a slower pace across all major lines in Q1 2021 compared to one year ago, according to the latest commercial premium rate index from tech vendor Applied Systems. Overall, the magnitude of rate…
COVID’s effect on Canadian auto and property rates
April 22, 2021 by Jason ContantEndorsements to auto policies as a result of changing driving habits from COVID-19 are resulting in average premium rate renewal decreases across most of the country, according to Applied Systems’ latest rating index report. Personal property rates, on the other…
Canadian auto and property insurance rates headed in opposite directions
February 1, 2021 by Jason ContantAverage personal auto premium rates in Canada decreased 2.6% in 2020 Q4 compared to the same period in 2019, but some provinces did see an increase, according to the latest results from Applied Systems’ premium rate index. On average, both…
What adopted technology will stick around after the pandemic?
May 6, 2020 by Adam MalikNow that many insurance professionals have been successful working from home, plenty of technologies they are using now are expected to stick around even after the COVID-19 pandemic subsides, according to a number of P&C experts. “The tools we’re using…