Canadian Underwriter


Economic and geopolitical risks have insurers walking a tightrope in 2023
News BrokersClimate ChangeCommercial LinesInsuranceRisk

Despite easing inflation, P&C insurers face challenges

June 27, 2023 Philip Porado

Canada’s May inflation rate slipped to an annualized 3.4%, Statistics Canada said Tuesday. That’s the lowest rate in two years and solidly below the 4.4% annual rate posted in April. It’s also in line with the Bank of Canada’s efforts

Melting ice cream to signify a softening market for commercial insurance
News Insurance

Is market segmentation helping to soften pricing?

June 14, 2023 David Gambrill

A softening, but segmented, insurance market is allowing commercial lines brokers to leave some aspects of the years-long hard market behind. Improved pricing models are one key ingredient in the ‘stability’ now seen in commercial lines, brokers observed. Carriers are

Stick shift to represent shifting focus
News BrokersCommercial LinesInsuranceRisk

Why the hard market and COVID-19 shifted brokers’ focus

June 9, 2023 David Gambrill

Commercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After

Vice pushing on both side of businessman to represent the hard insurance market
News BrokersCommercial LinesInsuranceMarkets / CoveragesTechnology

Brokers still worry about the hard market, but what’s next?

May 1, 2023 Philip Porado

Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed

A broker being lifted up by her team and carriers.
News BrokersInsuranceTechnology

National Broker Survey: Top tech solution brokers want from carriers

May 1, 2023 Philip Porado

Brokers worried about challenges faced when placing business during a hard market are looking to carriers for help with online claims service capabilities, said respondents to Canadian Underwriter’s 2023 National Broker Survey. The survey polled 150 brokers nationwide about challenges

Laying a brick wall to represent building a business
News BrokersInsurance

Brokers optimistic about growth, but support for 2 key M&A strategies declines

May 1, 2023 Philip Porado

While property and casualty (P&C) insurance brokers in Canada said they’re optimistic about the future, Canadian Underwriter‘s 2023 National Broker Survey shows declining support for two key brokerage growth strategies, including M&A. When asked about expected financial performance in 2023,

A lot of employees at insurance brokerages are planning to leave the industry
News BrokersInsuranceProfessional Development

What our 2023 survey says about broker job satisfaction

May 1, 2023 Philip Porado

Beyond recruiting challenges, data from Canadian Underwriter’s 2023 National Broker Survey show retention will continue to be a major issue for property and casualty (P&C) insurance brokers this year. The survey, answered by more than 150 brokers nationwide, asked about

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News BrokersEmploymentInsuranceProfessional Development

Why the P&C broker talent crunch won’t end soon

April 28, 2023 Philip Porado

While the hard market’s still a huge challenge for Canada’s broker distribution channel in 2023, finding qualified workers was also top concern for brokers. So said more than 150 nationwide respondents to Canadian Underwriter’s 2023 National Broker Survey. The survey,

Canada braces for an economic downturn
News BrokersCommercial LinesInsurance

Brokers braced for tough conversations when the economy slips

April 14, 2023 Alyssa Di Sabatino

Most 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

News BrokersInsuranceTechnology

Sales column: Want a client’s business? Just ask for it

April 5, 2023 Adam Mitchell

I recently heard radio hosts discussing actor and comedian Pete Davidson’s golden dating resume. They reached the conclusion he’s been in relationships with so many high-profile celebrities like Kim Kardashian and Ariana Grande not because he’s charming, self-deprecating or has

Sparking fiberoptic wires representing high speed data connection
News BrokersInsuranceTechnology

What’s new with API links between broker and carrier systems?

March 17, 2023 David Gambrill

Before the pandemic, brokers started work on a breakthrough application programming interface (API) tech solution, designed to improve communication between a broker BMS and insurance companies’ back-end systems. Where do we stand on this project to date? It’s been a

Many hands putting together a jigsaw puzzle
News BrokersCatastrophesClimate ChangeCommercial LinesConstructionInsuranceMarkets / CoveragesMGAsReinsurance

Covering larger risks? Why subscriptions may be the way of the future

November 18, 2022 Philip Porado

As claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George