One thing an insurer will consider before investing in commercial surety bonds
September 17, 2020 by Jason ContantSpecific industry risk can play a major role in how much capital an insurer is willing to put forward for commercial surety bonds, a speaker said during a recent webinar. Industry risk is a “unique” underwriting consideration, Rob Dempsey, senior…
Aon exec discusses industry ‘sins’ and puts COVID claims into perspective
September 16, 2020 by Adam MalikRiding the wave of high interest rates years ago, some P&C insurers and reinsurers overlooked their escalating combined ratios, an industry exec recently observed during a webinar. And that’s coming back to bite the industry now that the global COVID-19…
The biggest challenge for commercial brokers right now
September 15, 2020 by Adam MalikAmong a myriad of issues facing Canada’s P&C industry, reduced capacity in the property and casualty insurance market is top of mind for one senior executive at Gallagher. “While rate is a very big concern, capacity reduction, to me, is…
Why water damage claims cost the industry more each year than severe weather claims
September 14, 2020 by Adam MalikWater is the primary reason for rising commercial property claims costs and experts are putting the blame squarely on one major issue: Deteriorating infrastructure. Some industry experts say a sharp increase in water damage caused by aging and inadequate pipes…
What’s driving D&O rate increases for privately-held firms
September 11, 2020 by Greg MeckbachLawsuits from employees alleging harassment or discrimination is one reason for significant price increases in directors’ and officers’ liability rates. In Canada, commercial brokerage Gallagher is seeing an uptick in age and gender discrimination claims and workplace harassment claims under…
How brokers can help mitigate risk when clients build in risky areas
September 4, 2020 by Adam MalikCost management needs to become a top priority if the property and casualty insurance industry wants to slow down the rise in premiums for the real estate sector. And to do that, an expert explained, both industries — insurance and…
How Gallagher prepares clients for D&O rate increases
September 4, 2020 by Greg MeckbachIf your clients are going to be hit with rate increases and major changes in terms and conditions to their directors’ and officers’ (D&O) liability policies, you might want to give them some advance warning. “We tend to prepare early…
Insurers adding pandemic exclusions in commercial policies that go beyond just BI
September 2, 2020 by Greg MeckbachMany insurers that did not start adding pandemic exclusions this past July may have to do so in January, a Winnipeg-based executive with commercial brokerage Gallagher reports. “The majority of insurers – or all insurers – are adding specific wording…