Why certain commercial sub-segments are facing pricing, capacity crunch
April 12, 2021 by Greg MeckbachToday’s hard market is different not only because of COVID-19 but also because insurers are more granular in their approach towards specific segments within the commercial market, experts suggested Monday during a Canadian Underwriter webinar. “In some industries [i.e. commercial…
Canada’s hardest-hit commercial lines — and a reason for optimism
February 18, 2021 by David GambrillCommercial lines market hardening in Canada — and globally — should continue through the early half of 2021, with some possible easing of rate increases during the second half of the year once vaccine rollout is widespread, an Aon report…
What the recovery from commercial hard market could look like
January 26, 2021 by Greg MeckbachBrokers could see a “K-shaped” recovery from the hard market in commercial lines because some sectors have been hit harder by the COVID-19 pandemic than others, panelists observed in a webinar hosted Jan. 25 by Canadian Underwriter. Some commercial lines…
Intact’s Brindamour: Why the hard market could last for up to two more years
August 20, 2020 by Greg MeckbachA hard market in reinsurance is among three main reasons why primary insurance rates will continue to rise for brokers’ clients for at least another year or two, Intact Financial Corp. CEO Charles Brindamour suggests. In a recent virtual fireside…
Why the hard market reminds Fairfax CEO of 2001
August 14, 2020 by Greg MeckbachSteep price increases that have hit brokers’ commercial clients will not continue for the long term, but the current hard market is reminiscent of the period after Sept. 11, 2001, when two planes destroyed the World Trade Centre in New…
Why Intact predicts sustained hard market in home insurance
June 5, 2020 by Greg MeckbachNatural disasters like the recent Fort McMurray flooding will likely continue driving home insurance rates up, suggests Intact Financial Corp. CEO Charles Brindamour. “Personal property is in a relatively hard market environment with mid to upper single digit rates increases.…
Why more insurance reciprocals could form in Canada
March 5, 2020 by Greg MeckbachDon’t be surprised if more reciprocals and self-insured pools emerge, a past president of the RIMS Canada Council suggests. “In some cases, pools and reciprocals will become popular if this market stays hard,” said Tina Gardiner, a Canadian member of…
This commercial line’s hard market has reached ‘crisis’ point
January 29, 2020 by Greg MeckbachThe difficulties some condominium corporations are having in finding insurance has reached a “crisis” Canada-wide, a lawyer told a committee of Ontario legislators looking at proposed changes to the province’s condominium law. “We’re facing a condominium insurance crisis across the…
Are your commercial clients budgeting for a hard market?
January 24, 2020 by Greg MeckbachAs commercial insurance prices increase, you could have customers who literally have not factored new rates into their budgets. “We have an understanding, clearly, that there are risk managers and [chief financial officers] of companies that maybe didn’t budget for…
Industry execs see no immediate end to the hard market
November 26, 2019 by Greg MeckbachDon’t expect the pressure on prices to ease any time soon, brokers learned Monday at the Top Broker Summit in Toronto. “Unfortunately for customers I think it’s got a long run,” Carol Jardine, president of Canadian property and casualty Operations…
Will hard market conditions persist beyond the end of next year?
November 21, 2019 by Greg MeckbachWith insurers’ returns on equity lower than normal, it’s anyone’s guess how much longer your clients are going to see price increases. “Through 2020 we will see rate increases,” said Jim Auden, Chicago-based managing director of North American Insurance at…
What industries are being hit harder than others in this market?
November 20, 2019 by Adam MalikBeing a commercial broker in today’s environment is presenting unique challenges as some markets are feeling the effects of a difficult cycle more than others, says one broking leader. The current market isn’t a hard one in a traditional sense,…