Is the personal lines hard market abating?
August 4, 2022 by Jason ContantPersonal lines in Canada’s property and casualty insurance industry still appear to be in the grip of a hard market cycle, with both personal auto and property premium rates generally showing high, single-digit rate increases. On average, personal auto quoted…
Despite “aggressive growth goals,” insurers cautioned to keep their powder dry
April 25, 2022 by David GambrillAlthough the industry achieved a highwater mark financial result in 2021, industry executives are cautioning insurers to keep their powder dry and not reduce pricing drastically to grow market share. “I just look through the windscreen, all the things coming…
Are we past the hard market peak?
February 17, 2022 by Alyssa DiSabatinoInsurance brokers want the hard market to end, and brokerage executives say we might be edging closer to the peak of it. Doug Morrow, CEO and managing partner at Excel Insurance Group, says we are “near” or “slightly past”…
When can insurers expect the hard market in personal property to go down?
January 28, 2022 by Alyssa DiSabatinoThe hard market in personal property won’t be going down anytime soon, said P&C experts in a Canadian Underwriter webinar on Jan. 25. “It’s going to be an interesting time in personal property over the next number of years, particularly looking…
Brokers adapting to pandemic, hard market adversity
November 8, 2021 Jeff BucksteinBrokers have adapted well to the unprecedented challenges posed by the worst global pandemic in more than a century, on top of a hard insurance market, according to the Trusted Advisor 2021 survey by Canadian Underwriter. Brokers are “a very…
Three reasons Fairfax predicts a continuing hard market
November 5, 2021 by Greg MeckbachAs carriers continue taking a good hard look at their risk appetites, price increases could continue well into 2022. “We expect market conditions to remain strong throughout 2021 and well into 2022,” said Peter Clarke, chief operating officer of Toronto-based…
Hard market conditions tough on client-broker perceptions
November 1, 2021 Jeff BucksteinHard markets are not only tough on the entire insurance industry, they can also disrupt the way brokers are perceived by their clients. Canadian Underwriter’s Trusted Advisor 2021 survey contained several responses that revealed low levels of satisfaction and the…
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…