Canadian Underwriter

News Reinsurance

Intact’s Brindamour: Why the hard market could last for up to two more years

August 20, 2020 by Greg Meckbach

A 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

News Commercial LinesInsurance

Why the hard market reminds Fairfax CEO of 2001

August 14, 2020 by Greg Meckbach

Steep 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

News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Why Intact predicts sustained hard market in home insurance

June 5, 2020 by Greg Meckbach

Natural 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.

News Insurance

Why more insurance reciprocals could form in Canada

March 5, 2020 by Greg Meckbach

Don’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

News InsuranceLegislation / RegulationRisk

This commercial line’s hard market has reached ‘crisis’ point

January 29, 2020 by Greg Meckbach

The 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

News InsuranceMarkets / Coverages

Are your commercial clients budgeting for a hard market?

January 24, 2020 by Greg Meckbach

As 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

News Brokers

Industry execs see no immediate end to the hard market

November 26, 2019 by Greg Meckbach

Don’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

News InsuranceMarkets / Coverages

Will hard market conditions persist beyond the end of next year?

November 21, 2019 by Greg Meckbach

With 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

News Insurance

What industries are being hit harder than others in this market?

November 20, 2019 by Adam Malik

Being 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,

News Insurance

Intact CEO says odds of upsetting current hard market momentum are “fairly small”

November 7, 2019 by Greg Meckbach

With the Canadian industry experiencing its lowest return on equity in 17 years, Intact’s senior leadership is not foreseeing a soft market in the short term. “To find similar [hard market] conditions, you have to go back to 2002-03,” Charles

News InsuranceRisk

Why now is the time to shine for risk managers

September 24, 2019 by Adam Malik

Facing increasingly difficult market conditions means now’s the time risk managers can prove their true worth, one expert told a recent panel. Steve Pottle, director of risk management at Thompson Rivers University in Kamloops, B.C., said that as renewal costs

News Insurance

This is what’s putting the industry ‘at a tipping point’

September 20, 2019 by Adam Malik

Technology has been great for the insurance industry. But it’s also been creating problems, specifically creating a difficult market cycle. And it’s not the only reason why one panellist at the recent RIMS Canada Conference said the industry is “at