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…
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…