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.…
What Intact’s next acquisition target might look like
May 14, 2020 by Greg MeckbachDon’t be surprised if you see Intact Financial Corp. announce the acquisition of a United States-based commercial specialty property and casualty insurer in the future. During a fireside chat Wednesday with John Aiken, Toronto-based financial service analyst with Barclays, Intact…
Lower auto claims frequency may not translate into reduced claims severity: Intact CEO
May 13, 2020 by Greg MeckbachIf your auto client base is driving less because of the pandemic, then its claims costs should drop in proportion. Right? Not necesessarily, suggests the head of Canada’s largest auto insurer. Intact Financial Corp. looked at its database of driving…
What surprises Intact about recent driving habits
May 11, 2020 by Greg MeckbachCanada’s largest property and casualty carrier observed a 50% drop after the middle of March in the distance driven by its auto clients, but the insurer’s usage-based telematics data suggest driving has started to pick up in recent weeks at…
Open roads: Driving “fast and furious” during the pandemic
May 11, 2020 by Adam MalikOntario Provincial Police caught two different drivers this past weekend going more than twice the speed limit on highways, part of a growing trend of dangerous driving on the open roads during the pandemic — and insurers are taking notice.…
How Intact is handling commercial insurance relief measures
May 7, 2020 by Greg MeckbachCanada’s largest property and casualty insurer is renewing some commercial policies with no changes in price, and is making mid-term policy adjustments to reflect changing risk portfolios under the current economic conditions. The company said in a recent earnings call…
Why Intact says most clients have no pandemic business interruption coverage
May 6, 2020 by Greg MeckbachFewer than 1% of the commercial property policies that Intact Financial Corp. writes should incur business interruption claims from the coronavirus pandemic, company officials suggested Wednesday. But the insurer has set aside more than $80 million to account for possible…
How Intact views potential acquisitions during pandemic
April 13, 2020 by Greg MeckbachDespite the massive disruptions from the COVID-19 pandemic, Intact Financial Corp. is keeping its eye on potential mergers. “We want to make sure we have capital ready to be deployed for growth – both organic and through mergers and acquisitions,”…
How to help construction clients who are no longer deemed “essential services”
April 6, 2020 by Adam MalikOntario brokers can expect to receive calls from their clients in the province’s construction industry, some of whom were recently de-listed from the province’s essential services list. Under pressure to reduce the spread of COVID-19 in Ontario, the province recently…
Why insurers can expect to see a surge in demand for pandemic BI coverage
April 1, 2020 by Greg MeckbachYour commercial clients could start asking for business interruption insurance that includes pandemic, if they have not already, a human resources lawyer says. “I think after this pandemic, most companies would probably be well-advised to take a look at their…
Intact’s take on how COVID-19 could extend the hard market
April 1, 2020 by Greg MeckbachPricing relief offered to Canadians who are currently absorbing a financial hit from the pandemic could ultimately have the boomerang effect of prolonging the hard market, Intact’s chief executive suggests. “It is clear to me that this corrective action [on…
The pricing relief Intact plans for commercial clients
March 31, 2020 by Greg MeckbachIntact Financial Corp. is responding to the COVID-19 pandemic by dropping commercial premiums, in some cases, if it finds the client’s risk has gone down. “We are adjusting risk profiles for customers where it might lead to premium relief,” Intact…