Industry
After the COVID-19 pandemic temporarily paused brokerage mergers and acquisitions (M&A) activity in Canada earlier this year, it appears that the deals are once again moving forward at a steady pace. The markets’ reaction to the pandemic has been very interesting, observes Mike Berris, a partner at Smythe Advisory, a B.C.-based property and casualty insurance […]
By Jason Contant | September 18, 2020
3 min read
Specific industry risk can play a major role in how much capital an insurer is willing to put forward for commercial surety bonds, a speaker said during a recent webinar. Industry risk is a “unique” underwriting consideration, Rob Dempsey, senior vice president of commercial insurance with Gallagher, said during the Sept. 15 webinar Using Surety […]
By Jason Contant | September 17, 2020
At the same time insurers have a reduced appetite to take on real estate risks, real estate developers during a pandemic-induced economic recession have an aversion to investing a lot of money into risk-reduction measures. These twin dynamics are a recipe for a long and arduous hard market in real estate insurance lines, according to […]
By Adam Malik | September 17, 2020
TORONTO – North American stock markets climbed amid positive signals in Canada and elsewhere about the strength of a post-pandemic rebound. The good mood started with Chinese retail sales numbers moving back into positive terrain compared with a year earlier. Industrial production accelerated in the U.S., business confidence was stronger than expected in Germany and […]
Insurers should be tailoring their claims payment options to the type of claim a policyholder has, a U.S. payment provider said during a recent webinar. “If it’s a disaster, [a policyholder] may need money immediately to go get a hotel room or to buy necessities,” said Jeff Brown, president of Plano, Tex.-based claims payment provider […]
By Jason Contant | September 16, 2020
Riding the wave of high interest rates years ago, some P&C insurers and reinsurers overlooked their escalating combined ratios, an industry exec recently observed during a webinar. And that’s coming back to bite the industry now that the global COVID-19 pandemic has plunged interest rates to near-zero levels. The decline in interest rates as been […]
By Adam Malik | September 16, 2020
Ride sharing firm Uber Canada chose Economical as its insurance provider because Uber would not agree to Intact’s pricing, a senior Intact executive said Tuesday. “We had a very good relationship, we just couldn’t agree on the price,” Intact CFO Louis Marcotte said during a virtual fireside chat with Barclays analyst John Aiken. Waterloo, Ont.-based […]
By Greg Meckbach | September 16, 2020
VICTORIA – The B.C. government has announced regulatory changes aimed at bringing more transparency to condo insurance premiums that have risen by as much as 40 per cent. The Finance Ministry says effective Nov. 1, insurers or insurance agents will be required to give 30 days’ notice to condo or “strata” corporations if they intend […]
2 min read
The first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous underwriting process. In several lines, carriers have indicated they will be reducing or tightening capacity, […]
By Jason Contant | September 15, 2020
Among a myriad of issues facing Canada’s P&C industry, reduced capacity in the property and casualty insurance market is top of mind for one senior executive at Gallagher. “While rate is a very big concern, capacity reduction, to me, is the most concerning challenge we’re facing today,” said Kevin Neiles, chief marketing officer and Western […]
By Adam Malik | September 15, 2020
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