Cyber insurers have pulled themselves out of the dredges of the hard market, but there are fewer active cyber policies today than there were in 2020, one cyber expert shared at the CFC Summit North America 2024 in Toronto. Meanwhile, high-profile cyber-attacks grace the media regularly. For brokers, that means cyber selling opportunities as much […]
By Alyssa DiSabatino | May 29, 2024
3 min read
Seventy-one percent of Canadian brokers say performance-based compensation is the best motivator, according to Canadian Underwriter’s 2024 annual National Broker Survey. That aligns closely with the range of 68% to 72% citing it as a primary driver between 2020 and 2023. In this year’s survey, fielded in January and February 2024, more than 200 brokers […]
By Phil | May 28, 2024
2 min read
Gallagher Global Brokerage – Canada CEO Dave Partington has taken on the additional responsibility of leading the Gallagher businesses in Latin America and the Caribbean, the brokerage tells Canadian Underwriter. Partington will continue to lead all three regions, with the implementation of several new leadership changes for Canada effective July 1. The additional roles for […]
By Jason Contant | May 28, 2024
3 min read
As personal lines pricing in Canada firms up, signs of market softening are emerging in the country’s commercial lines of business. Commercial insurance rate increases in the most commonly-placed lines of business are trending downward, Applied Systems and Aon Canada both report. “Overall, rates saw an increase of 6.14% in 2024 Q1, which is depressed […]
By David Gambrill | May 27, 2024
3 min read
Want clients to trust and value your advice? Start by giving them a heads up on risk, say respondents to Canadian Underwriter’s 2024 annual National Broker Survey. Seventy nine per cent of respondents say proactively informing clients of emerging risks and exposures helps brokers maintain their status as trusted advisors. And 2024’s response is statistically […]
By Phil | May 27, 2024
2 min read
Navacord has expanded its commercial presence by partnering with specialty insurance provider Navis Marine Insurance Brokers. “Founded in 2011 after seeking to fill a gap in the B.C. market for a specialty marine insurance provider, Navis has now grown to be a leading national marine broker based in Vancouver,” Navacord said in a press release […]
By Jason Contant | May 27, 2024
2 min read
If brokers want to keep up with their direct-to-consumer competition — to whom they’ve lost 15% of personal insurance market share over the last 20 years — they need to reduce the time they spend entering clients’ data. That can be done through better broker-insurer connectivity and application programming interface (API) integration, said Tom […]
By Alyssa DiSabatino | May 22, 2024
4 min read
When it comes to 2024 financial performance, 12% of brokerage principals and owners responding to Canadian Underwriter’s annual National Broker Survey expect things to be much better this year than last. And a further 50% say things will be ‘somewhat better.’ That compares with 13% and 60% giving the same responses in 2023’s survey; and […]
By Phil | May 21, 2024
2 min read
Kate Della Mora is the new CEO of CFC Canada, a managing general agent specializing in several commercial lines of insurance, including cyber. Della Mora’s appointment coincides with the launch of CFC’s first Canadian office. Based in Toronto, the new office is meant to bring the insurance provider closer to its broker partners, says […]
By Alyssa DiSabatino | May 21, 2024
1 min read
As some insurance hard markets show hints of softening — particularly in commercial specialty lines — brokers answering Canadian Underwriter’s annual National Broker Survey say the technical aspects of an insurer’s offering play a big role in decisions about where to place client business. For example, 91% of 2024 respondents say their chief consideration is […]
By Phil | May 16, 2024
2 min read