Recent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada (IBC).
“A lot remains uncertain right now, with inflation, with supply chain disruptions, cyber, catastrophic weather events, etc.,” she told Canadian Underwriter. “I can’t say what it means for the future but what we have seen so far is certainly a stabilization of premium increases out of the hard market.
“It’s a competitive industry, which means that every insurer is going to look at each business in their own way.” She noted insureds may take advantage of that competition to shop rates.
Brokers and agents, meanwhile, are in a good position to get in front of clients about the emerging factors…