Apr 17, 2020 What does a ‘hard market’ mean for insurance customers?
If you have home or car insurance (or if you’ve recently been shopping for insurance), you may have heard that the Canadian insurance industry is in the middle of a hard market. Even if you’ve never heard the term “hard market,” you may have experienced the effects of one as an insurance customer. We want to make sure you understand what a hard market means for the insurance industry — and, more importantly, what it could mean for you. What is a hard market in the insurance industry? Insurance companies rely on premiums and investment income to pay claims — premiums alone aren’t enough, especially as claims continue to become more frequent and more expensive. So, in a time period with low investment returns and…Read More
Feb 13, 2019 Why Are My Insurance Rates Going Up?
5 Reasons why…and what you can do about it If you have been asking yourself, “Why are my rates going up?” lately, you’re not alone. The home insurance and car insurance industry is going through very turbulent times. Canadian insurance companies are looking long and hard to improve results of recent years and the byproduct, at least in the short term, is increased rates for clients. The reality is that insurance rates have not kept up with claims trends and insurers are not able to continue renewing risks at a loss. Without changes to the cost of providing insurance to clients, the only solution is rate movement on both car and home policies. But what’s the cause? Let’s focus in on the 5 Reasons why…Read More