On July 31st and August 1st, brokers across Canada attended RSA’s 2 part webinar series: Thriving in a Hard Market.
Being able to explain what a hard market is and how it affects clients has become increasingly important for brokers. RSA believed that this two-part education series would provide an opportunity for brokers to further develop their understanding of what a hard market is and give them the tools they need to translate this information to their customers effectively.
In part one, “The Big Picture: Understanding a Hard Market” brokers were educated about the bigger picture of the hard market, enabling them to better explain the emerging trends to their clients.
Michelle Anderson, Business Development Manager, discussed the various factors that contribute to creating the current hard market. These factors include higher insurance premiums, more stringent underwriting criteria, reduced capacity and lower limits, and less competition among carriers.
David Bradford, Chief Strategy Officer & Director of Partnerships at Advisen, discussed the current market cycle’s differentiators including availability of capital, favourable interest rates as well as no major catalyst and adequate capacity.
Pete Karageorgos, Director of Consumer & Industry Relations at IBC, provided an industry perspective of the hard market. He emphasized how Ontario is the driver of the insurance economy.
In Part Two, Brokers Monica Worldring and Linda Dolan discussed the challenges brokers face when in a hard market; part of this dialogue consisted of them sharing their own experiences. Throughout the webinar, attendees were given the opportunity to ask these industry experts any questions that they may have had.