IN THE NEWS

In an article published by Insurance Business Canada, CNA's Krista Clair discusses the changes in the casualty insurance space and the importance of remaining flexible.

The casualty insurance marketplace in Canada has experienced some considerable changes over the past few years – and businesses are starting to feel the strain.

Volatile underwriting results and deteriorating loss ratios across casualty lines have caused a general hardening in the marketplace. Many carriers have raised their rates and have started to increase their insured retentions for loss-impacted casualty lines. Underwriters have adjusted their risk appetites and are paying more attention to latent, severe, and systemic exposures, and, in general, insurers are managing their capacity more rigorously than perhaps they have done in softer markets.

“Lots of insurance companies are reducing the amount of capacity they’re willing to provide on any one risk,” said Krista Clair, AVP, Underwriting, CNA. At CNA, we’ve set up a risk management group that can provide excess/umbrella coverage to help insureds fill gaps in their liability towers driven by these market changes.”

For more information and personal insights, read the full feature: ‘CNA: Being flexible in a challenging casualty marketplace’ published in Insurance Business Canada.