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declarations HIGHLIGHTS Broker challenges p.15 l Electronic pink slips p.17 l Big Moves p.21
BUSINESS RELATIONSHIPS
What are friends for?
To survive a hard market, risk managers should be networking with underwriters. But timing is everything
Developing very strong relation- ships with underwriters and providing detailed information to
them can help during a hardening mar- ket, risk managers say.
“If you’ve never met your under- writer, don’t book a meeting with him in the hard market,” advises Stéphane Cossette, senior director of risk man-
B Y J A S O N C O N T A N T , Online Editor agement with Quebecor Media Inc. in
Montreal. “Some [business relation- ships with] underwriters are sturdier. If you were able to secure a relation- ship with them [before the market cycle turned], now going to the hard market will be easier. And that’s what we’re living right now.”
Instead of chasing a lower rate, pick
your insurance partners wisely, Co- sette advises. Receiving very compet- itive terms from very selective under- writers can make all the difference. “Underwriters want to tidy up the books, but honestly, at the end of the day, they want to strike that deal,” he says. “They want to renew it, so that’s where the relationship is key.”
FILE AND USE | AUGUST 2 Insurers reveal that Ontario’s new insurance regulator is considering
a “file-and-use” system for private passenger auto rate changes. Specifics are not known, but generally rate filings under such a system would be “deemed approved” after a certain period of time.
INTACT’S NEW
FRONTIER | AUGUST 7
Intact Financial Corporation expanded into the restoration services area, acquiring Vancou- ver-based On Side Restoration. Intact says the move will help to boost its claims expertise and supply chain network as severe weather events become more frequent.
canadianunderwriter.ca | September 2019 13