Editor’s note: This interview took place three weeks before the World Health Organization declared COVID-19 a pandemic.
Dave Partington, appointed in December as CEO of Gallagher Global Brokerage — Canada, explains how firming market conditions bring new opportunities for commercial brokers.
cu | There seems to be a consensus that we’re in a hardening market. What are you observing in commercial P&C pricing?
It’s a very tough market right now for three reasons: Rates are increasing significantly in most lines; it’s not easy to get capacity for some of our larger risks; and insurers are changing their appetite on a regular basis. All of that creates a lot of challenges for our clients. In some instances, it is about higher pricing and the need to refine their budgets. For some clients, there are genuine insurance availability concerns. For some segments, like snow removal and residential realty, there are real challenges to finding coverage.
cu | What does this mean for underwriters and, ultimately, brokers?
Underwriters are putting greater focus on risk management and loss control now. So if clients want to get coverage at a competitive price, they really need to…
