Intact's Brindamour: Hard Market to Last Up to Two More Years
According to Intact Financial Corp. CEO Charles Brindamour, a hard market in reinsurance is one of the main reasons primary insurance rates will continue to rise for at least another year or two.
In a virtual fireside chat with UBS analyst Brian Meredith, Brindamour noted that return on equity is at historically low levels across the industry.
Return on equity is at historically low levels across the industry.
While Intact reported an ROE of 10.1% for the three months ending June 30, the Canadian industry's ROE was about 5.5% at the beginning of the pandemic crisis, Brindamour said.
Author's summary: Hard market may last up to two years.