Trisura provides 2020 outlook

Trisura provides 2020 outlook

In a recent interview with Canadian Underwriter, Trisura COO Richard Grant shared his thoughts on what should be a top concern for the industry in 2020. 

Read the original article here.

Trisura COO executive outlookAlthough the insurance industry is constantly evolving, one issue seems to remain on the back burner that I feel ought to be in the forefront — the risk of a mega-catastrophe. Canada is the only G7 nation whose insurance industry does not have financial backing from a federal government. Without a clear strategy in place, the industry could fall victim to a dire economic state, with smaller property and casualty insurers getting hit the hardest.

The impact of a mega-catastrophe on the industry has been an underlying concern for years. However, as is often the case, until there is a need for a response (until a disaster occurs), we likely won’t see any action. In the event of a mega-catastrophe in Canada such as a major earthquake, a best-case scenario would be months of business disruption while everyone searches for alternative insurance options. Not only will there be a significant increase in property claims, but we would anticipate seeing an increase in surety and directors’ and officers’ (D&O) liability losses as a direct result of a catastrophe affecting the general economy. The Conference Board of Canada previously reported that, in the long term, we could potentially see cumulative losses in Gross Domestic Product reaching almost $100 billion. Alone, the insurance industry is not capable of covering all the losses that a catastrophic quake might incur, which could lead to the financial collapse of some insurers. The industry-funded Property and Casualty Insurance Compensation Corporation (PACICC) would step in to respond to claims by policyholders of these failed entities. This alone could cause larger insurance companies to fail as well, as PACICC places levies on them to pay for the claims. Eventually, this could lead to financial collapse throughout the entire industry. We will see a disruption in businesses, which inevitably will result in the failure of companies in many industries. For example, in the early 2000s, when a major insurer in Australia collapsed, medical services across the country were negatively impacted.

It’s crucial we have a plan in place before it gets to that point. This will require a collaborative effort. Working with the Insurance Bureau of Canada, industry stakeholders should take the first steps toward action and open a conversation with the Office of the Superintendent of Financial Institutions and the federal government.

Happy Holidays!

Happy Holidays!

Children holding holiday presentsWith the holiday season gaining full steam, I am sure you are very busy with all that this time of year brings – holiday business functions, gatherings with family and friends, and of course, shopping and eating!

Through all the busyness, the holidays are also time for reflection and a time to look forward to the new year. For Trisura, 2019 was a year of transition as we said farewell to our founder and friend, Mike. The year also brought new opportunities for our organization, allowing us to evolve in many ways including promoting a talented group of individuals who are a key part of our success and will lead Trisura into the future.

In this final month of 2019, our business has continued to grow at a double-digit rate even though the specialty lines we write have not experienced the same hard market as the general P&C industry. Surety is a good example where the market continues to be soft with new entrants coming into the marketplace. 2019 also saw Trisura Group Ltd. complete an equity raise in September, and subsequent release of strong financial results that have propelled our share price to new highs. This is recognition of Trisura’s growth to date and our potential for future expansion and profitability.

Looking ahead to 2020, Trisura’s goal is to continue our momentum and growth. How will we do that? In our minds the formula has always been simple: ensure your experience with us is always a step above. Provide thoughtful insights and solutions for you and your customers and work diligently at strengthening our mutual relationship. Trisura is committed to our broker partners. You are our customer and we exist to help you service your customers. Thank you for entrusting us with your needs. In 2020 we will be approaching some of you to collect insights; we want to know what you think about your relationship with Trisura and what we can do to become more closely aligned.

There is a passage called “Man in the Arena” which was part of a speech from Theodore Roosevelt in 1910. In 2019, it still resonates, but instead should be called “Person in the Arena”:

It is not the critic who counts; not the person who points out how the strong person stumbles, or where the doer of deeds could have done them better. The credit belongs to the person who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.

This is what you can expect from the people at Trisura – to be in the arena, battling as a Specialty Lines Insurer to help you succeed and striving to create exceptional experiences.

Thank you for continuing to place your trust with Trisura and our people.

May the holiday season bring you joy with your friends and family, and may 2020 bring you prosperity, health and happiness.

Best wishes,

Chris Sekine

Trisura Annual Gingerbread House Competition Returns to the West Coast

Trisura Annual Gingerbread House Competition Returns to the West Coast

By Sara Ametrano

December 11th saw the West Coast’s tastiest competition of the season.

Back for 2019, Trisura’s Gingerbread House Decorating Event brought friends from around the industry together to celebrate the close of another year. Festivities were in full swing with tasty bites holiday garb and bragging rights up for grabs. And in the spirit of the season, we hosted a 50/50 draw, with proceeds being donated to the United Way.

A much-anticipated event—and a seasonal favourite for many—the competition this year was fierce…and a little messy!

 

Gallery:

Trisura Guarantee a 2019 Top Insurance Workplace

Trisura Guarantee a 2019 Top Insurance Workplace

By Sara Ametrano

Insurance Business Canada has released its inaugural list of top workplaces in the insurance industry, and Trisura Guarantee has made the cut. After surveying thousands of industry professionals across the country, the publication narrowed down the list to just 26 companies.

The methodology:

Organizations were asked to complete a form highlighting the details on the company’s offerings and practices. The next step featured a form with information provided by employees, where they were able to anonymously rate their company based on the following metrics:

Top Insurance Workplaces 2019 badge_cropped

  • Compensation and benefits
  • Diversity
  • Employee development
  • Workplace culture
  • Unique/special offerings

 

A certain amount of responses per company were required based on the overall size of staff. Employers with at least an 80% satisfaction rating received the title of “Top Insurance Workplace.”

Trisura’s score:

Appearing in the “100-499 employees” category (medium-sized companies), Trisura ranked in the top three with a score of 91.3%.

“We are absolutely thrilled to be included on the inaugural list of ‘Top Insurance Workplaces,’” Cindy Grant, senior vice-president of human resources at Trisura, says. “Our people have always been at the forefront of our success – always striving to do better, always focused on delivering a step above and always working together to create an award-winning culture.”