This year, we asked Canada’s P&C insurance industry executives, carriers and brokers, the most important issue facing the industry in 2023.
Over the next two weeks, Canadian Underwriter will be presenting in our digital newsletter all of the answers we received from participating company executives. Three new outlooks will be presented each day in alphabetical order by last name.
Reading all of them gives you a comprehensive view of what carriers and brokers expect to face over the next year. Thank you to all who participated, both in print and digital.
It’s representative of just how challenging the world is today that our question prompted many different answers — including climate change, supply chain issues, inflation, fragile geopolitics, keeping up with cybercriminal activities and a potential economic recession.
And of course, the talent issue. It’s just hard to find and keep good employees these days. This seems to be especially acute on the broker side, although it affects everyone.
In fact, the list of challenges is so long, several executives said the single greatest issue facing the industry is the complexity of all the issues they’re facing at once.
Supplementing all of these pieces, in the second edition of our new podcast, ‘What’s on Dec?’, we caught up with three industry executives on the carrier side — Andy Taylor of Gore Mutual, Marc Lipman of Lloyd’s Canada and Matthew Turack of CAA Insurance — and asked them for their thoughts on the upcoming year. They discussed a myriad of things, including pricing stability, which has been an issue for the past several years of a persistent hard market cycle.
For us, this marks the end of our year at Canadian Underwriter before the holiday season. We will be back producing new material on the week of January 3-6. From everyone here, we wish everyone in the hard-working P&C industry a safe and happy holiday season. And, as radio news reporter Les Nessman used to sign off on TV’s fictitious radio station, WKRP, “May the good news be yours.”
Feature image courtesy of iStock.com/aleksandarvelasevic
