2024 Executive Outlook | Nick Creatura, CNA Canada

Nick Creatura, President, CEO, CNA Canada

The best indication of factors that will shape the 2024 Canadian P&C insurance landscape lies in today’s headlines.

Market uncertainty evident in recent years persists. Principal drivers include the now-familiar macro trends of:

• Climate change and the urgent need for climate change adaptation
• Geopolitical unrest and its impact on people and supply chains
• Intensifying regulatory oversight
• Nervous financial markets
• Inflation and the prospect of recession
• Primary carriers are being squeezed between a tighter reinsurance market on the one hand, and intensified competition from new and expanded capacity on the other

 

Focus on Talent

Against this backdrop of uncertainty, the core role of insurers remains unchanged – implementing solutions that transfer or mitigate risk for clients. One beacon remains constant: a relentless focus on customer service.

The year ahead will require an unwavering commitment to delivering unparalleled service and effective solutions to meet the needs of clients and foster mutually beneficial, trust-based relationships. This starts with talent acquisition, professional development, and retention in a highly competitive market. Building and maintaining a strong and inclusive culture, enhancing colleague experiences, and developing personal connections internally and externally is a primary responsibility of organizational leadership. This requires intentionality and creativity in a hybrid work environment.

An engaged workforce with a clear understanding of its purpose and objectives will successfully deliver services meeting the needs of clients and trading partners.

 

Tech Remains a Bedrock

Staying current with rapidly evolving technology is foundational for insurers. Artificial intelligence, business analytics, and data-driven insights are crucial for responding to sophisticated client needs and managing complex risk scenarios.

Smart technology investments also enhance client interactions and improve operational efficiency by eliminating friction. Companies must continue to leverage technology to act faster and communicate more effectively.

Even though 2024 is poised to resemble 2023 in many ways, industry players must remain agile and resilient to thrive in this environment. Successful companies will remain focused on customer needs, nurturing talent, and embracing technological advancements.