TORONTO – Auto sales jumped 11.8 per cent in 2023 compared with the year before as vehicle supply continued to improve, according to DesRosiers Automotive Consultants. The report says it was the biggest year-over-year increase in sales since 1997. DesRosiers says improved vehicle supply and pent-up demand from so-called lost sales during the pandemic in […]
By Jason Contant | January 4, 2024
1 min read
January 1 reinsurance renewals are behind us, and it seems a more stable, predictable property Cat market has materialized, just as industry experts predicted. In Canada, reinsurance renewal pricing varied broadly by buyer, based on overall performance, Gallagher Re in its recent report, 1st View: What a Difference a Year Makes. But overall, it’s the companies […]
By Alyssa DiSabatino | January 3, 2024
2 min read
Shelley Willick, president, CEO, Sandbox Mutual Insurance In many ways, 2024 will be similar to 2023 for the Canadian P&C insurance industry. We will continue to face increased consumer expectations, climate change, urbanization, and inflation, along with increased regulation and a tight talent market. Insurance products must evolve to ensure the industry continues to offer […]
By Phil | December 28, 2023
2 min read
Rob Wesseling, President, CEO, Co-operators The growing protection gap, the affordability of insurance, and our ability to continue providing adequate insurance protection will continue to be a critical issue in 2024. The growing risks from climate change affected Canadians from coast to coast this year, with insured losses surpassing $2 billion at the beginning of […]
By Phil | December 28, 2023
2 min read
Matthew Turack, Group President, CAA Insurance, Echelon Insurance, Orion Travel Insurance Collaboration will be key for the insurance industry in 2024. We are seeing complex issues take hold that cannot be solved by one organization, industry or sector. The rising rate of auto theft, for example, is quickly establishing itself as something that will not be […]
By Phil | December 28, 2023
2 min read
Mathias Sommer, COO, Zurich Canada As we look ahead to 2024, leveraging data and digitalization will be critical in meeting rapidly evolving customer expectations. Today’s consumer wants a seamless, simple, digital-first experience and solutions helping them to understand and manage their risks in an evolving risk environment. Digital transformation in the insurance industry is further along […]
By Phil | December 28, 2023
1 min read
At a high level, we expect 2024 to be a challenging year for the industry. We have no clear picture on where interest rates may land when approximately half of Canadian mortgages renew in 2025, and we have historic levels of household debt. International turmoil will continue to inject volatility into financial markets. This will […]
By Phil | December 27, 2023
2 min read
Celyeste Power, president, CEO, Insurance Bureau of Canada Canada’s political and regulatory environment is evolving, creating both opportunities and challenges for the industry. We’re seeing a growing trend toward sweeping regulations, new taxation and increased government intervention. We’ve seen regulators’ scope and pace of consultations increase. OSFI has an obligation to monitor and respond to […]
By Phil | December 27, 2023
2 min read
Chris Sekine, President, CEO, Trisura Guarantee Insurance Company 2024 will see the evolution of economic and financial trends emerging from the end of the global pandemic, creating an interesting dynamic between primary insurers and reinsurers. And as this happens, the P&C industry is navigating a profound shift in the workplace. Canada’s commercial P&C industry experienced […]
By David Gambrill | December 27, 2023
2 min read
Tina Osen, President, Canadian Region, Hub International 2024 will continue to amplify the escalation of risk. Climate change, geo-political risk, cybercrime, and inflationary pressures will continue to magnify the need for the insurance industry to provide insurance and risk solutions to individuals or businesses. Canadians will need help to navigate these risks, and they will […]
By David Gambrill | December 26, 2023
2 min read