Stéphane Lespérance, president, Aon Canada Since this time last year, market conditions have stabilized and we continue to see a disciplined underwriting approach, with insurers requesting a high level of underwriting data. The property market has shown the most transition due to the impact of climate change and inflation. Consequently, insurers are looking for catastrophe modeling and […]
By Phil | December 22, 2023
2 min read
Ben Isotta-Riches, chief distribution officer, Aviva Canada I am cautiously optimistic about 2024. Across the country, the cost-of-living crisis, inflation and climate change continue to affect Canadians and businesses. In Ontario and Quebec, vehicle theft is adding to loss ratios in personal lines, and claims frequency and severity is increasing because driving patterns are returning to pre-pandemic […]
By Phil | December 21, 2023
2 min read
Christian Hutchison, president, McDougall Insurance Brokers Brokers will need to focus their attention in 2024 on managing client expectations and enhanced communication, while also responding to fast-moving market and capacity changes. Brokerage mergers and acquisitions will continue at a rapid pace. Even though the economy continued to be volatile in 2023, with interest rates increasing, […]
By Phil | December 21, 2023
2 min read
Lisa Giannone, president, COO, BFL Canada If we thought 2023 was a year of uncertainty faced with challenges — including transitioning market cycles, inflationary effects on the supply chain, geopolitical risks, climate change-fuelled losses and increased cybersecurity threats — we should prepare to face similar challenges in 2024, coupled with a slowing down of economic […]
By Phil | December 20, 2023
2 min read
Christian Fournier, executive vice president and leader – property and casualty insurance, Beneva With inflation continuing to affect every citizen and organization, one could say 2024 will be the same as 2023. Consumers will be living on a tight personal budget, insurance companies will be struggling to cope with the rapid pace of inflation, and […]
By Phil | December 20, 2023
2 min read
Shawn DeSantis, president, CEO, Navacord It is clear 2024 will bring a new set of challenges, with several themes influencing the Canadian P&C insurance industry. The economic environment is evolving. Preparing our businesses and successfully managing through the implications of higher interest rates, stubborn inflation, the increased cost of capital and a looming recession will be critical […]
By Phil | December 20, 2023
2 min read
Aon expanded its worldwide property and casualty insurance market presence by today acquiring NFP — a leading middle market P&C broker, benefits consultant, wealth manager and retirement plan advisor. Aon will acquire NFP for an estimated $13.4 billion at closing. Under the deal’s terms, the transaction will be funded by $7 billion in cash and […]
By Phil | December 20, 2023
2 min read
Joe D’Annunzio, president, BrokerLink Canada’s property and casualty insurance industry must be all about the customer in 2024. Many people are struggling to pay their bills due to inflation and they have tough choices to make. Customer service will become more important than ever. We need to be able to explain to customers what’s behind […]
By Phil | December 19, 2023
2 min read
David Bowcott, co-leader, NFP Construction & Infrastructure Group As we enter 2024, signs exist the Canadian P&C insurance hard market is abating. But clients are nevertheless putting in place measures they hope will sustain them through future hardening. We are beginning to see forward-looking organizations prepare their risk management strategies to harness the powers of an […]
By Phil | December 19, 2023
2 min read
Canadian brokerages aren’t taking full advantage of an opportunity to arrange premium financing for their clients, particularly for commercial policies covering broad-based risks. In Canada, only 15% of brokered premiums are financed. By comparison, the U.K. rate is 20%, and it’s roughly 35% in Australia, New Zealand, and parts of Australasia. It can be difficult […]
By Phil | December 13, 2023
3 min read