Tech Takes Industry by Storm

Weather-related catastrophes and digital technologies have taken the Canadian property and casualty (P&C) insurance industry by storm in 2017.

Discussions about natural disasters and disruptive technologies dominated the answers in our annual year-end survey of Canadian insurance company executives. We asked them to identify some of the major industry trends they see going forward into the new year.

Regarding natural catastrophes, Hurricanes Harvey, Irma and Maria resulted in early insured damage estimates of more than US$100 billion to cover damage claims in Puerto Rico, Florida and Texas in 2017. Several Canadian CEOs below predict the impact these natural catastrophes may have on insurance rates in Canada.

Putting the customer first has been a sales mantra for quite some time, but digital technologies have had a profound effect on how the industry can now serve Canadian policyholders. Technology now allows Canadians to purchase their insurance far more quickly and conveniently than ever before, and the time for the p&c industry to adapt is now, Canadian insurance executives say.

Here, in alphabetical order by last name, is what Canadian insurance senior executives forecast for the industry in 2018.

Read the full article in the Digital Edition of the December 2017 Canadian Underwriter.

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