Aon has published its “Fall 2024 Canadian Insurance Market Update,” highlighting that recent developments – particularly the surge in catastrophe claims in Canada this year – may accelerate a shift toward stricter underwriting and more cautious risk selection.
Key findings from the report include:
Russell Quilley (pictured), Aon’s head of commercial risk and chief broking officer for Canada, commented on the challenges facing the industry: “The complexity and rapidly evolving nature of the Canadian property and casualty insurance industry makes it extremely difficult to forecast future state.
“While historical market challenges like inflation and interest rate volatility are stabilizing and easing market conditions, catastrophic events continue to pressure the Canadian marketplace.”
Quilley added that 2024 has already set a record for insured catastrophe losses in Canada, with claims exceeding $7.6 billion by September.
As the Canadian insurance market navigates the ongoing impact of natural disasters and other challenges, Aon’s report suggests that 2024 may mark a turning point toward more conservative underwriting approaches moving forward.
The Fall 2024 Canadian Insurance Market Update can be accessed here.