As Canada moves into election season, the country’s business climate is clouded by economic unease, with global trade tensions, political volatility, and sluggish investment dragging heavily on corporate confidence.
Jamie Lyons, CEO of Westland Insurance, said that while party leaders are defining their platforms, businesses are already responding to deepening uncertainty.
“A lot of businesses are just putting things on pause because there’s so much uncertainty right now,” Lyons said. “It is going to affect employment for a lot of companies.”
According to Lyons, the conversations he’s having with clients have shifted in recent months. Supply chain resilience is top of mind, but so is scenario planning for potential economic slowdowns or prolonged trade disputes - especially with the specter of Trump’s presidency looming in the US.
“The bigger conversation we’re starting to have with clients is… let’s play for scenarios whereby the economy slows, or where we’re in this prolonged trade war,” he explained. “It’s a very cautious, trepidation environment - probably going to continue that way through the course of this year.”
Different impacts, different sectors
While some sectors are holding back, others may benefit in the short term. Lyons points to hospitality as an example of uneven effects across the economy.
“Domestic hospitality businesses will likely do better, or at least be more resilient,” he said. “Canadians are going to be spending their money locally, and Americans are going to be coming north of the border because of the favorable currency.”
Still, he emphasized that Westland has spent the past six to eight weeks working closely with clients to understand the full picture, ensuring their advice is aligned with fast-changing realities.
“We’re leaning into those conversations heavily,” Lyons added. “Different industries are going to be impacted in different ways—and it’s our job to help clients prepare for that.”
As party leaders roll out their key messages, businesses like Westland aren’t waiting for campaign promises to materialize. They’re already navigating the potential fallout.
Westland Insurance Group Ltd. is an independent insurance brokerage headquartered in Surrey, British Columbia, Canada. The company was founded in 1980 by Gren and Lynn Schibli. Since its inception, Westland has expanded primarily through acquisitions of smaller brokerages and currently operates over 250 locations across Canada, including in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and the Atlantic provinces.
Westland provides insurance brokerage services for both personal and commercial clients. Its personal insurance offerings include home insurance, auto insurance, tenant insurance, recreational vehicle insurance, and travel insurance. On the commercial side, Westland brokers coverage such as property insurance, liability insurance, professional indemnity, cyber insurance, and other industry-specific products.
In recent years, Westland has pursued an aggressive growth strategy, acquiring dozens of brokerages nationwide. Notable acquisitions include MBS Insurance Brokers, Reider Insurance, and Excalibur Insurance Group, among others. As of 2024, Westland employs over 3,000 people and is one of the largest independent insurance brokers in Canada. Westland remains privately owned. In 2021, it secured a minority investment from Partners Group, a global private markets investment manager, to support its expansion plans.
