Executive Outlook for 2024 | Celyeste Power, Canada’s Insurance Bureau
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Celyeste Power, the Insurance Bureau of Canada’s president and CEO
The political and regulatory landscape in Canada is changing, which presents the sector with both opportunities and difficulties. There is a growing trend toward more government intervention, new taxes, and broad regulations.
The range and tempo of consultations by regulators have grown. Monitoring and reacting to trends and developments around the world is a duty of OSFI.
IBC acknowledges this and is in favor of a well-rounded strategy that takes into account the complexity and diversity of the P&C sector. That also applies to taxes.
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Politically speaking, the Alberta government has interfered in the market in ways that will make it more difficult for customers to obtain insurance. Already, one insurer has departed from the
Alberta market, forcing 16,000 drivers to look for alternative suppliers. We’re still pushing for changes that provide customers more options. However, the government’s response highlights the necessity of educating decision-makers, consumers, and governments about the sector.
The benefits that the industry provides to Canadians nationwide must be made more widely known. Decision-makers need to be reminded that our sector assists people, frequently on their darkest day.
Although it is difficult for us to alter people’s perceptions of our industry, we can influence their thoughts of us through education.
The frequency and severity of these weather events are increasing, making them more dangerous. Over 5,000 forest fires broke out in our nation in 2023. Millions of
hectares were lost, making it a record summer in the worst possible ways. Natural disaster-related insured losses over the past ten years have averaged $2.2 billion annually, significantly more than the $632 million average over the preceding ten years (2001–2010).
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Furthermore, the insured losses from natural disasters have exceeded $3 billion over the past two years, including this one.
IBC is committed to pressing the government to operationalize the national flood insurance program, and we are happy that the federal government committed to it in its spring budget. There is no time to waste.
I think the impact of the technological advancements we are witnessing—from AI to connected, driverless cars—will lead to some really interesting discussions about what these developments mean for our sector.
AI, in especially raises some interesting questions, such as what this means for insurers. Regarding privacy, what say you? How can it improve our productivity and effectiveness? Companies will often provide their own answers to these queries.
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