Aon’s Fall 2024 Update Toronto, ON (Oct.7, 2024) – Aon plc, a leading global professional services firm, has released its Fall 2024 Canadian Insurance Market Update.While a competitive atmosphere continues as insurers strive for market share, the significant catastrophe activity Canada has faced in 2024, along with other factors discussed in the report, may lead to a quicker-than-anticipated shift back to a more conservative stance characterized by stricter underwriting practices and a focused risk selection process.

“The complexity and rapidly evolving nature of the Canadian Property and Casualty (P&C) 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,” said Russell Quilley, Head of Commercial Risk and Chief Broking Officer for Canada at Aon.“As of September, 2024 is already the costliest year on record for insured catastrophe losses in Canada with estimated total losses in excess of $7.6 billion.” Other key findings include: Read the full report here.

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Tags: Aon, Catastrophe, market dynamics, Natural Catastrophes