Canada Insurance Market Report 2016
With 2016 under way, the global insurance marketplace appears to be heading in the general direction of soft pricing, reflecting insurer capacity, competition, and relatively low catastrophe losses, according to the “Canada Insurance Market Report 2016.”
However, industry developments, including recent earnings announcements, executive leadership changes, and re-underwriting at several companies bear watching. Macro dynamics such as global economic, political, regulatory, technological, and environmental developments will also continue to affect the industry throughout the year.
Among the report’s findings:
- The Canadian general liability and property markets are expected to remain competitive and stable throughout 2016.
- Demand for cyber risk insurance will likely continue to rise due to numerous factors, including increased adoption of cloud-based services, an acceleration in the amount of sensitive data collected by companies, and a dynamic threat landscape.
- Companies may find it increasingly difficult to obtain coverage for more challenging environmental risks as the number and size of environmental claims continue to grow.
- Growing interest in the small and medium size (SME) market among insurers is driving greater competition and will likely continue to keep rates stable in 2016.
About the Canada Insurance Market Report
Through data and analysis, the “Canada Insurance Market Report 2016” provides a snapshot of current insurance market conditions and risk trends across major lines of coverage and industry/specialty sectors. The report reflects the experience of Marsh insurance professionals who work daily with the global insurance marketplace and provide clients with risk management advice.