34th Annual Canadian Insurance Outlook Breakfast
Many of the industry's top executives gathered at One King West in Toronto on April 2 for Swiss Re's 34th annual Canadian Insurance Outlook Breakfast. Monica Ningen, President and CEO, Canada & English Caribbean, Swiss Re, welcomed guests and introduced the morning's speakers: Jason Richards, Swiss Re's Head of Casualty Reinsurance, and Don Forgeron, President and CEO of the Insurance Bureau of Canada (IBC).
Monica opened proceedings and discussed how the current landscape is forcing the industry to consider new approaches and new ways to be prepared. She highlighted the importance of not only identifying the challenges, but also unravelling the opportunities they present. She went on to identify technology and climate change as two forces greatly impacting the market.
"New technologies and data have transformed, and continue to transform, how we engage with customers and conduct business," she said to an audience of nearly 120. "The digital world is unlocking new opportunities and we need to make sure we're properly harnessing new advances that enrich customer connections, improve risk analysis, and more. Like technology, our climate is also changing and as a result natural catastrophes are increasing in frequency and severity."
Monica concluded by underscoring the need to navigate through the disruption and remain a few steps ahead to meet client needs and ultimately close the protection gap.
Jason Richards, Swiss Re's Head of Casualty Reinsurance, shared his global perspective on all things Casualty and took attendees on a journey that examined the past, present and future. He outlined the reasons to be positive about Casualty, including a growing economy, accelerated exposure growth and technology.
Jason spoke about the major Casualty trends impacting Canada, noting "The use of machine learning and automation is impacting the future of underwriting and claims processes. In addition, the integrations of IoT into home and vehicles allows for further access to data analytics. There is also a growing motivation to digitalize the whole insurance process…and when it comes to new product innovation, cyber insurance coverage is one of the fastest growing insurance markets in Canada."
Don Forgeron of the IBC followed with a presentation on the current state of the industry, as well as climate change. He championed the need for a long-term climate change solution, but also noted how action needs to be taken now to adapt to emerging climate-related risks. Don then outlined four immediate steps governments can take to help with climate adaption, while also calling on the insurance industry to continue to do its part.
"Our mandate as insurers is clear - we exist to serve Canadians. To provide them with protection against the risks of our world. Collectively, we need to come to grips with the new reality of our world – and take action to adapt to it," Forgeron said.
Both presentations can be accessed by clicking on the "Presentations" tab.