Property and Casualty Insurance Re-imagined: 2025

Canada’s P&C insurance sector has progressed for decades using business models and practices that have changed very little and reflect a world that no longer exists. Today, P&C insurers find themselves facing a perfect storm of change. Evolving consumer behavior intensifying competition and disruptive technologies are creating new business pressures. At the same time, climate change is playing havoc with insurers’ ability to predict losses from catastrophic events, and regulatory scrutiny and requirements are on the rise. Taken together, these factors are forcing P&C insurers to rethink how they secure competitive advantage and sustainable, long-term value in the years to come. In 10 years, we’ll see a radically different landscape in Canadian P&C Insurance.

Spotlight

Insurance Office of America

Insurance Office of America (IOA) is a full-service insurance agency founded in 1988 and one of the fastest-growing independent agencies in the United States. IOA is ranked 13th on Insurance Journal’s 2018 Top 100 Independent Property/Casualty Agencies report and 23rd on Business Insurance’s 2018 100 Largest Brokers of U.S. Business list. IOA was named National Underwriter Agency of the Year 2018. Headquartered in Longwood, Florida, part of the greater Orlando community, IOA has more than 1,000 associates located in over 50 offices in the U.S. and London. Whether you operate in one state, one country or around the world, our family of companies can serve you and your organization. We invite you to reach out and meet one of our client advocates.

OTHER WHITEPAPERS
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Motor insurance: Acquiring and retaining the right customers in a post COVID-19 world

whitePaper | April 6, 2022

The impact of the COVID-19 outbreak has been devastating for the global economy, and with many countries in extended lockdown, there has been a seismic shift in customer behaviour and business operations.

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Motor insurance fraud roundtable: Data and diligence, how can insurers combat any increase in criminal activity?

whitePaper | May 23, 2022

Insurance Post, in association with LexisNexis Risk Solutions, gathered experts together to discuss how issues such as ghost broking, the current limitations of benchmarking and fraud detection are pertinent to rooting out motor insurance fraud. This content provides a summary of the discussion.

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Reimagining insurance benefits for a changing workforce

whitePaper | June 7, 2022

Can traditional L&A carriers—the old faithful faces of the insurance industry— really take on new market entrants and nimble InsurTechs to re-shape the face of group and worksite benefits? With the right tools and mindset, the answer is yes. Hailed as “the Great Resignation,” the workplace attrition crisis during the COVID-19 pandemic saw millions of workers across the globe re-imagine their working lives and leave their employers in search of something new. It would be natural to think of this trend as a negative, triggering a universal business-critical challenge. But dig deeper, and a significant opportunity emerges for employers to reassess the way they attract, retain and value their workforce—and for providers to reimagine the products, such as life and group insurance, that enable this. With no obvious end in sight for a trend hallmarked by frequent job changes and the enduring nature of the gig economy, group carriers would do well to think about how they will now adapt to the evolving employee benefits market. – for both active employees and those that are leaving or have left traditional employment.

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2020 Global Insurance Outlook

whitePaper | January 10, 2020

The annual EY Insurance Outlooks represent a perspective on key issues shaping the industry in the near term (three years). They complement the NextWave series, which takes a longer-term perspective (five years and beyond) and examines specific market scenarios that will shape the future of the industry.

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The Insurance Impacts of 2019 Novel Coronavirus

whitePaper | February 2, 2020

The outbreak of 2019 Novel Coronavirus (2019- nCoV), in Wuhan City, Hubei Province of China, has prompted questions of how insurance policies might respond to claims stemming from business losses attributed to this infection prompting this White Paper. The primary virus infection, which can result in pneumonia and even death, originated from a Wuhan city seafood market. Subsequently, person-to-person transmission has occurred, primarily to health workers who had contact with those initially infected. The concern is that this may lead to widespread infections, worldwide.

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How the Insurance Industry Can Improve the Reporting Process

whitePaper | December 28, 2019

At a time when every industry is being affected by digital disruption, insurance is facing a sea of change. From new competitors to complex regulatory requirements and the rapid proliferation of data, a myriad of factors is putting pressure on insurers to evolve. Amid this evolution, one part of the business is critical: regulatory compliance and financial reporting.

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Spotlight

Insurance Office of America

Insurance Office of America (IOA) is a full-service insurance agency founded in 1988 and one of the fastest-growing independent agencies in the United States. IOA is ranked 13th on Insurance Journal’s 2018 Top 100 Independent Property/Casualty Agencies report and 23rd on Business Insurance’s 2018 100 Largest Brokers of U.S. Business list. IOA was named National Underwriter Agency of the Year 2018. Headquartered in Longwood, Florida, part of the greater Orlando community, IOA has more than 1,000 associates located in over 50 offices in the U.S. and London. Whether you operate in one state, one country or around the world, our family of companies can serve you and your organization. We invite you to reach out and meet one of our client advocates.

Events