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Discover how Canadian insurers can navigate challenges and seize growth opportunities through innovation and technology in a volatile landscape.
The Canadian insurance industry stands at a crucial juncture, influenced by global trends and similar challenges in markets around the world. Insurers in Canada are contending with volatility and uncertainty, driven by geopolitical tensions, including tariffs, evolving customer expectations and the imperative to invest in future-ready technologies. These challenges are intensified by the unprecedented impacts of natural disasters, including wildfires, hailstorms and floods.
Insights from the EY Global Insurance Outlook reveal how insurers can foster growth amid these challenges. We remain optimistic about the industry's future and believe Canadian insurers are well positioned to seize emerging opportunities.
This year, key themes include:
- Navigating a complex landscape: addressing societal and structural challenges in a volatile environment.
- Pursuing multiple paths to growth: embracing purposeful product innovation, tech-led distribution, ecosystem partnerships and strategic cross-selling.
- Retooling for success: deploying AI and modernized technology, and empowering the workforce to foster a culture of innovation.
Investing wisely in innovation and technology will be crucial for insurers to achieve sustained, profitable growth. Insurers are increasingly employing advanced data analytics and AI to support long-term business strategies focused on operational efficiency and growth, and enhancing customer and broker experience. By cultivating a culture of innovation, prioritizing customer-centric solutions and investing in technology, Canadian insurers can not only navigate the storms of change but also thrive in an increasingly competitive landscape.
As with previous editions, our 2025 report aims to provide valuable insights for senior leaders, helping them chart a course through turbulent markets.
We hope you find the insights and recommendations timely and beneficial. We also welcome the opportunity to discuss your organization’s perspectives on these critical issues, opportunities and imperatives.