As NatCats slow to a dull roar, brokers turn their attention to other concerns

Canadian property and casualty (P&C) insurance brokers are much less concerned about natural catastrophe (NatCat) losses now than they were a year ago, when claims losses in 2024 set a national record of $9.1 billion, Canadian Underwriter’s 2026 National Broker Survey suggests.

Last year, Canada’s P&C insurers paid out $2.4 billion in NatCat claims, which is much more in line with the country’s typical average. And with that, brokers’ concern about the issue slipped from its being the third-most pressing challenge in 2025 to the seventh-most concerning issue in 2026.

Last year, 51% of brokers responding to the 2025 National Broker Survey rated NatCats among the top challenges facing the broker channel. This year, the percentage dropped to 44% of the 168 Canadian P&C brokers who were polled in the survey.

And the gender gap between male and female brokers is pronounced. While 51% of female brokers in the survey list NatCats as the among the most important challenges facing the broker channel, only 39% of men say the same.

For the second year in a row, brokers say talent retention and acquisition is the Number 1 challenge currently facing the broker channel.

And again, there’s a large gender disparity. Sixty-nine percent of men answering the survey list talent acquisition as a major concern facing the broker channel, while only 44% of women feel the same way.

Related: How Iran war may change client conversations

Brokerage size did not seem to change the figures, suggesting the talent crunch is hitting small, mid-sized and large brokerages equally.

Like last year, the economy ranked second on the list of the most pressing issues facing Canadian P&C brokers.

This past year has seen major economic turbulence, starting with the Trump Administration imposing a 10% general tariff on many Canadian goods, alongside sector-specific tariffs of 50% on steel and aluminum products, 50% on certain copper, and 10% on lumber. (Some extra tariffs do not apply to goods complaint with the Canadian-US.-Mexico trade agreement, or CUSMA.)

Most recently, the Trump Administration joined Israel in air strikes on Iran, a conflict that’s escalated and bottlenecked the Strait of Hormuz, through which about 20% of the world’s oil is shipped. Plus, Iran’s retaliatory air strikes against oil facilities in neighbouring Middle Eastern countries, has driven up the price of oil.

Brent crude, the international standard for oil prices, was trading around US$105 to US$109 per barrel as of Mar. 20. It was trading at approximately US$70 to US$73 per barrel before the war with Iran began on Feb. 28, 2026, BNN Bloomberg reports.

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Rising oil prices can increase inflation, and may result in higher claims repair and home reconstruction costs, industry observers have told CU.

Again, a gender gap is reflected in the number of male and female brokers who are concerned about the economy’s impact on the Canadian P&C broker channel. The economy affects the way in which brokers advise their clients about how geopolitical events may affect their insurance costs and coverage.

Sixty-three percent of women answering the 2026 National Brokerage Survey list the economy among the most serious challenges facing the broker channel this year. Only 48% of male brokers say the same.  

David Gambrill

David has twice served as Canadian Underwriter’s senior editor, both from 2005 to 2012, and again from 2017 to the present.