2025 Executive Outlook | Joe D’Annunzio, BrokerLink

As we move into 2025, the Canadian property and casualty insurance market faces significant challenges. However, there are also opportunities for growth and innovation, and I look forward to what this year will bring.

In personal lines, I expect premiums to continue to increase, driven by losses from Cats and carrier results. We will see high-single-digit to low-double-digit increases; affordability will be a key concern for our customers in a tough economic environment.

In Alberta and Ontario, changing government policies will impact our industry. In Alberta, the government rate cap could lead to capacity issues. In Ontario, auto insurance reform will give customers more choice. However, this reform will require significant broker training, which could cause some turbulence and instability.

The industry’s commercial business faces real challenges, but tremendous opportunity. I anticipate the rise in catastrophic events will continue to influence higher pricing, while certain profitable classes may experience some competitive pricing.

I expect these trends to continue for all of 2025, and the challenging trends we’re seeing will not shift quickly.