August 11, 2022 - An Update on the Pressures Facing the Canadian Commercial Insurance Market

In this challenging market cycle, it is critical that the insurance company you are working with accurately and completely understands your organization or business, your exact exposures to risk and how you manage these exposures via various loss control procedures.

Inflation, supply chain disruptions, and geopolitical instability are coming together and have adversely impacted market conditions for commercial insurance in the first quarter of 2022. However, premiums appear to be stabilizing, and new capacity is returning to the Canadian market.

Opinions vary on when the ongoing commercial hard market may end, but there are signs that rates across certain commercial lines are beginning to plateau and in some cases stabilize.

Optimism is returning across Canada as many businesses, impacted by government-mandated lockdowns, begin to reopen and provinces continue to accelerate efforts to get their populations fully vaccinated against COVID-19.

The National Commercial Insurance Task Force was created to address consumer concerns about the availability and affordability of commercial insurance.

Series of recommendations proposed for whole-of-society approach to improve overall risk profile of strata market.

Learn more about the pressures facing the Canadian commercial insurance market in 2020.

Celyeste Power, vice president of the Insurance Bureau Canada, joins BNN Bloomberg to discuss the latest measures available to Ontario’s small businesses in the hospitality sector as restaurants continue to grapple with the pandemic shutdowns.