Jamie Lyons, president, CEO, Westland Insurance
As we look ahead to 2024, it’s important to acknowledge we are coming out of a year that has been difficult for a lot of people. World events, materially higher living costs, an unsettled economy, escalating weather/climate change concerns and mounting uncertainty about the future are all factors. We are in a challenging and emotionally charged time. Unfortunately, many of the same themes are going to shape the next 12 months.
The economy is headed for trouble in 2024. Many of our clients — individuals and businesses — will grapple with potentially significant financial pressures and economic headwinds, as more mortgages renew at substantially higher rates, personal and corporate spending slows, and we see continued labour shortages. These forces alone will make conversations about purchasing insurance more difficult, not to mention managing client sentiment.
Add ongoing market firmness into the mix, in addition to the fact we still haven’t seen the inflection point between premium growth rates and claims costs in many classes, and there is real potential to undo some of the great work that has happened in recent years to close protection gaps.
As an industry, we need to focus even more diligently on advice and education in 2024. We need to do our part to make sure clients and communities take steps forward in resiliency, especially as the world gets riskier faster. How we communicate that message next year will require more skill, more sensitivity, and more collaboration between brokers and insurers — perhaps even exceeding the strides we’ve taken since the start of the pandemic.
