The Canadian insurance market is in a state of transition. After some challenging years, notably 2017 and 2018, with high frequency and severity adverse weather losses, insurers are starting to tighten their belts and reassess how much capacity they want to commit to the marketplace. In such a volatile business environment, this is “an exciting time” for Linda Regner Dykeman (pictured) to take over as chief agent of Canada at Allianz Global Corporate & Specialty (AGCS).
“The market has changed very rapidly over the last 12 months or so in Canada,” said Dykeman. “Insurers have had a few challenging years, mainly due to weather events and natural catastrophes causing some severe losses. I would add that there have been a few underlying issues, like water damage (where loss frequency has become a real problem) and fire (where we’ve seen some really severe losses). Profitability in certain market segments has been challenging for the entire industry, and as a result, some markets have started to react by retracting capacity.”
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