A tough year in the Property & Casualty sector isn’t over yet, the Office of the Superintendent of Financial Institutions Canada told brokers gathered this morning for the 2013 National Insurance Conference of Canada in Gatineau, Quebec.
“When I was here last year, I commented on how well the Property and Casualty insurance industry was going,” OSFI’s Julie Dickson told conference attendees in Gatineau, Quebec. “What has happened this year? In terms of more P&C-focused risks, what a difference a year makes. Indeed, for many in the P&C industry, the year has been, as the Queen said in 1992, an Annus Horribilis – and the P&C year is not over yet.”
Dickson went on to suggest that CEOs may be thinking like Her Majesty the Queen, saying that “2013 will not be a year on which they shall look back with ‘undiluted pleasure.’”
Dickson gave a laundry list of the challenges faced by the insurance industry this year, including a “normal” Canadian winter compared to the easy one of 2012, resulting in more collisions; the forthcoming changes to auto insurance in Ontario; and the extreme flooding in Alberta and Toronto, coupled with the tragic train explosion in Lac Megantic. (continued.)