Gallagher Canada 2023 Mid-Year Market Conditions Report
Exploring trends in the insurance marketplace
Rolling Meadows, IL (Aug. 28, 2023) – Gallagher Re is pleased to announce the release of its Canada 2023 Mid-Year Market Conditions Report.
Two distinct markets are emerging as we progress through 2023. On the Property insurance side, we’re seeing some rate reductions, but there are still challenges on many accounts. Within the Casualty insurance and Liability classes, we’re seeing less challenging conditions.
This report includes thought leadership from the Market Relations team of Gallagher Global Brokerage Canada and focuses on general trends in the Commercial Property insurance, Casualty insurance, Umbrella insurance, Management Liability insurance and Cyber insurance marketplaces for Q3 2022.
You should be working with an insurance broker who understands the highly nuanced nature of the insurance market and specializes in your particular industry or line of coverage.
Access the full report here.
2023 Mid-Year Market Conditions Report: Foreword
The hard insurance market remains a key factor driving capacity constraints within property insurance. Those dislocations were even more pronounced at the market’s April 1 renewals.
As anticipated, clients with earthquake and/or less desirable risk profiles (coastal, tougher occupancies, outstanding recommendations, etc.) have experienced more difficult renewals. The impact of inflation on valuations continues to compound many of these pressures, and severe weather events during the first half of the year – following record claims from Hurricane Ian and Fioni in 2022 – are adding further operations friction and lost cost pressures.
Catastrophes are impacting the marketplace more than anticipated. In addition to traditional CAT perils, losses from severe convective storms, wildfires and flooding are impacting market conditions in 2023 so far.
At this stage, it seems likely the challenging headwinds within the property business will continue through the rest of the year and most likely into 2024.
Access the full report here.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 68 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants. For more information, visit www.ajg.com.
SOURCE: Arthur J. Gallagher & Co.