2024 Executive Outlook | Louis Gagnon, Intact Financial Corporation

Louis Gagnon, CEO, Canada, Intact Financial Corporation

Canada’s property and casualty insurance industry must think in terms of decades, not quarters. We are here to support brokers and customers through all market cycles. The long-term horizon has never been more important, since the increased cost of living currently makes life more challenging for many customers.

To grow in 2024, we must meet the challenges posed by climate change, cyber risk, and the need to recruit, develop and retain top talent.

Climate change is an existential threat. Extreme weather events have increased by a factor of four in the last 30 years — many of us have experienced this first-hand in the communities in which we live and work. In 2024, we need to speed up our efforts to shape customer behaviours and the market to mitigate and adapt to the perils emerging from climate change.

We also need to continue collaborating with governments and industry associations, using our collective expertise to influence policies that help promote solutions and accelerate climate action. One example is the industry’s collaboration with the Government of Canada’s Task Force on Flood Insurance and Relocation.

Cyber is another trend our industry must address. As cyberattacks increase in number and sophistication, brokers and insurers must evaluate vulnerabilities and be prepared to deal with breaches. Improving cyber posture in the industry is a key priority for us for 2024.

We can turn climate change and cyber risk into growth and business opportunities by leveraging our strengths and investing in the industry’s talent. Recruitment, development and retention of our people must be an ongoing priority for insurers, both in-house and in the broker channel. Expect to see our continuing emphasis on supporting broker success with professional-development programs.

Overall, I am optimistic about 2024. Its challenges present opportunities for the broker channel. In a volatile environment, the customer-broker relationship is critical — the customer needs the advocacy of a broker. And the broker needs an insurer that’s enthusiastically committed to shared, profitable growth.