2024 Executive Outlook | Ben Isotta-Riches, Aviva Canada

Ben Isotta-Riches, chief distribution officer, Aviva Canada

I am cautiously optimistic about 2024. Across the country, the cost-of-living crisis, inflation and climate change continue to affect Canadians and businesses. In Ontario and Quebec, vehicle theft is adding to loss ratios in personal lines, and claims frequency and severity is increasing because driving patterns are returning to pre-pandemic levels.

Shifting regulatory environments mean insurers have to balance making insurance affordable for Canadians while getting the industry back to a financially healthy spot.

Challenges notwithstanding, adopting a customer-centric approach and stronger collaboration between insurers and brokers can influence and shape how 2024 eventually turns out. We’ll have to start doing things differently, move the dial on technology, and find new ways of working more effectively in the interests of Canadians.

There will be new ways insurers and brokers can collaborate to help educate customers about their exposure to severe weather events, so Canadians have the appropriate coverage to adapt and be resilient. Climate change affects the cost, availability and scope of insurance coverage, and playing environmental catch up is a hard game with no winners, so working with our brokers in this space is more important than ever.

We all need to make auto insurance sustainable and more affordable, especially in provinces where regulatory environments remain challenging and in the face of significant impacts of climate change. Brokers have a huge role to play in the future of this industry supporting consumers by helping them better understand how insurance products are priced, what drives up premiums, and what Canadians can and should do about it so that coverage remains affordable.

There are opportunities for everyone to be successful in 2024 if our industry, governments and customers work together.