With a potential recession on the horizon, consumers will likely purchase fewer big-ticket items such as cars and homes. Of course, this also means a decrease in demand for the Canadian P&C insurance industry. “Cars can be seen as a…
Fear of a looming recession doesn’t appear to be affecting consumers’ purchasing behaviours yet, Definity Financial Corporation president and CEO Rowan Saunders said during a virtual fireside chat with RBC Capital Markets. “Insurance is quite close to being a recession-proof…
TORONTO – Restaurants and bars across Canada are hoping this holiday season could finally spell recovery for the debt-laden sector. But, elevated inflation and a potential recession have them worried that their new normal won’t pay the bills. James Rilett,…
OTTAWA – Most consumers and businesses think Canada will enter a recession, according to new surveys from the Bank of Canada, but businesses expect upward pressure on prices and wages to ease while consumers are still pessimistic about inflation in…
If a long-predicted recession comes to pass, brokers will need to stay close to their clients’ changing needs. But in some ways, commercial insurance brokers have gained an advantage from the discipline developed while navigating their clients through COVID-19. Those…
With predictions that Canada might be headed for a ‘moderate’ but short-lived recession, Canadian P&C insurance professionals will understandably be concerned about their own job prospects. Living in fear of a layoff can be crippling. Proactively confronting this layoff anxiety…
Global recession can not only change the way insurance does business, but it also may change the way your clients do business – which may lead to the next big recession-proof opportunities for insurance sales growth. Economies in recession don’t…
TORONTO – Canada is headed towards a recession in 2023, but it will be short-lived and not as severe as prior downturns, according to a new report from RBC. RBC economists said Thursday that soaring food and energy prices, rising…
Insurers are going to need to show maximal flexibility when it comes to selling insurance policies, since a record amount of people are out of work due to the COVID-19 pandemic and won’t have a lot of extra cash to…
The recession will be long and painful so brokers and insurers need to settle in and do what they do best, property and casualty experts said. And don’t be surprised if some mergers and acquisitions activity push forward as tough…
TORONTO – The C.D. Howe Institute’s Business Cycle Council says Canada has entered a recession due to the economic devastation caused by the COVID-19 pandemic. In a report released Friday, the council said the economy peaked in February before the…
Canada’s fragile economy is what’s keeping everyone in the P&C insurance industry awake at night. The unknown future of an economy that is almost certainly headed for a global recession figured in the Top 3 answers of what P&C insurance…