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Canadian insurance tech: The challenge of keeping pace

The insurance market in Canada is expanding and changing to provide new products that meet customers' needs.

By Gil Quesnelle | Updated on December 04, 2017
The insurance market is becoming more complex, with edges blurring among insurance carriers that were once specialized in P&C, or health or life. (Photo: iStock)

The insurance market in Canada is expanding and changing. With the economic and climate-related rollercoaster we’ve been experiencing, insurers are, first, being expected to introduce new products to meet their customers’ needs.

According to the Insurance Bureau of Canada (facts), as of  2016, approximately 203 private property and casualty insurers in Canada were writing about $ 53.4 billion in direct written premium business. While that number moved up slightly from the previous year, the market is also becoming more complex, with edges blurring among insurance carriers that were once specialized in P&C, or health or life.

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