Mark Williams, President at WMB Wilson M. Beck Global Risks Inc., our trusted broking partner in the region, has spotlighted the top six game-changing trends for 2025 that are set to transform the Canadian risk landscape.
For those multinationals in CESEE aiming to crack the Canadian market it is crucial to stay abreast of the key trends in the region and to adapt risk strategies accordingly. Mark Williams, President at WMB Wilson M. Beck Global Risks Inc., our trusted broking partner in the region, has spotlighted the top six game-changing trends for 2025 that are set to transform the Canadian risk landscape and pose significant implications for CESEE companies looking to make their mark.
1. Political Uncertainty Looms Large
Canada is currently hanging in limbo in one of the most profound periods of uncertainty the country has experienced in decades. Intrinsically linked with the USA as a trading partner, Canadian businesses and citizens are holding their breaths to see what impact the recent political administration changes in the US will have on the country. Recently imposed trading tariffs are increasing costs and putting strain on businesses and their supply chains, and industries across the board are on tender hooks to see what further impact these trading tariffs will have, whether those tariffs will change, or even hold long term.
Further political uncertainty also stems from the forthcoming government elections. It is predicted a new government will take over at the end of April 2025, either led by Mark Carney, the new liberal leader, or the Conservative Party. But what remains unclear, is how this government will negotiate with the USA and what those negotiations will mean for businesses.
Companies from the CESEE region should closely monitor these developments to strategically navigate the Canadian market, proactively engage with local stakeholders, and seek expert guidance to mitigate risks and capitalise on emerging opportunities.
2. Rising Premiums Due to Inflation
The Canadian insurance market has experienced rising premiums in the recent years, particularly in property, auto, and liability insurance. This increase is driven by inflation and higher costs of materials and transportation. However, we are seeing a sudden softening in the market and premiums have become more stable. Nevertheless, the impact of any potential tariffs is unknown at this stage.
As the current client climate is somewhat unstable, any company from the CESEE region looking to move into the Canadian market, should budget for higher insurance costs, which could affect overall investment strategies and profitability.
3. Digital Transformation
The shift towards digital channels and the integration of AI, data analytics, and digital automation are revolutionising the insurance industry. CESEE companies can benefit from more efficient and innovative insurance solutions. However, they must ensure they have the technological infrastructure to leverage these advancements fully.
Having supported multinational companies for over 25 years as a clear business focus “Understanding these key trends and their impacts is crucial for CESEE companies aiming to succeed in the Canadian market. By staying informed and adapting to these changes, companies can confidently navigate the challenges, seize opportunities and drive success, whilst staying within the regulatory guidelines, that vary by province or territory.
Mark Williams
President
WMB Wilson M. Beck Global Risks Inc.
4. Climate Change and Risk Models
Climate change is introducing unpredictability and necessitating sophisticated risk modelling. This is having an impact on the availability and cost of insurance for environmental risks in Canada. Those entering the market must be prepared for potential disruptions and higher premiums related to climate-related events. Investing in risk mitigation strategies will be essential to succeed.
5. Cybersecurity and Cyber Insurance
Due to the increase in cyber threats, Canadian insurers are implementing more stringent underwriting requirements. It is essential to adopt robust cybersecurity measures and invest in comprehensive cyber insurance to safeguard against data breaches and other cyber incidents. Failure to do so may result in significant financial losses.
6. Regulatory Changes and Compliance
Navigating the complex regulatory environment in Canada, particularly around climate-related risks, data privacy, cyber risk management and insurance taxes, will require organisations to stay informed and compliant with evolving standards. This may involve additional costs and administrative efforts, but it is essential for maintaining operational stability and avoiding penalties.
About Wilson M. Beck Global Risks
Wilson M. Beck Global Risks is a Canadian company that excels and specialises in complex risk insurance programme placements for international companies across the globe. They are dedicated to delivering innovative solutions and service excellence to their clients in over 100 countries, working in conjunction with their partners such as GrECo in CSEE.
Natalia Moriss (ex Zaborovska)
Group Head of International
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