Victor’s commercial broker portal for small to mid-size accounts allows you to quote, bind and issue one-year or three-year policies* within minutes, 24 hours a day. It’s fast and easy to use V2. Choose multiple quote options to present to clients, get certificates of insurance—and even add CGL** without any further questions. Products currently available on V2:
• Architects & Engineers Small Firms liability insurance
• Construction Small Projects insurance
• Directors & Officers Management
organizations
• Technology Small Firms
LEAKS TO LINKS Brokers should help clients manage both physical and digital threats on job sites, say Victor Canada leaders
Got a story or suggestion, or just want to find out some more information? twitter.com/InsuranceBizCA facebook.com/InsuranceBusinessCanada
02
Brokers rated MGAs nationwide against 10 criteria and 20 types of insurance. The winners excel in responsiveness, technical expertise, and ability to place niche risks
04 Speed, sense, and service SUM Insurance's enhanced Course of Construction coverage goes beyond standard builder's risk policies
47 Intentional career planning Universities must address looming insurance talent crisis with formal pathways after graduation
Climate risk is Canada’s defining broker frontier
The Canadian insurance market is at an inflection point. From British Columbia’s devastating Jasper wildfire in 2024 to the record-breaking blazes of 2025, climate-driven catastrophes are no longer rare shocks – they are annual realities. For brokers, this is not just another cycle. It is the defining challenge of the decade.
The numbers tell the story. By early August 2025, more than 7.25 million hectares had burned nationwide, making this year the second-worst wildfire season on record. Unlike in the past, the devastation has stretched across the map – hitting the prairie provinces and Atlantic Canada as hard as the West.
And before that was Jasper. The scars of last year’s fire remain vivid, with insured losses now estimated at $1.31 billion – the second-costliest fire in Canadian history. Recovery is underway, but the lessons are sobering: climate risk is intensifying, rebuilding is costly, and whole communities are left more vulnerable than before.
Wildfires,
floods, and storms are reshaping the Canadian insurance landscape – and brokers are on the front line
This is where brokers prove their worth.
When markets retreat, clients need more than a policy – they need a guide. Brokers are uniquely positioned to explain shifting conditions, help clients understand evolving exposures, and connect them with solutions that go beyond price. From mitigation strategies to alternative market options, it is brokers who can turn a climate crisis into a plan of action.
This isn’t just about replacing what’s lost. It’s about building resilience. Events like these underline how quickly risk can escalate and how vital it is to prepare ahead of time. Brokers who can engage clients in forward-looking conversations – about business continuity, about fire and flood defences, about adapting to a warming climate – are not just selling insurance; they are delivering peace of mind.
The reality is that climate risk will only intensify in the years ahead. For brokers, the opportunity is clear: to be more than intermediaries – to stand as trusted advisors who help communities, businesses, and families adapt to a changing world.
Wildfires, floods, and storms are reshaping the Canadian insurance landscape – and brokers are on the front line. The future is uncertain, but the path is clear. Lean in, lead with insight, and help your clients turn risk into resilience.
Speed, sense, and service: building better COC coverage
‘We are confident we enjoy the broadest underwriting authority in the marketplace’
IN A rapidly expanding construction insurance market driven by speed, complexity, and evolving risk, SUM Insurance has distinguished itself with a model that blends deep underwriting expertise with practical, people-first service. The company’s enhanced Course of Construction (COC) offering goes beyond standard builder’s risk policies – providing not only coverage but clarity, consultation, and timely decision-making.
“Part of our solution is capacity,” explains Bob Bousfield, VP and practice leader at SUM Insurance. “[Because] to participate in larger risks we need around $50 million in line capacity.”
But capacity is only part of the story –SUM’s strength lies in the human intelligence behind its underwriting teams.
“The difference-maker with SUM versus other markets is you’re actually talking to people who have been in this business for quite a while,” Bousfield continues. “Some of the other markets use computer-generated
results, which are limited by the expertise, or lack thereof, of the algorithm. [As such], the product offering and the pricing may not be reflective of the risk or what the client actually needs.
“One of the things that’s different with SUM is we answer the phone. That’s where our strongest suit comes to the forefront – we can apply some common sense to difficult or unusual circumstances as we work with the broker to offer a solution.”
Jeff Somerville, managing director at SUM Insurance, adds: “We are confident we enjoy the broadest underwriting authority in the marketplace, soon with expanded line capacity, that enables our real-time decision-making.”
Bousfield adds: “And we are aware and involved in the evolution of the construction industry – whether it is MASS timber projects, modular pre-fab construction (which is one of the fastest-growing sectors), or 3D-printing concrete housing. These new
techniques and innovations require outsidethe-box solutions.”
Speed is another defining factor. After all, insurance needs to move as fast as the builds themselves – and SUM delivers on this imperative too.
“Timeliness is very key,” says Dan Lopes, VP of SUM Insurance’s primary GL team, offering wrap-up liability. “Some large projects... the bid is in and it needs to be solidified really quickly. Sometimes it sits for a month or two, and then all of a sudden it comes back to life, and you’ve got to be able to get right back in there. We make ourselves available and respond in real time.”
SUM Insurance’s core differentiator in this crowded market lies in its team’s depth
Brought to you by
“One of the things that’s different with SUM is we answer the phone. That’s where our strongest suit comes to the forefront – we can apply some common sense to difficult or unusual circumstances”
Bob Bousfield, SUM Insurance
of experience and market knowledge –something that’s only increased with the recent hire of Mark Del Ben. As the former VP construction at Hub International HKMB, Del Ben has a background anchored in the construction and environmental space
with a focus on retail broking – meaning he’s attuned to both broker and client needs.
“When you’ve spent 20 to 30 years in this space, there’s very few things you haven’t seen,” he tells IB. “A big part of how I envision SUM’s future here [revolves around]
educating and talking to people in order to become entrenched in the market as a source of information and knowledge. The biggest challenge, however, I foresee in the next few months is capacity. But once we resolve that, and I firmly believe we will resolve it, we’re going to become a bigger player in this midmarket space.”
SUM’s investment in its team is something that runs through the core of their overall strategy here, especially when it comes to senior leadership and underwriting innovations.
“Our investment revolves around people,” says Somerville. “[It’s about] bringing in people like Del Ben to join an already seasoned team. We have deeply experienced teammates in Montreal as well who joined a few years back and have made a big impact
SECURITY AND PROTECTION
“Our investment revolves around people. [It’s about] bringing in people like Del Ben to join an already seasoned team”
Jeff Somerville, SUM Insurance
in the wrap-up market. [We’re all about] investing in people to serve our customers – that investment enables us to build these pools, these subscriptions, with a unique, proprietary underwriting authority that is and will continue to be a differentiator.”
This dedication to excellence transcends the team dynamics too – at SUM their construction insurance team has been described as “best in class.” For Bousfield, he explains that their expertise and market immersion has translated to tangibly better outcomes for both brokers and clients alike.
“A better outcome is basically no claim, that the project finishes on time and that the client is satisfied with the loss-control advice that we give them. On larger projects, we send out an engineer to have a look at the site, and if there are any problems they make some adjustments to correct that midway through the project.”
This hands-on, early intervention can prevent costly claims before they arise. But as Del Ben points out, the intricacies of builder’s risk coverage make the broker’s role more critical than ever.
“Builder’s risk, in itself, is incredibly complicated. There’s this constant push and
pull between an owner and a contractor. If the owner is buying the insurance, they want the best they can buy. If the contractor is buying, they want to buy what they’re contractually obligated to buy as cost efficient as possible. One of the hardest things for a client to put together is their potential delayed-opening or businessinterruption exposure. They need the help of their broker to do the homework to get there.”
For Del Ben, better broker-client discussions mean fewer coverage gaps and smoother claims processes: “When a claim goes well, it really is a nice situation.”
And, at SUM, this collaborative, informed approach is core to their brand –as is, as Somerville adds, their human-first, customer-centric strategy.
“We think that our old-school,” personto-person communication focus still adds real value and can bring real relevancy to the broker’s job. We just continue to believe there’s still a role for our approach as we can turn things over in real time, the only time that matters to our customers.”
From leaks to links: why construction risk now includes cyber threats
Victor Canada leaders explain why brokers
should help clients manage both physical and digital threats on modern job sites
WHEN A cyberattack hits a construction firm, the damage rarely stops at the server. Internal systems are compromised, and, if not contained swiftly, breaches can escalate to data loss, privacy incidents, and operational disruptions. The ripple effects can halt projects, damage client trust, and expose firms to legal and financial fallout.
“Cyber claims have multiple layers,” says Kevin Auger, managing director of the Cyber and Errors & Omissions department at Victor Canada. “They start with the insured’s systems, but if not addressed quickly, the breach can affect private data and lead to third-party harm. The faster the response, the lower the risk of a costly liability claim.”
Why should brokers care?
These risks are no longer just IT issues − they’re integral to construction project management. The good news? Brokers can recommend simple, effective steps − from employee training to tailored insurance solutions − to help their clients stay protected.
This ripple effect is becoming more common as construction firms digitize their operations. Connected job sites, electronic payment systems, smart leak detectors, and
remote project management tools improve efficiency, but they also introduce new vulnerabilities and exposures.
A familiar face, a vanished payment
In one case handled by Victor Canada’s claims team, a staff member in the accounting department of a construction firm received what appeared to be a routine
“At that point, the money was gone,” says Auger. “And so was the trust on the project site. Work stalled. Legal threats escalated. Relationships between parties fractured.”
This type of fraud − often via phishing emails or spoofed correspondence − is becoming increasingly common. Construction firms, with their large and frequent payments, decentralized
“A lot of people still assume fire is the leading cause of loss on construction sites. But for the past 20 years, it has consistently been water”
Brian Cane, Victor Canada
email from a trusted supplier. The message claimed the contractor had changed banks and needed future payments to be routed to a new account.
No red flags were raised. The update was made, and the next progress payment − a healthy six figures − was transferred.
Weeks later, the real contractor followed up to ask why they hadn’t been paid.
communications, and tight timelines, are prime targets.
“As the construction industry evolves, so do its risks,” says Victor Canada president Dave Cook. “We’re committed to helping brokers and clients stay ahead by combining cyber security strategies with tailored insurance solutions. Together, through awareness and proactive measures, we can
protect projects from emerging threats and ensure success,” adds Cook.
Water, not fire, is the top cause of loss
While digital threats grow, traditional construction risks persist. One in particular continues to dominate claims frequency and severity, despite being frequently underestimated.
“A lot of people still assume fire is the leading cause of loss on construction sites,” says Brian Cane, senior vice-president and department leader of Victor Canada’s construction insurance team. “But for the past 20 years, it has consistently been water.”
Victor’s internal data shows that water damage and flooding account for more than half of first-party builders risk claims. These incidents range from leaking fittings to fullblown pipe failures, often occurring near the end of a project.
“It’s a surprising fact,” Cane notes. “But water damage can be just as destructive − and costly − as fire, especially when it happens unexpectedly.”
Cane recalls a high-profile claim involving two separate water losses on the same project, totalling over $5 million in damages. “We’re talking about major costs − elevators, electrical systems, drywall, flooring … everything was soaked,” he says.
In response, many developers are adopting Internet of Things (IoT)-based water mitigation tools, such as smart flow monitors, leak sensors, and remote shut-off valves. These systems are becoming more common on larger builds, particularly where the cost of water damage could be catastrophic.
“Technology helps manage physical risk,” Auger says. “But every device added to the network also increases your digital footprint − exactly what attackers are watching.”
Brought
TOP 5 CYBER THREATS IN CONSTRUCTION PROJECTS
Ransomware attacks – Encrypt project data, causing delays and financial loss until ransom is paid
Phishing and social engineering – Trick employees or partners into revealing sensitive information, granting access, or sending payments to a fraudulent account
Supply chain attacks – Target vendors or suppliers to infiltrate project networks and systems
IoT and smart device vulnerabilities – Exploit connected devices like sensors or drones, risking safety and data
Data breaches and intellectual property theft – Steal proprietary designs, contracts, or employee information, risking reputation and legal issues
Tech that protects can also create new vulnerabilities
Connected devices on job sites help manage physical risk, but they can also introduce new digital vulnerabilities. Most IoT solutions rely on Wi-Fi networks, mobile apps, and remote management systems. Each connection point becomes a potential vulnerability if not properly secured.
“As construction firms become more reliant on digital infrastructure, their cyber risk exposure grows,” Auger explains. “Every new system, device, or data exchange creates potential entry points for cyber criminals who are looking for security gaps. Implementing strong cyber security protocols and regular system updates can make a significant difference in protecting against these threats.”
Firms, especially smaller ones, often lack the cyber security resources of larger
SECURITY AND PROTECTION
“A standalone cyber policy isn’t just for large companies. Businesses of all sizes and from all sectors − including construction firms − are vulnerable and often underprepared”
Kevin Auger, Victor Canada
corporations, making vigilance and insurance coverage even more critical.
Victor’s cyber insurance policy is structured to address these realities. First-party coverage helps investigate breaches, restore systems, recover data, and coordinate crisis communications or media relations, to name a few of the protections included. Third-party coverage responds to liability claims if clients or partners are affected. Crime coverage includes reimbursement for fraud and social engineering payments, including on physical goods. Ransomware payments on behalf of the insured are also covered within the Victor cyber insurance policy.
It’s also important to highlight that business interruption coverage includes reimbursement for income loss resulting from cyber incidents, such as missed bids or project delays − a key consideration for construction clients.
Still, Auger emphasizes that no policy can reverse reputational damage or rebuild trust once it’s been broken.
“That’s why prevention is so critical,” he says. “Employee training, doublechecking cyber security protocols, and using common sense are just as important as having a good policy.”
A call for integrated protection
Victor Canada’s leaders agree that brokers have a key role to play in helping their construction clients prepare for today’s dualthreat environment. Builders risk coverage
remains essential, but it should be paired with cyber protection and a clear discussion of operational protocols.
Victor’s policies are designed with sector-specific realities in mind. Its builders risk insurance program offers broad project-specific property coverage, with options to add soft costs, delayed opening, and equipment breakdown extensions. The policy is designed to cover the full spectrum of physical exposures during the course of construction − whether materials are on-site, in transit, or in temporary storage.
On the cyber side, Victor’s standalone cyber insurance policy is built for both technology and non-technology risks, making it well suited for construction contractors. It’s a full insurance package that includes full-limit first-party coverage, third-party liability, and robust crime protections like social engineering and invoice manipulation.
In addition, with Victor Cyber, companies have 24/7 access to cyber security experts as well as free risk management services − such as phishing-recognition training and dark web monitoring − through the Victor Response mobile app.
“A standalone cyber policy isn’t just for large companies,” says Auger. “Businesses of all sizes and from all sectors − including construction firms − are vulnerable and often underprepared.”
Together, these policies give brokers a
SIMPLE STEPS TO STOP SOCIAL ENGINEERING
Not all cyber policies reflect how construction firms actually operate and pay. Victor’s cyber insurance coverage includes protection for social engineering, invoice fraud, and ransomware.
Train staff to recognize phishing attempts and suspicious requests.
Require two-person sign-off for all payments and fund transfers.
Always verify any banking changes through a trusted method like a phone call.
Flag external emails clearly to avoid impersonation risks.
Encourage a culture where people pause and ask questions − if something feels off, it probably is.
clear path to support clients in a changing risk landscape.
“Ultimately, it’s about resilience,” Cane says. “Whether the issue is a broken pipe or a wire transfer scam, the consequences are the same: costs, delays, and damage to relationships.”
For more information about Victor cyber insurance, visit https://www. victorinsurance.ca/cyber.
For more information about Victor construction insurance, visit https://www. victorinsurance.ca/construction.
For brokers interested in Victor cyber and construction sales tools and resources such as claims examples to share with clients, visit https://www.victorinsurance. ca/cybersalestools and https://www. victorinsurance.ca/constructionsalestools.
Canada’s top MGAs are proving that consistency, responsiveness, and niche expertise define how they deliver value to brokers
STAYING POWER: THE MGA ADVANTAGE
THE TOP MGA s in Canada are winning on performance. In a market where broker reliance has levelled into consistent patterns, Insurance Business Canada’s 2025 Brokers on MGAs survey highlights the organizations that distinguish themselves through responsiveness, technical expertise, and ability to place risks that direct markets will not touch. Their strength lies less in market share and more in how they deliver speed, sound governance, and specialized capacity that brokers value most.
As executive director of the Canadian Association of Managing General Agents (CAMGA), Steve Masnyk, put it, “A valuable MGA to brokers is one that is an
expert in a certain niche product or class, in a particular region of the country, and whose service levels exceed what carriers are offering today. It’s a trusted partnership between the broker and the underwriter.”
IBC’s 2023–25 survey data show a channel defined by consistency. Broker reliance on MGAs has neither expanded nor declined but instead settled into a dependable mid-tier role. MGAs remain the go-to option for specialty placements and flexible capacity, while the bulk of broker business continues to flow through direct markets.
IBC’s survey confirms a pattern of steady use, where brokers lean on MGAs for certain classes, but not as their dominant
distribution channel. Or, as Masnyk says, “There is no such thing as a bad risk; there are only badly priced risks.”
Broker reliance on MGAs stays consistent
Takeaways:
• MGAs hold a stable, mid-tier role in distribution – they are essential but not dominant.
• A total of 40–46 percent of brokers place 11–25 percent of their book through MGAs.
• Low-volume users (<10 percent) rose to 35 percent in 2025, showing that more brokers engage with MGAs lightly.
• Heavy reliance (>50 percent of book) holds at 8–11 percent.
“We’re focused on creating a boundaryless organization that connects customers to expertise as quickly as possible”
Cameron Copeland, SPG Canada
Broker use of MGAs holds firm as a placement channel
Takeaways:
• MGAs remain embedded in broker workflows, valued for specialty risks but not expanding share.
• About half of brokers place 11–50 risks through MGAs every six months.
• Low-frequency users (<10 placements) account for just over one-quarter of brokers, steady since 2023.
• High-frequency users (51+) make up about one-quarter of brokers, showing consistent heavy reliance.
Broker bidding practices remain steady
Takeaways:
• Most brokers balance competition with efficiency by bidding placements to three to five MGAs.
• Half of brokers use panels of three to five MGAs, a norm that has held over three years.
• One in three places business with just one to two MGAs, favouring trusted relationships over broader competition.
• Larger panels of six or more remain limited at 12–14 percent of brokers.
To identify the top MGAs in Canada’s wholesale distribution channel, IBC surveyed brokers nationwide, asking them to rate the performance of their partners across 10 key metrics, from responsiveness and technical expertise to placing niche risks.
Responses were scored, and MGAs earning an average score of 4.0 or higher (on a scale from 1, meaning poor, to 5, meaning excellent) in at least one category received a 5-Star designation. Those scoring 4.0 or higher across all categories achieved All-Star status.
Brokers also ranked their top three MGAs across 20 major insurance lines and highlighted the best MGA products. Gold, silver, and bronze medals went to the top three in
each line, while the three insurance products with the most broker votes earned the Brokers’ Pick medal.
Canada’s MGAs remain entrenched and adaptive
The MGA sector has become a fixture of the market. It now manages billions in premium, giving brokers access to coverage in areas where direct markets fall short. Carriers are leaning in, too, expanding delegated capacity even as commercial rates slide.
Regulators, meanwhile, are tightening their oversight, while brokers continue to use MGAs in steady, mid-tier volumes. What emerges is a channel that is firmly established, strategically important, and adjusting to the combined pull of market forces and regulatory demands.
Scale and footprint
The most recent Financial Services Regulatory Authority of Ontario (FSRA) MGA market review, published in 2024 and based on 2023 data, quantified Ontario’s MGA footprint alone at $2.33 billion in direct written premium. That represents 6 percent of the province’s total P&C market. Total P&C DWP was pegged at $38.6 billion that same year.
FSRA reported 58 of 218 licensed insurers were using MGAs, with 139 active MGA-insurer relationships in place. Market concentration is evident, as one dozen MGAs accounted for about half the total volume.
This review now anchors FSRA’s broader Property and Casualty Insurance Market Conduct Supervision Strategic Plan, also released in 2025, which extends the regulator’s tools to thematic reviews, examinations, and oversight of insurers’ MGA arrangements.
There is no single national MGA DWP tally, but industry sources place the number of MGA firms in Canada between 80 and 100, with the CAMGA reporting 65 members and describing that as about 80 percent of the country’s MGA population.
METHODOLOGY
Insurance Business Canada conducted a survey of brokers nationwide to determine the best businesses in the wholesale distribution channel. The survey asked respondents to rate the performance and service of each of their wholesale partners on a scale of 1 (poor) to 5 (excellent) against the following 10 criteria:
The MGAs that earned an average score of 4.0 or greater in at least one category were awarded a 5-Star designation. MGAs that received an average score of 4.0 or greater in all categories received an All-Star designation. Brokers were also asked to rank their top three MGAs across 20 major types of insurance. Brokers also named the top insurance products offered by an MGA. Based on brokers’ feedback, IBC calculated the top three winners for each type of insurance and awarded gold, silver, and bronze medals to those wholesale brokers and MGAs. The three insurance products that received the most votes from brokers were awarded the Brokers’ Pick medal.
Market conditions and demand signals
Rate momentum favours buyers. Marsh reports a 4 percent decline in global commercial insurance rates in Q2 2025,
BROKERS ON MGAs 2025
with Canada following the same downward trend for a sixth consecutive quarter, reinforcing competitive tension that often pushes brokers toward MGA solutions for speed, niche capacity, and service.
Carrier capacity and strategic posture
Carrier appetite for the model remains favourable. Clyde & Co’s MGA Opinion Report 2025 finds 57 percent of carriers
expect to increase MGA capacity over the next two years, and 46 percent already did so in the past 12 months.
The same research flags pain points to watch:
• A total of 77 percent of MGAs and 91 percent of carriers say claims process performance needs improvement.
• Regulation is the top barrier to growth cited by both sides.
Rising costs, softer rates, and economic uncertainty are squeezing both MGAs and carriers. Even so, the sector is moving, not stalling. More than half of MGAs (54 percent) say today’s conditions will hurt their business, and 69 percent of carriers agree. But instead of retreating, the data points to a market adjusting and reshaping itself.
CAMGA’s Masnyk notes that product knowledge is what will make or break an MGA. “An underwriter needs to fully understand the exposures associated with a risk thoroughly, be knowledgeable about the types of claims associated with that risk, and be able to accurately price that risk, taking those factors into account,” he explains.
Regulatory trajectory
Oversight is tightening. FSRA released its Property and Casualty Insurance Market Conduct Supervision Strategic Plan in June 2025, formalizing a framework that includes risk assessments, thematic reviews, inquiries, and examinations.
FSRA’s earlier review of MGAs mapped their presence in Ontario and is now guiding more focused supervision, including checks on how insurers oversee their MGA partnerships. Senior leaders should expect more evidence-driven inquiries and higher expectations on governance, outsourcing controls, and data.
However, MGAs remain defined by their ability to enter underserved markets. “The most successful MGAs are those who enter
a space where there is a lack of choice and providers, fill a gap in the market with expert underwriting, and meet the needs of that market, which other players either refuse or are unable to service,” says Masnyk.
Broker usage trends
IBC’s 2023–25 broker surveys show consistent use of MGAs:
• mid-tier reliance is common
• heavy reliance is contained
• bidding panels remain concentrated around three to five MGAs
The role is entrenched for specialty and flexible placements, even as the bulk of the book stays with direct markets.
What it means for IBC’s 5-Star and All-Star MGAs
• Operational discipline: As FSRA’s supervisory framework takes hold, MGAs that deliver strong internal controls, such as clear separation of duties, audit-ready oversight, and effective risk monitoring, will encounter fewer obstacles with carriers and regulators.
• Claims and service: The claims interface remains the model’s weak point. MGAs that streamline handoffs, speed resolution timelines, and improve report clarity can leverage this as a point of difference in today’s market.
• Capacity management: With commercial rates softening, declining 4 percent in Q2 2025, and carriers increasing capacity for specialty, financial, and property lines, MGAs that can move quickly on niche capacity while safeguarding underwriting rigour gain a tangible edge.
• Data and transparency: Regulators are stepping up oversight of delegated
BROKERS’ PICK FOR TOP PRODUCTS
SPG Canada – Hospitality
“A great package providing coverage that other markets do not provide”
Premier Canada Assurance | Premier Marine – Environmental liability
“Competitive and responsive” and “good service and best premiums”
Forward – Course of construction
“Convenience of online quoting and issuance,” “price and ease of writing/ binding,” “need for this coverage,” and “easy to use”
authority arrangements, and carriers are demanding more consistent, timely data. Expect sharper scrutiny of how risks and premiums are reported and whether MGA information gives insurers the tools to meet their own compliance obligations.
Broker suggestions for how MGAs can improve
Takeaways:
• Broaden appetite and add capacity in niche markets.
• Invest in technology that supports portal quoting and automation.
• Commit to faster and more reliable turnaround times.
Broker feedback on how MGAs could improve shows a clear hierarchy of priorities. At the top of the list is the call for broader products and capacity. Brokers want MGAs to:
• expand appetite
• add coverages
• fill the gaps left by direct markets
This demand runs across niches such as older renovated homes, hospitality with higher liquor receipts, mobile homes, and special events.
Masnyk remarks that Canada’s MGAs are growing simply because there are major gaps in the availability of products across the commercial space, and they fill these voids with expertise in underwriting and exceptional service levels. “It’s a pretty simple formula: provide an expertly underwritten product that is lacking and serve your brokers with the best service in the industry,” he adds.
Technology is the second major theme. Brokers are looking for:
• more portal-ready products
• straight-through quoting for simple risks
• smoother renewal processes
The appetite for automation is tied directly to efficiency. Respondents want quick access for straightforward risks while still being able to rely on underwriters for complex cases.
Speedy service rounds out the top three. Delays in quotes and inconsistent follow-up are the most common frustrations. Brokers are asking for:
• clear SLAs
• faster callbacks
• more reliable response systems that reduce bottlenecks
BROKERS ON MGAs 2025
BROKER SUGGESTIONS FOR MGA IMPROVEMENT
Why brokers keep coming back to SPG Canada
Among this year’s honourees, SPG Canada stood out for its medal performance and for how it has redefined its business to meet broker needs.
Its 5-Star MGA 2025 recognition reflects the themes that have defined this year’s survey, which include:
• speed of service
• governance strength
• ability to fill coverage gaps in a shifting market
The multi-award-winning company has built its name on underwriting expertise, responsive service, and specialist product depth across sectors and regions. It is now the largest delegated underwriting authority enterprise in Canada, transacting more than $1 billion in premiums annually.
Under the leadership of president and CEO Cameron Copeland, SPG Canada has realigned its national operations by integrating five legacy MGAs (Cansure, Beacon, i3 Underwriting, Totten Insurance Group, and Anderson McTague & Associates) and restructuring around verticals and horizontals to reflect how brokers do business in
2025. The new structure is already supporting a steady rollout of product innovation, addressing the appetite gaps that brokers consistently flag as their biggest challenge.
In recent months, SPG Canada has:
• released new products in the SPGC Portal, including:
o small strata coverage (up to six units)
o rentals with an owner-occupant
o an earthquake deductible buy-down
o a soon-to-launch earthquake deductible assessment product
o a parametric earthquake solution for commercial properties, still rare in Canada’s market
• strengthened and expanded underwriting expertise and solutions in:
o mining
o commercial farms
o oil and gas contracting
• developed new niche programs for:
o waste management, including fleet auto coverage
o crane contractors, including fleet auto coverage
This expansion is matched by a focus on speed in the SME segment. Through the newly launched SPG One team, brokers can now access rates, quote, bind, and issue decisions faster while still receiving personal guidance.
“Within a two-hour turnaround time, our underwriters will look at the submission, talk to the broker about why it works, why it doesn’t work, and what additional information we need,” Copeland explains. “We’re meeting the speed expectation but adding an educational element so they can grow into that middle-market space.”
Technology is being integrated behind the scenes to improve submission flow and workload allocation. The company is moving to a single platform built to leverage AI to triage incoming files, while
underwriting decisions remain with people. “We’re not saying technology first; we’re saying people first,” Copeland adds. “We’ve always been a relationship business, and I think that’s not going anywhere.”
On the compliance side, Copeland said the company is well-positioned as regulatory scrutiny on MGAs increases. “We are licensed corporately and individually as may be required in each jurisdiction across the country. We have full separation of duties across underwriting and claims operations and finance functions, and we run at near-public company standards of governance and compliance.”
That people-first focus carries into internal development. SPG Canada runs training programs for its underwriting teams that emphasize both technical and soft skills. “If you can’t get the communication right from the person you’re dealing with, you’re not going to come back. But if someone says, ‘Let me look into this and find a solution,’ that’s what builds trust.”
When asked what keeps brokers coming back, Copeland’s response is direct: “Great people with a can-do attitude who have the expertise and knowledge to offer solutions,” he says. “This also includes bringing the strongest and broadest product and capacity to the table.”
Conclusion: where the real differentiation lies
• Stability signals maturity: Flat usage doesn’t mean stagnation; it confirms MGAs are now an entrenched layer of distribution that brokers rely on for specific value.
• Differentiation will come through service delivery: With products and appetite converging, speed of response, claims execution, and transparency are where competition will play out.
• Governance is a market driver: As FSRA and other regulators sharpen oversight, carriers and brokers are already factoring compliance strength into partner selection.
• Capacity is shifting, not unlimited: Carriers are expanding delegated authority, but are selective; MGAs must prove underwriting discipline to secure and keep that backing.
• Broker trust hinges on human service: Brokers consistently engage MGAs for niche risks and responsiveness, confirming that relationships and judgment still carry weight alongside portals.
• Profitability drives rewards: In addition to volume, carriers are increasingly using Contingent Profit Commissions to recognize MGAs that consistently deliver profitable books of business.
Explore our Par Life, Term Life, and other insurance products
Explore a wide range of life and health insurance products that can meet the evolving needs of your clients and community. With Desjardins Insurance as a trusted partner, you can be more than an advisor - you can become a bigger part of your clients’ lives.
Co-operators is reaching more Canadians with trusted life insurance advice
AS CANADIANS continue to navigate economic uncertainty, evolving financial goals, and growing intergenerational planning needs, one thing is becoming clear: life insurance has become more than just a safety net – it’s a cornerstone of financial resilience. That’s why Co-operators is doubling down on its greatest strength: personalized advice.
“Life insurance should adapt to life, not the other way around,” explains Paul Gobeil, vice president of individual insurance and wealth management at Co-operators. “We
Closing the coverage gap
The 2023 Canadian Insurance Barometer study, conducted by LIMRA, revealed nearly 30 percent of adults, about 8.4 million people, live with a life insurance need gap. They are either uninsured or underinsured, often due to perceived cost, competing priorities, or lack of knowledge.
“Too often, people delay life insurance because they think it’s expensive or complex. A good advisor cuts through that – they bring clarity and confidence to the
“Our job is to make protection approachable. That means offering simple entry points, clear language, flexible products, and, above all, personalized advice”
Paul Gobeil, Co-operators
believe trusted guidance, whether from our exclusive advisors or independent advisors, is the key to helping Canadians make confident financial decisions.”
This September, as the industry marks Life Insurance Awareness Month, Co-operators is using the moment to spotlight its approach: making life insurance simpler to understand, easier to access, and rooted in human connection.
conversation,” says Gobeil. The disconnect is particularly striking among younger Canadians. While many recognize the emotional and financial value of protection, they may not act on it.
This is where Co-operators sees a critical opportunity.
“Our job is to make protection approachable,” explains Gobeil. “That means offering simple entry points, clear
language, flexible products, and, above all, personalized advice. That applies no matter how someone chooses to work with us – through a Co-operators exclusive advisor or an advisor affiliated with one of our MGA partners.”
Co-operators has long been seen as an advisor-led brand, and that remains central to its strategy. For Gobeil, the reason is simple: good advice changes outcomes.
“We believe strongly in the value of advice,” he explains. “Many people have
misconceptions about coverage, challenges with understanding the complexity of different life insurance policies and the value that protection brings, especially among younger generations.” Insights from LIMRA’s Canadian Insurance Barometer study back this up. People under 30 often overestimate the cost of life insurance to be 10 to 12 times higher than the actual cost. “This signals a need for education, and that is exactly what advisors can deliver,” Gobeil notes.
Strengthening advisor support in every distribution channel
While Co-operators remains deeply committed to its exclusive agency network, it has also expanded its reach through Managing General Agencies (MGAs) across Canada. “Our exclusive advisors are integral to our organization,” says Gobeil. “And we continue to grow our partnerships with MGAs who share our belief in the value of advice. It’s one of the ways we’re meeting Canadians where they are in the way that works best for them. Both
channels play a vital role in helping us provide Canadians with trusted advice.”
Industry trends show why this balanced approach matters. Independent distribution has grown from 81 percent market share in 2020 to about 85 percent in 2024. “By continuing to strengthen both channels, we can reach more people in more places,” Gobeil explains. “That’s why we deliver dedicated support and service to ensure that all advisors – whether they’re an exclusive Co-operators advisor or working under one
Brought
SECURITY AND PROTECTION
“The mix in growth of both term and permanent policies reinforces that Canadians see the value in protection, but what they’re looking for varies by their unique needs and life stage”
Paul Gobeil, Co-operators
of our MGA partners – have the tools and resources they need to succeed. Our goal is simple: to make it easier for advisors to help more people.”
Meeting Canadians where they are For Gobeil, the real measure of success is making sure Canadians can find the right coverage for their stage of life, no matter where they begin the conversation. “We’re here to support clients with a wide range
of needs, and we have a robust product shelf to do so,” he notes. “Our Whole Life product is highly competitive, offering strong long-term value, asset protection, and the stability clients look for. At the same time, our term insurance provides flexible, affordable coverage that’s easy to tailor to specific life stages and budgets,” Gobeil continues.
LIMRA’s first-quarter 2025 sales report shows a 13 percent year-over-year jump in
premiums on permanent products. “This is great, as it signals people are protecting their assets. These products often require more conversations and long-term planning, which reinforces the value of trusted advisors.”
The same LIMRA report revealed a 6 percent growth of term life premium. “The mix in growth of both term and permanent policies reinforces that Canadians see the value in protection, but what they’re looking for varies by their unique needs and life stages,” Gobeil notes. “That’s why having an advisor they trust to help them navigate the complexities and choose the right type and amount of coverage is so important.”
This balanced approach, rooted in education, trust, and access through both exclusive and independent advisors, reflects Co-operators’ vision. “At the end of the day, advice isn’t old-fashioned – it’s essential,” says Gobeil. “Especially in a world where uncertainty is the only constant.”
YOUR COLLABORATION, OUR GRATITUDE.
Thank you to the exceptional insurance companies who partner with us to deliver peace of mind to millions of Canadians. Your ongoing support and partnerships are greatly appreciated.
SECTOR FOCUS: CYBER
Beyond payouts: cyber insurance gets active
Experts say cyber policies can’t just pay claims. They must teach, monitor, and prevent – with brokers leading client education
CANADIAN CYBER risk has outgrown the old “buy a policy and hope you never use it” mindset. Across the market, leaders argue that coverage can’t be a passive backstop anymore; it has to be an active partnership that reduces the chance and impact of attacks – especially for resource-constrained SMEs and brokerages handling sensitive client data.
That starts with people. The single most consistent failure point isn’t a firewall; it’s human behaviour, experts agree.
“[Hackers] gain access not by breaking through firewalls but by manipulating people,” says Scott Bailey, cyber underwriting leader at CFC.
Social-engineering crews increasingly
pair simple tricks with sharp execution: impersonating IT, persuading staff to reset credentials, or swapping SIMs to intercept multi-factor authentication (MFA). These attacks are often initiated with a phone call from someone pretending to be an internal employee, he says. “And unless staff are trained to spot these tactics, the results can be devastating.”
Bailey’s core message: treat cyber insurance as a preventive tool. That means embedding training, tightening processes, and using insurer-provided telemetry to spot trouble early. “People often think cyber insurance is just about getting money back if something goes wrong,” Bailey says. “But it’s moved well beyond that.” He adds: “We act as an extra set of eyes and ears… It’s like having a cyber watchdog built into your policy.”
Brokers are pivotal to making that shift land with clients. Rather than selling cyber as a claims cheque, they’re increasingly positioned as educators – the ones who translate threat trends into practical controls and help clients choose coverage that comes with real-time support. Done well, that role improves outcomes and economics. As Bailey puts it, the job is to help make the insured safer – which in turn helps make the policy more sustainable and affordable.
Bailey also emphasizes that this shift isn’t just about reducing claims frequency – it’s about changing how organizations think about cyber altogether. A policy should no longer be treated as a fallback but as part of a company’s operating toolkit, he argues. That
means insurers acting less like emergency responders and more like risk coaches: scanning the threat landscape, sharing actionable intelligence, and nudging clients toward smarter behaviours.
From reactive to active: what “proactive” looks like
For Shawn Ram, chief revenue officer at Coalition, the difference between reactive and active insurance is simple: time. Traditional policies waited for a loss, then
“When we see adversaries scanning for remote desktop protocol within seconds of it being exposed online, that tells us it’s a live-threat vector,” Ram says. Insurers can then notify customers to put it behind a firewall or enable multi-factor authentication before it turns into a claim, he says.
“People often think cyber insurance is just about getting money back, but it’s moved well beyond that today”
Scott Bailey, CFC
adjusted it. Active models push alerts and guidance before an incident becomes a claim. Ram points to a practice of running decoy systems to monitor live-attacker behaviour. When those sensors show mass scanning for a newly exposed service, policyholders get specific, timely warnings.
That approach matters in Canada, where exposure is high and complacency lingers. Ram says that a higher percentage of Canadian small businesses have experienced cyberattacks compared to the global average. Yet too many firms still view security tools as optional – a costly assumption when even brief downtime can cripple operations. If a company is paying comparable premium, they should work with a provider that helps them prevent the
SECTOR FOCUS: CYBER
claim from happening in the first place, he says.
“That’s the value of active insurance – it delivers before, during, and after an incident,” Ram adds.
Services, not just limits: what clients now expect
Rising attack visibility has reset buyer expectations. High-profile breaches shift perceptions fast, and mid-market firms are asking different questions: Who answers the phone at 2 a.m.? How quickly can we contain? Who handles regulators and customer comms?
For Sydonie Williams, head of international cyber risks at Beazley, a modern policy must operate like a 24/7 service platform. Clients want to “tap into the expertise of their insurer,
Brokers are increasingly the first line of education: they explain why phishing simulations matter, why password managers and MFA reduce real claim frequency, and why tabletop drills shrink decision-time in a crisis.
That education has a practical payoff. Stronger security practices don’t just reduce the chance of a breach – they can also influence how insurers structure terms and assess risk. Bailey notes that clients who demonstrate better preparation and resilience are increasingly able to access more favourable conditions, reflecting the lower exposure they represent.
Despite improving awareness, smaller organizations still underestimate their appeal to attackers and overestimate what generic policies cover. As George
“Gone are the days of just being the chequebook at the end of something bad happening”
Wayne Imrie, Beazley
both before the loss... and also during and after, to get them back up and running.” That means access to incident responders, legal and notification guidance, tabletop exercises, and hygiene reviews – all positioned to prevent losses or blunt their severity.
Her colleague Wayne Imrie, head of London market wholesale executive risks at Beazley, frames it as an industry-wide evolution: “Gone are the days of just being the chequebook at the end of something bad happening.” Buyers want real help, not just reimbursement, he adds.
Brokers as educators: closing the behaviour gap
Because human error drives so many losses, insurance alone can’t solve the problem.
Bozanin, head of Canada at Coalition, cautions: “Despite the increased risk, small businesses continue to view cybersecurity tools and services as elective purchases and misunderstand the potential serious impacts an attack could have on their business.”
Attackers don’t need bespoke malware to hurt an SME; they need a single weak point – an exposed remote access service, an unpatched edge device, or an employee who enters credentials on a spoofed page. Once inside, even a brief outage can wipe out a month of revenue. Active insurance aims to break that chain: monitor for early indicators, teach staff to spot lures, push critical updates, and streamline response logistics when something slips through.
TRENDS SHAPING CANADA’S CYBER THREATS
AI threats
Evolving tradecraft
Geopolitical actors
Vendor concentration
Dual-use services
Source:TheCanadianCentreforCyberSecurity
The industry is converging on “secure and insure”
While implementation varies, there’s growing alignment around a “secure-and-insure” model. As Bailey puts it: “The whole industry is realizing that if we can help clients avoid cyberattacks altogether, that’s a win for everyone: the policyholder, the insurer, and the broker.” He adds: “It makes perfect sense… Why wouldn’t a cyber insurer help their policyholders improve their risk posture if it leads to fewer breaches and better outcomes for everyone?”
Ram’s “active insurance” and Beazley’s “full-spectrum” posture push in the same direction: they put actionable intelligence, playbooks, and specialists at the centre of the policy. The effect is cultural as much as technical – shifting cyber from a compliance purchase to an operational discipline that’s measured by fewer, smaller losses.
For Canada’s broker community, that shift is an opening. Clients increasingly expect guidance on controls, not just quotes on limits. Those who pair the right training with the right policy features will cut claim frequency and severity – and make coverage more accessible and durable through cycles.
RISING STARS 2025
SUCCESSION IN ACTION
IN AN industry where succession planning is urgent and talent retention remains a concern, Canada’s 2025 Rising Stars offer a glimpse at how the next generation is stepping up to meet both challenges.
An analysis of I nsurance Business Canada’s data from 2023 to 2025 highlights three top trends accelerating the sector’s rising talent.
Rising Stars are getting promoted faster: The proportion of winners with less than 10 years in the industry remains high, reaching 80 percent by 2025.
Most are already in leadership roles: Nearly 70 percent of 2025 winners are in mid-tosenior leadership roles.
Hard work and emotional intelligence continue to outpace credentials: These factors consistently rate highest as drivers of success.
Rising Stars judge and HUB International’s senior vice president of complex risks, Sara Runnalls, observed a common thread among this year’s best young insurance professionals that extends beyond job titles or technical expertise.
“I was most impressed with the nominees who were involved with their communities and consistently went the extra mile,” she says. “It wasn’t about the numbers they brought in. It was the people who were going outside of their day-to-day duties and saying, ‘I want to make a difference in other ways.’”
That mindset, she says, is one of the strongest indicators of long-term success. “It’s that desire to learn more and gain experience that is outside the box. That openminded thinking is something that is just so valuable for our young people to have.”
“I believe strongly in owning your development and positioning yourself for growth by showing up, asking questions, and being engaged”
Canada’s general insurance market is expected to expand steadily, with gross written premiums forecast to rise from $86.8 billion in 2024 to $115.8 billion by 2029, according to projections from GlobalData. That reflects an estimated compound annual growth rate of 6 percent.
That growth is being driven by demand for property, casualty, and cyber coverage amid rising climate and technological risks. Catastrophic losses, including wildfires and severe convective storms, hit record
highs in 2024 with $8.5 billion in insured losses, according to Catastrophe Indices and Quantification Inc.
The 2024 total far surpassed the previous record of $6 billion set during the 2016 Fort McMurray wildfires. It came in at nearly three times the insured losses of 2023 and more than 12 times the annual average recorded between 2001 and 2010, which sat at $701 million.
Meanwhile, Q1 2025 marked a softening trend. Insurance rates declined roughly 3 percent across major product lines in Canada, according to Marsh, a buyer-friendly signal fuelled by robust market capacity and competition.
Brokers and independent agents wrote 56 percent of 2024 premiums, anchoring the advisory layer of Canada’s P&C insurance market, Mordor Intelligence reports. Growth is also expected to surge in specialty lines, with a projected CAGR of 14 percent through 2030, reflecting increasing complexity in risk and demand for tailored coverage.
Additional insights from the Canadian P&C sector include:
• by line of business: auto insurance led with 37 percent revenue share in 2024; specialty lines are projected to grow at 14 percent CAGR to 2030
• by distribution channel: brokers and independent agents held 56 percent of the market in 2024, while embedded partnerships are forecast to expand at 18 percent CAGR through 2030
• by end-user industry: large corporations accounted for 45 percent of the market size in 2024; the public sector and non-profit segment are expected to rise at a 9 percent CAGR by 2030
• by region: Ontario captured 36 percent of premium volume in 2024, while Alberta is forecast to post the fastest growth, with a 6 percent CAGR between 2025 and 2030
Technology continues to recast traditional insurance models. KPMG Canada
METHODOLOGY
Starting in March, Insurance Business Canada invited insurance professionals across the country to nominate their most exceptional young talent for the 10th annual Rising Stars list.
Nominees had to be aged 35 or under (as of July 1, 2025) and be committed to a career in insurance with a clear passion for the industry. To maintain a focus on new talent, only nominees who hadn’t been previously recognized as a Rising Star (or Young Gun) were considered. Nominees were asked about their current role, key achievements, and career goals, as well as the contributions they’ve made to shaping the industry.
Recommendations from managers and senior industry professionals were also taken into account. The Rising Stars were determined by an independent panel of industry leaders composed of the following:
highlights that insurers are ramping up investment in generative AI, predictive underwriting, and embedded insurance solutions to streamline workflows, improve risk assessment, and meet rising customer expectations.
As adoption expands, insurance leaders are also facing new ethical and regulatory challenges related to AI governance, fairness, and ESG compliance.
JOB TITLES AMONG WINNERS BY YEAR
RISING STARS 2025
“When I look at the insurance landscape, what excites me are innovative products, such as parametric insurance. I believe that’s going to be a component of the future of insurance”
Samuel Wong, HUB International
Key trends:
• AI in insurance is projected to reach US$80 billion globally by 2032
• Embedded insurance is gaining ground, with premiums expected to exceed US$70 billion by 2030
• 81 percent of financial executives see embedded coverage as a “must-have” for distribution
In Canada, embedded insurance relationships are projected to grow at an estimated 18 percent CAGR through 2030, with partnerships such as Canada Life–CapIntel, iA Financial Group–Symbiosis, and Beneva–Groupe Cloutier demonstrating how scalable ecosystems are integrating protection into e-commerce, payroll, and travel platforms.
Accelerated adoption could push embedded solutions to a double-digit share of P&C distribution by 2030, further diversifying the market across digital channels. At the same time, ESG concerns, especially
climate risk, are reshaping how products are priced, designed, and distributed.
How the Rising Stars 2025 were chosen
This year’s search for the Rising Stars took place amid significant shifts in the insurance industry, from technology to talent strategy. Starting in March, IBC invited professionals nationwide to nominate the most exceptional young talent within their organizations.
Nominees had to be aged 35 or under as of July 1, 2025, and actively committed to a career in insurance. To keep the focus on new and emerging professionals, only those who hadn’t been recognized previously were eligible. Nominees were evaluated on their current role, achievements, career goals, and the contributions they’ve made to strengthening the broader sector.
Recommendations from senior leaders and managers were also considered. An independent panel of industry executives reviewed the final submissions to determine this year’s list.
Canada’s Rising Stars represent nearly 30 employers nationwide, from brokerages and carriers to MGAs and claims firms, demonstrating how emerging professionals are transforming every corner of the business. Their roles span broking, underwriting, claims, analytics, marketing, client experience, and operations, underscoring the depth of skill rising through Canada’s insurance ranks.
The 2025 cohort is driving change in meaningful ways, proving that age is no barrier to industry impact:
• Piloting new programs and shaping product strategies
• Mentoring junior colleagues and building team culture
• Influencing national initiatives through thought leadership and collaboration
Conditions on the ground
Emerging professionals in Canada’s insurance sector are entering a market in motion. Climate
volatility, workforce attrition, and digital acceleration are forcing insurers to rethink how they recruit and develop talent, particularly at the beginning of the talent pipeline.
Climate risk is changing the work
In 2024, insured losses from severe weather events in Canada exceeded $8 billion, according to PwC and Gallagher, driven by recordbreaking wildfires and convective storms.
This level of loss is no longer rare. Demand for adjusters is expected to grow by 10–20 percent over the next five years due to retirements and capacity gaps. For emerging professionals, that means faster exposure to complex files and accelerated advancement.
Retirements and turnover are accelerating
The Insurance Institute of Canada’s 2023 demographic research remains the authoritative source for the projection that by 2028, half of the Canadian insurance workforce will be eligible to retire. Roughly 9 percent of insurance professionals plan to retire within the next five years, and turnover has increased from 9 percent to nearly 16 percent between 2017 and 2022.
In 2022, over half of the surveyed employees had 10 years or more of experience in the industry. However, the share of workers with less than two years of experience has grown, indicating career churn and the influx of new talent entering the field.
In response:
• firms are investing in structured mentorship, career pathing, and upskilling
• others are using flexible contracts to retain retirees and bridge the gaps
Runnalls says, “For people who are first getting into the industry, it’s difficult to get a start. We’re experiencing some of the most challenging economic conditions, and a lot of companies are trimming back on things such as their summer programs and internship programs.”
She adds that community colleges’ insur-
ance business programs are valuable in helping young people stand out as dedicated to entering the insurance industry.
Hybrid work has become foundational
According to Statistics Canada, 65 percent of insurance and finance workers had access to hybrid or remote work schedules in early 2024. That flexibility is fuelling performance.
Benefits Canada reports that:
• 79 percent of hybrid workers say their well-being has improved
• 72 percent report higher productivity
But Runnalls warns that fully remote models can limit development for new professionals. “There is so much value in coming into the office and learning from your peers just by being the fly on the wall,” she explains.
“That effect is so important because you learn about things you didn’t even realize you needed to learn about, just by listening to other people’s conversations. That helps build your toolbox for the future when you’re the one making those client phone calls.”
For Gen Z and millennial professionals, who are projected to make up 74 percent of the global workforce by 2030, hybrid flexibility is essential to how they define job satisfaction and their workplace identity, according to a 2025 Deloitte survey.
Digital investment is redefining roles
Insurers are accelerating investment in generative AI, predictive underwriting, and embedded platforms. According to research from EY, PwC, and KPMG, this technology is improving pricing accuracy, streamlining workflows, and increasing customer responsiveness.
A CSS Professional Staffing Group study forecasts that 80 percent of AI investment in 2025 will be tied to hiring strategies. As automation handles more routine tasks, demand is rising for professionals who can:
• lead across teams
• interpret complex data
• build trust
That shift is already showing up in training choices. The Insurance Institute found that while certification remains a top priority, interest in leadership, ethics, decisionmaking, and analytics has grown significantly since 2017.
Deloitte’s latest survey also shows Gen Zs and millennials are using GenAI regularly, but they value soft skills such as communication and problem-solving just as much as technical fluency.
ESG and regulation are shaping leadership expectations
With OSFI’s B-15 Guideline (for federally regulated financial institutions regarding the identification, assessment, management, and disclosure of climate-related risks) and similar frameworks tightening expectations, insurers face increasing pressure to balance profit, sustainability, and transparency.
That’s raising the bar for emerging leaders. There’s demand for professionals who can:
• work across disciplines
• understand regulatory and climate-linked compliance
• support ESG reporting and sustainable pricing decisions
Younger professionals are already tuned into that shift. Deloitte reports that 89 percent of Gen Z and 92 percent of millennials view a sense of purpose as critical to job satisfaction, and more than 40 percent have left roles or turned down projects that didn’t align with their values.
Meet the Rising Stars carving out space for new leadership
Hailey Kranics Manager, Management Liability and Crime, Intact Insurance
Specialty Solutions
Age: 27
Hailey Kranics’ approach to insurance is defined by strategy, trust, and execution. Now a people leader overseeing an underwriting team in Intact’s Central and Atlantic regions, Kranics is focused on developing talent while staying close to
RISING STARS 2025
HOW PURPOSE IMPACTS CAREER DECISIONS
Percentage of respondents who rejected a potential employer based on their personal ethics/beliefs
Q: Have you ever rejected a potential employer based on your personal ethics/beliefs?
Q: Have you ever left a job because it lacked purpose?
the technical work that earned her early recognition.
“I’ve built trust by doing the work and taking initiative to find new opportunities to develop my expertise,” she explains. “I try to balance high expectations with transparency and support. I’m honest about the challenges we face and open to ideas on how we’re going to tackle them together.”
Kranics manages a broad portfolio that includes D&O for non-profits, private firms, and public companies, as well as employment practices, fiduciary, and crime coverage. Her promotion to manager came shortly after she piloted a newly created role as growth lead, an initiative Intact launched to bring business development and underwriting into closer partnership. She was the first person selected for the role and helped shape how it’s used to drive regional expansion.
Standout moments:
• Selected for The Intact Leader, an ongoing, months-long internal program focused on shaping future people leaders
• Leads the ambassador team for the Young Insurance Professionals of Toronto, helping early-career professionals grow industry networks and leadership capacity
Source: Deloitte.com
Kranics calls being a part of Intact’s leadership development program “a huge honour.” “I had the goal of stepping into people leadership, and to be selected for that training was a big milestone,” she says.
She’s also actively involved in mentoring talent within the company. Kranics supports succession planning through Intact’s specialty development underwriter program and provides coaching through formal and informal channels.
Her industry involvement was one of the initiatives that her first mentor encouraged her to get involved in. Kranics says, “It pushed me outside of my comfort zone and helped me build connections. I wanted to pay that forward by formally volunteering because it was so instrumental in my ability to build confidence and my network early on.”
She describes growth as a unique combination of opportunity, exposure, and taking initiative, and says the culture she tries to create prioritizes curiosity and accountability.
“I’ve been very fortunate to have mentors and leaders who truly care about my development and have supported me along the way,” she says. “So, I try to pay that forward.”
Kranics also keeps a close watch on market risk and regulatory shifts, using those insights to help brokers and clients adapt. One area she’s tracking closely is the rise of social engineering fraud and
how generative AI is making it harder to detect.
“These attacks are getting more and more convincing and harder for individuals to realize when they’re being scammed,” she says. “We’re seeing a rise of deepfake audio, real-time spoofed emails, and highly personalized phishing attempts.”
On the flip side, she’s also thinking about how the team might learn from this technology and explore how it could help them support stronger verification practices and internal safeguards.
Service is the foundation of growth, Kranics believes. “If I say I’ll look into something, I’ll follow through. And when a decision is tough, I’ll explain the background and the reasoning behind it. Over time, those habits build credibility and trust.”
Samuel Wong Commercial Account Executive, HUB
International Age: 28
In 2024, following the abrupt closure of OTT Risk, Samuel Wong faced a pivotal career reset. Rather than retreat, he used the setback as fuel, rebuilding his career from the ground up.
Starting this new chapter at HUB International, he sourced his own leads, cultivated client relationships from scratch, and quickly positioned himself as a trusted advisor in the commercial insurance space.
The turning point came after a valuable piece of advice from Chris Coke, his former head of product and engineering: “Take the realistic maximum amount of time that you’re able to be without a job and try to maximize it. Decrease your burn and elongate your runway. The first opportunity that comes your way is not going to be the right one.”
Wong says, “You’re going to have a kneejerk reaction to find a job that is the same
as what you did previously. And the greater you’re able to resist that urge, the better off you’ll be in the long run.”
Today, Wong focuses on high-growth sectors such as cross-border logistics, renewable energy, and agribusiness, industries where risk is complex and fast-moving. He collaborates with underwriters, consultants, and claims teams to deliver tailored solutions for clients with layered exposures.
For Wong, advisory support comes first, helping clients think strategically and draw on HUB’s national network of expertise. He’s also active internally, contributing to team development. He collaborates with colleagues in personal lines and employee benefits to deliver integrated service models, and he also sits on the regional sponsorship committee.
Wong’s commitment to mentoring practicum students from the University of the Fraser Valley stems from his own uncertain start. Everything shifted when Johnny Cheung, a senior wealth advisor and portfolio manager at National Bank Financial – Wealth Management, gave him a shot in that department.
Back at university, with a combined major in political science and philosophy, Wong wasn’t sure what would come next. “I owe the entire trajectory of my career to the chance he took on me,” he says.
That third-year internship proved pivotal, ultimately paving the way for him to enter the insurance industry. Now he pays it forward, helping practicum students find their feet and transition into the profession.
All three of HUB’s spring 2025 interns joined full-time. “That kind of retention is huge,” he says. “It means we’re giving them something real.”
Standout moments:
• Advocated for innovation by leading early-stage conversations around parametric insurance and cyber liability, helping prepare HUB for new risk models
• Helped lead the formation of a Canadian chapter of the Asian
American Insurance Network, a professional community focused on collaboration, connection, and career growth
Currently, Wong is pursuing his CIP designation and expanding his technical expertise in emerging markets. He’s especially drawn to coverage innovation. “Insurance is a very slowmoving industry,” he says. “A lot of the clauses and wordings are still structured the same way they were 200 years ago.”
He sees parametric products as part of the industry’s future, reshaping how risk is priced and delivered.
As for what’s next, Wong believes tomorrow’s brokers will need to prioritize tech fluency with emotional intelligence. This hit home when a friend showed him a custom AI tool that could analyze policies, flag differences, and suggest coverage. “I saw it, and I was like, ‘Whoa, I didn’t know that AI was coming for my job, too,’” he says.
But tech alone won’t win clients, he says. One recent prospect told him she’d never even met her previous broker. “Within 24 hours, I said, ‘Hey, are you available for me to come and visit you at the property?’”
That in-person visit clinched the deal and better terms, because Wong took the time to listen, assess risk, and show up.
Ryan Johnston Vice President and National Practice Leader –Agriculture, BFL CANADA
Age: 29
Recognized for driving national momentum in one of BFL CANADA’s fastest-growing portfolios, Ryan Johnston helps agricultural clients utilize insurance as both a safeguard and a tool for long-term growth, especially in a sector shaped by geopolitical pressure, weather volatility, and global trade uncertainty.
His connection to the space is personal. “I’ve always had a passion for agri, food, and beverage,” he says. “That comes from my
family and their involvement in the industry. Even before I got into insurance, I knew I wanted to work in this space.”
Standout moments:
• Championed “Buy Canadian” initiatives that tie insurance decisions to the strength of domestic supply chains
• Founded a cancer endowment fund that has raised nearly $200,000 for young adult cancer patients after surviving Hodgkin’s lymphoma in his early 20s
Since joining BFL’s Waterloo office in 2018, Johnston has built a reputation for balancing strategic vision with speed of execution. He now oversees accounts ranging from local producers to large multinationals and guides the national direction of BFL’s agriculture practice, connecting growth goals with the current concerns of producers.
“Culture is everything at BFL, especially within the agriculture team. It shows through in how we work and how we build client relationships,” he says. That culture, he adds, was built step by step. “It’s been a lot of little moves that laid the foundation. That’s helped us stay proactive nationally while allowing local regions to flourish.”
Beyond strategy, Johnston invests heavily in people. He meets weekly with junior colleagues for mentorship, supports accessibility across leadership levels, and works closely with service teams to deepen their understanding of client and industry concerns.
“It’s been really cool to watch them take ownership,” he says. “Even when it’s not their account, they care. They’ve learned to put themselves across the table and understand what keeps the client up at night.”
That hands-on style has defined Johnston’s leadership. Early in his career, he faced skepticism because of his age. He responded by mastering the technical side. “I used to take it personally,” he says. “Then I realized the answer was to
RISING STARS 2025
know the product better than anyone. You want to earn trust? Start by showing them what their policy actually says. Experience doesn’t always mean expertise.”
Now he models that same technical discipline for his team, using tangible scenarios to boost their skills and keep focus in a market that doesn’t sit still.
Johnston’s impact also stems from his personal resilience and commitment to community. His involvement extends to sector groups, such as the Ontario Agri-Business Association, where he brings an industry perspective to his national leadership.
Joshua O’Connor
Senior Vice President, Account Executive –Construction and Infrastructure Practice, Aon Canada
Age: 34
Vast sector knowledge and a practical, forward-facing approach have defined his career in construction and infrastructure risk. Joshua O’Connor manages a national portfolio spanning general, civil, and specialty contractors, helping clients make long-term decisions about risk, capital, and continuity. His technical strengths and instinct for communication have made him a trusted voice on the job and at job sites. He also collaborates with industry associations, such as the Electrical Contractors Association of Ontario and the Mechanical Contractors Association of Canada.
Standout moments:
• Seven-time winner of Aon’s Summit North Award, recognizing consistent top-tier production across a national construction portfolio
• Earned the peer-nominated North America Living Our Values award in 2024 for leadership, mentorship, and professionalism
• Serves on the board of the Barrie Construction Association, broadening industry impact by helping member firms understand and manage emerging risks
O’Connor’s participation on the Barrie Construction Association board has shaped his view of industry responsibility. “This opportunity has little to do with insurance and everything to do with what’s going on in their contracting world,” he explains.
By spending time with contractors across various trades, he has gained a comprehensive understanding of the pressures they face, including health and safety issues, municipal roadblocks, and shifting government policy.
“What we do is an important piece, but not an overwhelming piece of all the things that they’re dealing with running their businesses.” That perspective, he says, has been the most valuable part of his industry involvement.
Colleagues describe him as cool under pressure, emotionally intelligent, and focused on progress. Clients value his ability to identify exposures early and help contractors weigh which risks to retain versus transfer, an approach that supports risk reduction and capital efficiency.
Working with mechanical contractors, O’Connor often addresses the rising threat of water damage, which is now a leading cause of loss in the sector. Rather than sidestep the risk, he pushes for honest discussion.
“Water damage and floods are different from a peril standpoint, but the reality is that water is causing more damage. It overtook fire as the leading cause of losses from a claims standpoint,” he says.
He helps clients map out different paths, whether that means ensuring or developing operational safeguards. “Different clients have very different perspectives on what to do, but painting a path, or multiple paths, that can be taken allows for strategic advisory along the way.”
The result is a more intentional, informed
“I pride myself on being available. I was able to learn quickly because I had direct access to senior resources and could tap into their expertise”
Ryan Johnston, BFL Canada
“I was fortunate to learn and be mentored by senior leaders, who were willing to send the elevator back down to the next generation”
Joshua O’Connor, Aon
approach to long-term risk. He’s known for building programs that protect balance sheets and position companies for growth. Disruption in insurance and construction, he believes, is not a challenge to manage but a chance to lead.
That mindset, combined with a strong moral compass and operational discipline, has made him a Rising Star at Aon and a trusted partner to many of Canada’s top contractors.
Early in his career, O’Connor spent three weeks with senior Aon leaders through the firm’s Construction and Infrastructure Institute. “Just getting to spend time with some of our North American leaders created substantial opportunity going forward,” he says.
Those mentors had decades of experience, and he made the most of it. “I was soaking it up like a sponge as much as I could early and quickly, building on my skills.”
Another takeaway that’s stuck with him is that nothing will be handed to you. “You have every ability to put up your hand when opportunities come about.”
Best practices: what IBC’s
2025 Rising Stars data tells Canada’s insurance industry
Early career acceleration is redefining seniority itself
• Ten years ago, being under 35 in a leadership role was the exception. Today, it has become the norm. The fact that nearly 70 percent of Rising Stars are already in senior or midmanagement roles shows that the industry is recognizing influence, contribution, and adaptability.
Organizations must update internal frameworks to match this faster pace of progression or risk losing top performers to faster-moving sectors.
Experience no longer means tenure – it means traction
• That 80 percent of Rising Stars have fewer than 10 years of experience in the industry highlights how quickly talent can advance when given the right opportunities. This trend challenges conventional definitions of leadership readiness.
Judging panel member Sara Runnalls views the rapid progression as a reflection of effort, not entitlement. “If you are smart and you have ambition, a work ethic, and empathy, whether it’s 30 years ago or today, you have the makings for success,” she says.
Employers must ensure these professionals gain access to governance training, cross-functional exposure, and strategic development to support long-term enterprise leadership. Speed without support creates risk.
Emotional intelligence has become a survival skill, not a soft one
• For the third consecutive year, EQ ranks just below hard work as the top trait for advancement, above degrees, tenure, or credentials. This signals a workforce capable of leading through uncertainty, building trust, and connecting across complex systems.
“Getting your broker license, CIP, or other credentials is more and more valuable for young people,” Runnalls says. “I think they’re table stakes now.” Leadership development strategies must now prioritize interpersonal capability alongside technical depth.
The Rising Stars list offers a heat map of emerging talent across the sector
• With nearly 30 employers represented, this year’s cohort confirms that
high-impact talent is emerging everywhere, not just within global players. Brokerages, MGAs, claims firms, and carriers are all cultivating the next generation.
Sector-wide strategies for leadership development are needed to strengthen the entire insurance ecosystem, not just individual organizations.
Recognition is arriving later, but at the right time
• Most winners fall within the age range of 30–35. That timing reflects a pivotal moment, not when professionals are just starting out but when they are actively influencing business results.
Employers have a narrow window to challenge, stretch, and retain these individuals before external competitors take notice.
Conclusion: the succession plan has already started
This year’s Rising Stars are already influencing strategy, leading teams, and shaping client outcomes. If employers are serious about building resilient, future-facing organizations, it’s imperative to stop thinking of next-gen talent as potential and start treating them as partners.
What does that mean for insurers? They should:
• invest in cross-functional exposure and decision-making access now
• rebuild leadership development models for speed, not seniority
• pair technical mentorship with emotional intelligence coaching
• make retention a shared leadership metric, not just HR’s responsibility
RISING STARS 2025
Joshua O’Connor
Senior Vice President, Account Executive –Construction and Infrastructure Practice, Aon Canada
Phone: 705 321 6570
Email: joshua.oconnor@aon.ca Website: aon.com
Hailey Kranics
Manager, Management Liability and Crime, Intact Insurance Specialty Solutions
Thomas (TJ) Jones Vice President/Education Chair, Professional Young Insurance Brokers of Alberta; Commercial Account Manager, BrokerLink
Vanessa Abraham
Senior Underwriter, Ridge Canada Cyber Solutions
Yassine Ait Azzi
Marketing and Communications Manager, Gallagher
Zack Garcia
Associate Vice President, Financial and Professional Services Claims, Liberty Mutual Canada
NOVEMBER 13, 2025 •
GRAND, TORONTO
CONGRATULATIONS TO THE 2025 EXCELLENCE AWARDEES
Ten years. Hundreds of winners. Countless stories of excellence across canada’s insurance industry. The Insurance Business Canada Awards return this November to mark a decade of recognition.
The complete list of 2025 Excellence Awardees is available by scanning the QR code below.
Tables and sponsorships are available at ibawards.ca or by scanning the QR code below.
AWARD SPONSORS
VISHAL KUNDI’S PATH TO INDUSTRY IMPACT
The BOXX Insurance co-founder shares his unconventional journey, leadership philosophy, and why values matter in building resilience for a digital world
WHEN Vishal Kundi (pictured), CEO and co-founder of BOXX Insurance, describes himself as an “accidental entrepreneur,” it belies a career built on global experience, conviction, and a belief in doing insurance differently.
Kundi’s path wasn’t the straight line of an underwriter climbing the corporate ladder. Instead, it was shaped by stints at global carriers across Asia, Latin America, the UK, and Ireland. Those years gave him a panoramic view of the industry and exposed him to one looming truth: the future of risk will increasingly be tied to data, networks, and the vulnerabilities of a digital world.
“I really felt there’s going to be a time with digitalization when we should be focusing on insuring things that didn’t move – and that was data, privacy, and online security,” he says.
From leap of faith to leadership Kundi’s idea – that cyber risk should be insured like an IP address rather than a street address – was initially met with hesitation by the traditional insurers he worked for. When
his pitch failed to gain traction, he made the leap himself.
“It was daunting at first,” he admits. “The most difficult part is believing in yourself, believing in your idea, and then building a vision that people can get around.”
Launching BOXX meant navigating what he calls the “woo and do” phase –wooing investors while simultaneously
recovery but also actively help prevent incidents in the first place.
A mission-driven style
That clarity of purpose has deeply shaped Kundi’s leadership style.
“The most difficult part is believing in yourself, believing in your idea, and then building a vision that people can get around”
building the business and proving that a prevention-first cyber model could work in a conservative industry.
At the heart of that philosophy was a simple but powerful proposition: the best insurance claim is the one that never happens. BOXX would not only provide
“Once you have a clear vision, leadership is about your purpose,” he explains. “Every decision, every hire, every product feature has to tie back to that goal.”
That goal – making the world a digitally safer place – has become a rallying point for BOXX employees, investors, and customers alike. It’s not about selling the most policies, Kundi stresses, but about helping people feel secure in their digital lives.
INDUSTRY ICON
“The mission is about helping people every day, and that mission excites people,” he says.
This purpose-driven style has created a tight-knit culture at BOXX, where turnover has been minimal since its early hiring rounds. Many of the firm’s earliest recruits remain with the company through multiple funding stages, he says.
Building culture on grit, respect, and difference
That loyalty, Kundi says, is rooted in values. He stresses that that values can’t be just window dressing – they’re operational glue.
BOXX’s three core values are grit, respect, and difference. To make them real, the company runs monthly peer-nominated awards to recognize employees who embody them.
For Kundi, leadership isn’t about him as an individual – it’s about whether the organization as a whole lives its mission.
That makes real-time engagement with clients essential. It also changes what insurers are expected to deliver. Just as fire brigades were first created by insurance companies, Kundi argues, cyber carriers must provide not only reimbursement but also immediate access to help when something goes wrong.
“Our goal is to give customers the ultimate peace of mind: a team of experts to help them stay cyber resilient, backed by the financial security of our insurance,” he says.
Global lessons for a global risk Kundi’s international background has strongly influenced how BOXX approaches expansion. He rejects the notion that a product developed in London or Toronto can simply be “shipped out” globally.
“Digital risks may feel universal, but premiums, channels, and customer values differ dramatically,” he says. “You can only
“Innovation isn’t about chasing trends; it’s about solving a problem you’re really passionate about. That passion is what gets you through the tough times”
“From a leadership perspective, it is all about being able to recognize people that display our values, but equally recognize it amongst each other,” he tells Insurance Business
Predict, prevent, insure
The philosophy of predict, prevent, insure is central to Kundi’s thinking about cyber. Unlike property insurance, where risks can be modeled from decades of building data, cyber risk changes much more quickly.
“When your risk profile changes in the last hour rather than the last 50 years (e.g., property year of construction), it completely changes the dynamic of underwriting,” he says.
understand those nuances with people on the ground.”
Understanding how to balance risk, distribution, and value requires local expertise – which is why BOXX’s leadership team is spread across Latin America, Europe, and Asia, as well as North America. “It really pays to have feet on the ground,” Kundi says.
Looking ahead: cyber as core risk and advice to future leaders
When asked about the next decade of cyber insurance, Kundi is hesitant to make bold predictions but clear about one
Founded: 2018
Acquired by: Zurich Insurance Group, in July
Operates as: standalone entity
Offices: Toronto, Miami, Dubai, Zurich, and Mumbai ABOUT BOXX
thing: cyber risk is becoming a primary, not secondary, concern.
“If the bias of risk (for a business) shifts so that being digitally resilient is more important than your property risk, then cyber will move from an add-on to the main coverage,” he says.
For aspiring innovators in insurance, Kundi stresses the importance of conviction above all else. He says it’s essential to find a problem you are genuinely dedicated to fixing, because without that deep belief it is difficult to persuade investors, colleagues, or customers to follow.
“Innovation isn’t about chasing trends; it’s about solving a problem you’re really passionate about. That passion is what gets you through the tough times, he says.
Equally important, he advises keeping the value proposition simple, so that both a team and its clients can rally around it with enthusiasm. Finally, he underscores the need to turn complexity into clarity. While insurance is full of technical expertise, true leadership, in his view, lies in making complex problems feel simple and solvable for customers.
“Great products start with the customer. Instead of showcasing your complexity, focus on making your products so simple that anyone can immediately see their value.”
Stumbling into insurance: reimagining talent pipeline in Canada
Most insurance executives didn’t plan their careers – they fell into them. A York professor warns Canada can’t rely on chance anymore
CANADA’S INSURANCE sector faces a looming talent crisis, but universities have done little to address it beyond actuarial science. That’s the concern raised by Dr. Edward Furman, professor at York University’s Department of Mathematics and Statistics, where he leads the Actuarial Science program.
Actuaries represent only a small fraction of the industry’s workforce, yet they are the only group with clear academic pathways, Furman points out.
“Actuarial science is very well defined. You do your degree, you take the exams, you do internships, and if you’re good enough – you get a job,” he says. “But for underwriters, brokers, claims people, compliance lawyers, risk managers – there’s no comparable university-to-industry pathway after graduation.”
Many insurance professionals, he adds, arrive in the industry by chance. “I asked executives, how did you end up in insurance? Almost all of them told me the same story: they couldn’t find a job in their field, a friend or a family member suggested insurance, and they started, liked it, and moved up. That tells me that the talent pipeline between universities and the insurance sector is broken,” Furman says.
Plenty
of actuaries, no insurance degrees
York’s actuarial program, which Furman launched in 2018, has quickly grown into a recognized centre of actuarial excellence. Other Ontario schools, including Waterloo, Toronto, McMaster, and Western, also offer strong actuarial
programs. But for the much larger share of the industry workforce, Canada offers no equivalent.
“In Ontario we have zero bachelor’s honours programs in risk management and insurance (except for Wilfred Laurier, which offers a concentration in insurance and risk management that has a limited
“Most university students don’t even think of insurance as a career, because the option isn’t there on the menu. If we want the next generation ready for the new risk landscape dominated by systemic risks, we need to create that option”
Dr. Edward Furman, York University professor
number of courses),” Furman says. “In the US, it’s normal for a number of top business schools to offer both actuarial science and risk management and insurance as separate bachelor’s honours degrees. In Canada, we don’t have that option at all.”
The result, he says, is a talent funnel that relies heavily on college programs aligned with the Insurance Institute of Canada (IIC). Schools like Seneca or Humber offer structured routes to CIP and FCIP designations, but Furman argues this leaves the country lagging behind its peers.
Colleges “do a really good job,” he acknowledges, but the level is different from a full business or mathematics degree. “We preserve the same status quo: people graduate in something else, stumble into insurance, then go back and do professional exams towards, for example, ACIP/FCIP or CRM, on their own,” he says.
Systemic risks demand systemic education
Furman, who is also founding director of the Risk and Insurance Studies Centre (RISC) Foundation, believes the gap is especially urgent given the rise of systemic risks.
“Climate, cyber, operational – these are systemic. They are interdependent and often create chain reactions,” he says. “The old actuarial assumption of independent and iden-
tically distributed risks doesn’t work anymore. Human intuition doesn’t work anymore either. We are not good at estimating the probability of tail events, especially when they’re connected.”
That reality, he argues, demands a new generation of insurance professionals trained to understand probability, statistics, and interconnected risks – not just actuaries, but underwriters, brokers, and claims specialists too.
Looking south for solutions
Asked which models Canada should look to, Furman singled out the US, and in particular the University of Wisconsin–Madison. “I
really like the way Wisconsin does it,” he says. “They have actuarial science, but alongside it they have risk management and insurance as a bachelor’s degree. The first year is a common core – everyone studies the basics of probability, calculus, the language of risk. Then you branch into actuarial or into broader insurance.”
That structure, he argues, ensures not only technical competence but also shared language across the industry.
“Insurance is about risk transfer. To understand risk, you need to understand probability. And if you want to understand probability, you need calculus and some linear algebra,” Furman says.
“It’s not just knowledge – it’s the ability to talk to each other. Actuaries speak a very specific language – if you’ve ever spoken to one, you know that. If underwriters and brokers don’t share that foundation, they can’t fully communicate.”
The need for that shared foundation has only grown with new perils like cyber and climate, he adds. “These risks must be quantified – they must be underwritten. And that requires a common baseline of education.”
A gap Canada must close
For Furman, the conclusion is clear: Canada is falling behind. “We have many actuarial science programs, more than enough for the market. But outside actuarial work, the vast majority of insurance professionals have no university-level academic pathway,” he says.
Without new undergraduate programs in risk management and insurance, he warns, the sector will continue to rely on happenstance recruitment and piecemeal training.
“Most university students don’t even think of insurance as a career, because the option isn’t there on the menu,” Furman says. “If we want the next generation ready for the new risk landscape dominated by systemic risks, we need to create that option.”
