The National Insurance Conference of Canada (NICC) brought together leaders from across the P&C sector in Gatineau to confront the industry’s toughest challenges – from climate risk and AI disruption to geopolitics, fraud, and supply chain shocks. What struck attendees most, however, was not just the breadth of issues but the foresight: topics chosen nearly a year ago proved uncannily aligned with the crises and trends dominating 2025.
Nevina Kishun, CEO of MSA Research, noted that while no-one could have predicted the exact events of 2025, the industry’s instinct was spot on.
“They knew that things like supply chain would be an issue, but these topics were determined in October, way before 2025, and all the issues that happened,” she told attendees.
“So it’s really impressive that these leaders in the industry saw the writing on the wall and really curated a program that’s really fit for today.”
The conference opened with a conversation between OSFI Superintendent Peter Routledge and IBC CEO Celyeste Power, who explored how regulation is adapting to a rapidly changing environment.
With climate losses escalating, systemic risks rising, and solvency pressures mounting, the message was clear: regulators and industry alike must prepare for volatility that stretches across borders and sectors to build resiliency.
Another early session brought MGAs into focus. CAMGA president Pete Tessier, alongside executives Stephen Stewart of Stewart Specialty Risk, Tammy Parris of HSB Canada, and Sean Duggan of KRGinsure, reflected on lessons from the TruStar collapse. Speakers emphasized that while regulation may evolve, strong governance and continuous due diligence remain the foundation of trust between carriers, MGAs, and brokers.
Technology and climate dominated the discussion throughout the event. A panel on “Underwriting the Future” examined how AI-powered threats are reshaping underwriting and claims. Participants debated the promise of efficiency against the risks of liability, from algorithmic bias to cyber vulnerabilities. Meanwhile, sessions on resilient home construction and climate disclosure highlighted the industry’s urgent role in adapting to escalating catastrophe losses, which hit record levels in Canada last year.
Delegates also heard warnings about global headwinds that could spill into the Canadian market. A panel on US insurance crises asked whether similar strains could surface north of the border, while other sessions tackled organized crime, cross-border fraud, and geopolitical tensions that are disrupting supply chains.
These discussions underscored Kishun’s point: even months in advance, industry leaders correctly anticipated the issues most likely to shape the agenda in 2025.
The conference closed with a global economic outlook from Swiss Re and a high-profile leaders’ panel featuring executives from Aon, Lloyd’s, and Swiss Re. While acknowledging the uncertainty ahead, speakers emphasized resilience, innovation, and collaboration as essential qualities for navigating the coming years.
Taken together, NICC 2025 reinforced the sense that the industry cannot afford to be reactive. By anticipating risks – whether climate shocks, AI disruption, or systemic pressures – insurers and brokers can better prepare clients for a world of overlapping crises. As Kishun put it, the program was “really fit for today,” precisely because it looked so far ahead.
