Thousands of industry professionals came together to collaborate and connect at the 2025 RIMS Canada Conference hosted in Calgary. A significant event in the calendar for all risk professionals, the conference offers unparalleled opportunities to connect with thought leaders as well as the wider international risk management community.
Gallagher was privileged to host hundreds of industry contacts at meetings and events, as well as take part in the panel, "Reframing AI: Adapting Risk Management Tools to Reap the Benefits of AI Implementation", hosted by National Technology Practice Leader Paige Cheasley, alongside Aiham Zawahreh (director, Risk and Compliance Management at Dialogue) and Christopher Ferguson (partner, Technology, Privacy and Cybersecurity Law at Fasken).
Here are key takeaways from Canada's largest insurance gathering.
1. AI governance is under the microscope
Risk managers are increasingly under pressure to ensure insurance programs reflect exposures related to artificial intelligence (AI) and provide flexibility as its usage evolves, with insurers prioritizing an understanding of how companies are implementing AI, its business value and governance.
The key for risk managers is to involve the right teams (such as IT, legal and procurement) to first address issues around privacy, documentation and responsibility, as well as build out internal training and robust business continuity plans and to draft thoughtful vendor contracts. Conducting assessments on AI's criticality to the business, anticipating failure scenarios and developing backup plans are vital. Underestimating or misclassifying risk can lead to costly problems, so proactive management is key to supporting innovation while minimizing obstacles.
Speaking on a conference panel, National Technology Practice Leader Paige Cheasley emphasized that AI is a risk like any other; managing its risk doesn't require the reinvention of the wheel, simply the adaptation of existing tools and frameworks to address AI and its risks.
You can read more of Paige's insights into the limitations of AI in her recent article, The Collision of Human Error and AI Liability.
2. Renewable energy projects bring their own challenges
The energy insurance sector is undergoing a period of dynamic change driven by a rapid expansion in renewable energy projects, aligned with net-zero targets from governments and corporations. These projects face unique technical challenges and risks, such as weather dependency, business interruption and supply chain breakdowns. Evolving regulatory frameworks add further complexity. Battery storage systems introduce additional exposures, such as fire risks, degradation and disposal concerns, that can leave corporations vulnerable.
As these challenges emerge, there are signs of stabilization in a soft market, but insurers remain laser focused on hitting budgets and increasing competition. The bottom line? Energy risk managers shouldn't assume that a softening market will produce uniform results from all brokers, and partnering with reputable specialists is essential to secure coverage that reflects the sector's evolving risk landscape.
3. Claims are on the frontier of change
New and emerging risks are increasingly driving developments in insurance claims. Climate change-influenced events such as hurricanes, high winds, flooding and wildfires have grown concerningly prevalent and severe in the last few years in Canada, impacting both commercial and personal lines policyholders across the country. This sharp rise in disaster — and catastrophe — related high-value claims has led to greater scrutiny of the interpretation of policy wording, coverage terms and loss adjustment procedures, which risk managers should be prepared to address.
Meanwhile, Canadians are showing a growing willingness to pursue legal action when warranted. Whether as part of a liability claim, a Directors and Officers claim or a filing against an insurer or broker partner, societal change and class action lawsuits mean Canadians are no longer hesitant to engage a lawyer, with this evolution tipped to shape the insurance landscape in the coming decades.
4. Collaboration drives success
In today's dynamic insurance market, proactive collaboration amongst all parties is more important than ever. It's not just about renewals — it's about unlocking coverage options that may have previously been out of reach.
Each organization's industry and growth strategy should be considered when forming a tailored insurance program that aligns with their unique risk appetite. While cost efficiency matters, it must be balanced with comprehensive protection, including natural disasters — such as wildfires and floods — and business interruptions. Presenting the optimal view of a business's risk profile positions them to attract broader market interest and secure insurance solutions that support long-term success, even as the market continues to evolve.
To explore this in more depth, watch for the Fall 2025 Gallagher Market Conditions Report, coming soon.
5. A talent tug-of-war
Canada's insurance industry is facing a significant talent gap, as experienced professionals retire faster than new talent enters the field, sparking fierce competition for skilled workers. This war for talent is driving organizations to rethink compensation, career development and employee experience to attract and retain top performers. To stay competitive, workforce strategies are shifting toward upskilling, employer branding and cultivating a strong pipeline of younger, more diverse talent.
Panel sessions at RIMS Canada emphasized the importance of intentional strategies like apprenticeships, mentorship and inclusive programs to address these challenges. The importance of proactive approaches to bridge the talent gap, ensuring the sustainability and innovation of the insurance sector has never been more important.