Canada’s specialty insurance market is heading into 2026 under a paradox that few executives would have predicted even two years ago: rising CAT frequency on the ground paired with improving conditions in the global reinsurance market. According to Jatinder Bassi (pictured), president of Echelon Insurance , that unusual combination is now the defining force shaping the next 12 to 18 months.

“Specialty insurance, even in 2025, is quite a challenging market,” he said. “We’re seeing a lot of capacity entering the market space, bringing with it a lot of pricing challenges. At the same time… we’re seeing an increase in environmental incidents, fire, floods, wind, hail – you name it, the Canadian market is experiencing these events.”

Read more: The CAT paradox: How to keep Canadians insured

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