Property and Casualty Insurance in Canada Industry - Statistics & Companies (2024)

Canada Property & Casualty Insurance Market Analysis

In 2020, private Canadian insurers registered CAD 71.0 billion in direct written premiums (CAD 62.8 billion in net written premiums) for insurance on consumers' homes, cars, and businesses. Of the CAD 62.8 billion in net written premiums, 42.9% was for one line of business: automobile, including commercial vehicle insurance, personal property, commercial property, and liability.

COVID-19 has affected the earnings of individual P&C insurers unevenly, but the industry's overall capital base reached an unparalleled height during the first three quarters of 2020.

Specialized lines of insurance, such as boiler and machinery, marine and aircraft, and surety and fidelity, make up about 7.4% of the business.

In 2020, auto insurance, required by law in every Canadian province and territory, accounted for approximately half the insurance business written by P&C (Property and casualty) insurers. About 192 private P&C insurance companies compete in the auto insurance business in Canada. In addition to these private insurers, government-owned insurers in British Columbia, Saskatchewan, and Manitoba provide the mandatory component of auto insurance in those provinces and some optional coverages. In Quebec, a portion of the compulsory component is provided by the government-owned insurer and the other portion by private insurers.

Canada Property & Casualty Insurance Market Trends

This section covers the major market trends shaping the Canada Property & Casualty Insurance Market according to our research experts:

Increase in Adoption of Artificial Intelligence in Property and Casualty Insurance

Non-life insurers increasingly use AI and machine learning across customer-facing and back-end applications. The objective is to assess risks in underwriting better, strengthen fraud detection, improve customer experiences, and reduce operating overhead. While P&C insurers have been slower to digitize, telematics use has picked up sharply. Similarly, mobile applications and web portals are more commonly used by brokers and consumers for efficient claims submission and processing. Ultimately, these technologies help reduce administrative overhead and improve the customer experience.

Year-on-Year Increase in Net Written Premium

Net written premium is increasing Y-o-Y. Most of the premium was received from auto insurance, which nearly contributed 43.3% to the net written premium. This factor is expected to increase further in the coming years. The government is planning to change the auto insurance policies, as vehicles with fully automated capabilities are anticipated to launch in Canada. In 2019, out of the total net premium written, personal property's share was 22.3%, commercial property was 14.6%, liability was 10.1%, specialized was 7.4%, and accident and sickness was 2.3%.

Canada Property & Casualty Insurance Industry Overview

The report covers the major players in the Canadian property and casualty insurance market. The market is consolidated and expected to grow during the forecast period.

Canada Property & Casualty Insurance Market Leaders

1. Intact Group

2. Aviva Group

3. Desjardins Group

4. Co-operators Group

5. TD Insurance Group

*Disclaimer: Major Players sorted in no particular order

See Also

Insurance Brokers & Agencies in Canada - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorldWe Compared the 30 Best Life Insurance Companies in Canada (2024)IBISWorld - Industry Market Research, Reports, and Statistics8 Biggest Life Insurance Companies

Canada Property & Casualty Insurance Market Report - Table of Contents

1. 1. INTRODUCTION

   1. 1.1 Study Deliverables And Market Definition

   2. 1.2 Scope of the Study

2. 2. RESEARCH METHODOLOGY

3. 3. EXECUTIVE SUMMARY

4. 4. MARKET INSIGHTS AND DYNAMICS

   1. 4.1 Market Overview

   2. 4.2 Market Drivers

   3. 4.3 Market Restraints

   4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

         See Also

         The Top Insurance Companies in Canada (Industry Overview) - KBD Insurance

      5. 4.4.5 Intensity of Competitive Rivalry

   5. 4.5 Impact of COVID-19 on Industry

5. 5. MARKET SEGMENTATION

   1. 5.1 Insurance Type

      1. 5.1.1 Property

      2. 5.1.2 Auto

      3. 5.1.3 Other Insurance Types

   2. 5.2 Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agents

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

6. 6. COMPETITIVE LANDSCAPE

   1. 6.1 Market Concentration Overview

   2. 6.2 Company Profiles

      1. 6.2.1 Intact Group

      2. 6.2.2 Aviva Group

      3. 6.2.3 Desjardins Group

      4. 6.2.4 Co-operators Group

      5. 6.2.5 TD Insurance Group

      6. 6.2.6 Wawanesa Mutual Insurance Company

      7. 6.2.7 RSA Group

      8. 6.2.8 Economical Group

      9. 6.2.9 Travelers Group

      10. 6.2.10 Northbridge Group*

   3. *List Not Exhaustive

7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

8. 8. DISCLAIMER AND ABOUT US

Canada Property & Casualty Insurance Industry Segmentation

Property and casualty insurance (also known as P&C insurance) are types of coverage that help protect you and your property. Casualty insurance means that the policy includes liability coverage to help protect you if you're found legally responsible for an accident that causes injuries to another person or damage to another person's belongings.

This report aims to provide a detailed analysis of Canada's property and casualty insurance market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights into various product and application types. Additionally, it analyzes the key players and competitive landscape in Canada's property and casualty insurance market.

The market is segmented by Insurance Type (Property, Auto, and Other Insurance Types) and Distribution Channel (Direct, Agents, Banks, and Other Distribution Channels).

Canada Property & Casualty Insurance Market Research FAQs

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Canada Property and Casualty Insurance Industry Report

The property insurance market in Canada is expected to witness significant growth in the coming years, driven by rising property prices and growing concerns over natural disasters. Key market segments include express postal services and standard postal services, catering to diverse customer needs for expedited and economical delivery options. The Canadian insurance industry is characterized by a dynamic ecosystem where technological innovations, regulatory frameworks, and changing consumer preferences collectively propel its evolution. The property insurance market size is poised for substantial expansion, driven by innovation, collaboration, and evolving market dynamics. The property insurance market presents significant opportunities for investors, making it an attractive destination for capital deployment and strategic investments. Trends such as climate change resilience, tech-driven underwriting, and green building initiatives are shaping the landscape of property insurance. Canadian P&C insurance companies are adapting to these trends to stay competitive. Detailed Statistics for the Canada Property and Casualty Insurance market share, size, and revenue growth rate are provided by Mordor Intelligence™ Industry Reports. Get a sample of this industry analysis as a free report PDF download.

• Canada Property and Casualty Insurance Market Size
• Canada Property and Casualty Insurance Market Share
• Canada Property and Casualty Insurance Market Trends
• Canada Property and Casualty Insurance Companies
• Canada Property and Casualty Insurance News

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