When asked about "Attitudes towards insurances", most Canadian respondents pick "I trust my insurance provider to take care of my claims" as an answer. 32 percent did so in our online survey in 2024.Looking to gain valuable insights about insurance customers worldwide? Check out our

Canada Insurance Industry Report Covers Top P&C Insurance Companies in Canada and the Market is Segmented by Insurance Type (Home, Motor, and Other Insurance Types) and Distribution Channel (Direct, Agents, Banks, and Other Distribution Channels)

The Life and Non-Life Insurance Market Report in Canada is Segmented by Insurance Type (Life Insurance [Individual, Group] and Non-Life Insurance [Home, Motor, Health, Rest of Non-Life Insurance]) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

The Canadian insurance industry, valued at approximately $100 billion CAD in 2025, is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 4% through 2033. This expansion is fueled by several key drivers. Firstly, a rising population and increasing household wealth contribute to higher demand for various insurance products, from personal auto and home insurance to commercial lines. Secondly, heightened awareness of risk, driven by factors like climate change and cyber threats, is prompting individuals and businesses to secure comprehensive coverage. Technological advancements, including the use of AI and big data analytics, are streamlining operations, improving risk assessment, and enhancing customer experience, further boosting market growth. However, the industry faces challenges, including stringent regulatory environments and the ongoing need to adapt to evolving consumer preferences and digital disruption. Competition among established players like Intact Group, Aviva Group, Desjardins Group, and others, remains fierce, pushing innovation and pricing strategies. The segmentation within the Canadian insurance market is diverse, encompassing personal lines (auto, home, health), commercial lines (property, casualty, liability), and specialized insurance products (travel, cyber). The geographical distribution of the market is largely concentrated in urban centers, reflecting population density and economic activity. While the market is relatively mature, considerable potential lies in untapped segments and the adoption of new technologies. The forecast period (2025-2033) anticipates continued growth, driven by economic expansion, demographic shifts, and technological advancements, but challenges related to regulatory compliance and competition will need to be navigated effectively. The industry's ability to adapt to shifting customer expectations and embrace innovative solutions will be crucial in realizing its full growth potential. Canadian Insurance Industry Market Report: 2019-2033 This comprehensive report provides an in-depth analysis of the Canadian insurance industry, offering valuable insights for stakeholders, investors, and industry professionals. Covering the period 2019-2033, with a focus on 2025, this report analyzes market dynamics, trends, leading players, and future opportunities within this dynamic sector. The report leverages extensive data analysis to forecast market growth and identify key strategic imperatives. Recent developments include: July 2021: Aon and Willis, the world's second and third-biggest commercial property and casualty brokerage, terminated their USD 30 billion combination agreement. The proposed agreement was initially announced in March of 2020., June 2021: Accelerant Holdings entered the Canadian market with a share purchase agreement that includes the parent company of Toronto-based Omega General Insurance Company. Accelerant will acquire from Till Omega Insurance Holdings, Inc. (OIH) and its two Toronto-based wholly-owned subsidiaries. Those subsidiaries include property and casualty insurance carrier Omega General Insurance Company and Focus Group Inc., a consulting and projecting management business that services local and international P&C insurance clients. Omega General offers customized insurance solutions within the Canadian marketplace, including fronting and run-off services for insurers/reinsurers.. Notable trends are: Increase in Adoption of Artificial Intelligence in Property and Casualty Insurance.

The Canadian insurance market, a significant segment of the broader North American landscape, is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 4% from 2025 to 2033. This expansion is fueled by several key drivers. Increasing affluence and a growing middle class are driving demand for diverse insurance products, particularly in property and auto insurance. Furthermore, heightened awareness of risk, coupled with increasingly stringent government regulations, is pushing individuals and businesses to secure comprehensive coverage. Technological advancements, such as the adoption of Insurtech solutions and digital distribution channels, are streamlining operations and enhancing customer experience, further contributing to market growth. However, challenges remain. Intense competition among established players like Intact, Aviva, Desjardins, and Co-operators, along with the emergence of new Insurtech entrants, creates a dynamic and sometimes volatile market. Fluctuations in economic conditions and the potential for unforeseen catastrophic events can also impact profitability and growth trajectory. Segmentation analysis reveals a significant share held by property and auto insurance, while the direct distribution channel demonstrates substantial dominance. The Canadian insurance market's regional distribution mirrors the country's population density, with Ontario and Quebec representing the largest markets. The continued growth in the Canadian economy will underpin the demand for diverse insurance products. The presence of established multinational corporations alongside strong domestic insurers creates a competitive yet stable market. Looking forward, the integration of artificial intelligence (AI) and machine learning in risk assessment and claims processing will likely transform operational efficiency and redefine underwriting strategies. Expansion into niche insurance segments, catering to the evolving needs of specific demographics, will be a crucial area for growth and differentiation. Successful navigation of these dynamics necessitates strategic innovation, technological adoption, and effective risk management for companies vying for market share. Recent developments include: July 2021: Aon and Willis, the world's second and third-biggest commercial property and casualty brokerage, terminated their USD 30 billion combination agreement. The proposed agreement was initially announced in March of 2020., June 2021: Accelerant Holdings entered the Canadian market with a share purchase agreement that includes the parent company of Toronto-based Omega General Insurance Company. Accelerant will acquire from Till Omega Insurance Holdings, Inc. (OIH) and its two Toronto-based wholly-owned subsidiaries. Those subsidiaries include property and casualty insurance carrier Omega General Insurance Company and Focus Group Inc., a consulting and projecting management business that services local and international P&C insurance clients. Omega General offers customized insurance solutions within the Canadian marketplace, including fronting and run-off services for insurers/reinsurers.. Notable trends are: Increase in Adoption of Artificial Intelligence in Property and Casualty Insurance.

This table contains 12 series, with data for years 1946 - 1982 (not all combinations necessarily have data for all years), and was last released on 2007-01-25. This table contains data described by the following dimensions (Not all combinations are available): Geography (11 items: Canada; Nova Scotia; Newfoundland and Labrador; Prince Edward Island ...), Life insurance sales (2 items: Total; life insurance sales; Total; group and wholesale insurance sales ...).

Approximately 400 million Canadian dollars separated the largest and second-largest Canadian insurers in 2023 based on insurance revenue. In that year, Fairfax Financial was the largest insurance company in terms of revenue from insurance services and generated 6.75 billion Canadian dollars in net insurance revenue. Desjardins Group followed behind with 6.34 billion Canadian dollars in net insurance revenue. However, yet another competitor of Fairfax Financial was the biggest Canadian insurer by total assets in the same year.

The Canadian insurer Intact Group emerged as the leading Canadian private property and casualty insurer in 2019, with 15.08 percent of the market share. Desjardins Group and Aviva Group also had large market shares in that year, 8.5 percent and 8.35 percent respectively. In that year, 65.3 billion U.S. dollars’ worth of direct premiums were written by private insurers in Canada.

Who are Intact Group?

Intact Group is headquartered in Toronto, Canada and was founded in 1809. In 2017, Intact was the eighth largest Canadian insurance company by total assets. Intact Insurance, belairdirect, Broker Link and OneBeacon Insurance Group all belong to Intact Group.

Upward trend of P/C premiums

The volume of property and casualty insurance premiums written has steadily risen since 1990. The value of direct premiums written by Intact Financial is also rising annually. This upward trend suggests that Intact will hold on to their market leader position in the near future, unless its competitors increase their premium volume dramatically.

The Canadian property insurance market, while exhibiting resilience, is undergoing significant transformation driven by several key factors. The period between 2019 and 2024 showed steady growth, likely influenced by increasing property values, a growing population, and heightened awareness of potential risks like climate change-related events (e.g., wildfires, floods). We estimate the market size in 2025 to be approximately $25 billion CAD, based on observed growth trends and the projected expansion of the Canadian housing market. Looking ahead to 2033, a Compound Annual Growth Rate (CAGR) needs to be estimated. Considering economic forecasts and the increasing frequency and severity of insured perils, a conservative CAGR of 4% seems plausible. This would position the market size at roughly $36 billion CAD by 2033. Key drivers for this growth include the continued expansion of urban centers, rising construction activity, and a greater emphasis on comprehensive insurance coverage, driven by both regulatory changes and consumer awareness. However, challenges remain. The market faces increasing pressure from intensifying climate change impacts, requiring insurers to adapt pricing strategies and risk assessment models. Furthermore, technological advancements in areas like data analytics and artificial intelligence are transforming insurance operations, potentially impacting profitability and creating opportunities for new entrants. Competition is also expected to increase, leading to potential pricing pressures and the need for innovative product offerings. Insurers are responding by investing in advanced risk modeling, leveraging technology for improved customer service, and focusing on tailored insurance solutions to meet diverse customer needs and cater to the growing demand for specialized coverage. Ultimately, the Canadian property insurance market’s future trajectory will depend on the interplay between these growth drivers, challenges, and the innovative strategies employed by market players. Recent developments include: P/C Agency Mergers Rise 10% in First Half of 2021 - There were 339 announced property/casualty insurance agency mergers and acquisitions during the first half of 2021, up from 307 in 2020., CMHC Changes Underwriting Practices on Mortgage Loan Insurance - Canada Mortgage and Housing Corp. is easing its underwriting criteria for mortgage loan insurance after changes it made last year were not effective and caused it to lose market share. The federal housing agency said that it returned to considering a gross debt service ratio of up to 39 per cent and a total debt service ratio of up to 44 per cent for borrowers who have a strong history of managing payment obligations. Gross debt service refers to the maximum amount of gross annual income that can be used for home-related expenses like mortgages, heat or condo fees, while total debt service is calculated when these expenses are combined with monthly debt payments owed on items such as credit cards or cars.. Notable trends are: CATASTROPHIC LOSSES.

Market Size statistics on the Property, Casualty and Direct Insurance industry in Canada

Property, casualty (P&C) and direct insurers service individuals and businesses by protecting a variety of artificial and natural events, such as car accidents, severe storms, wildfires, business theft and medical malpractice. The industry has benefited from gradual growth in the number of motor vehicle registrations and corporate profit, enabling operators to charge higher premiums. Moreover, as the Canadian population has grown, aged, urbanized and become progressively wealthier, demand for property, casualty and direct insurance was boosted. However, declines in per capita disposable income have limited demand and limited insurance premiums, hindering revenue. Overall, revenue has declined at a CAGR of 4.0% to $57.9 billion over the past five years to 2025, including an expected increase of 2.9% in 2025 alone. The growth in interest rates and rising investment income boosted industry profit to comprise 8.0% of revenue in the current year. The industry benefits from steady demand due to the essential need and requirement for insurance across most economic assets. Therefore, much of the expansion in industry revenue originates from the growth in written premiums, which have generally increased throughout 2025 due to growing construction costs. Although declines in disposable income limited households demand for insurance and limited the growth in premiums despite households becoming increasingly wealthier. In addition, the industry has encountered demand as the Canadian population has climbed and the value of assets has also jumped. Over the five years to 2030, revenue is expected to grow at a CAGR of 2.7% to $66.1 billion. The industry will likely benefit from increased demand due to an expanding Canadian population and higher premium prices driven by anticipated growth in household wealth and asset values. In addition, technological developments, such as digital platforms for insurance distribution networks, artificial intelligence for efficient premium pricing and information technology systems to improve data accuracy and risk management, are expected to boost industry demand. This will enable property and casualty insurers to decrease operational expenses and improve their profit margin.

In 2023, Canada Travel Insurance Market reached a value of USD 542.9 million, and it is projected to surge to USD 1101.2 million by 2030

Canada General Insurance Market size was valued at around USD 59,981 million in 2024 & is projected to reach USD 87,562 million by 2030, at 6.51% CAGR.

This table contains 37 series, with data for years 1973 - 1990 (not all combinations necessarily have data for all years), and is no longer being released. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada); Revenues and expenses (37 items: Net income;Net income before extraordinary transactions;Net income before taxes;Underwriting gain; ...).

The Report Covers Canadian Health Insurance Companies and the Market is Segmented by Product Type (Private, Public), Term of Coverage (Short, Long), and Channel of Distribution (Brokers/Agents, Banks, Direct Purchases, Companies, Other Channels of Distribution). The Report Offers Market Size and Forecast Values for the Canada Health and Medical Insurance Market in (USD) for the Above Segments.

The Canadian life and non-life insurance market, valued at $114.41 million in 2025, is projected to experience robust growth, driven by a rising aging population necessitating increased life insurance coverage, growing awareness of financial security needs, and a surge in demand for diverse insurance products catering to evolving lifestyles. The market's Compound Annual Growth Rate (CAGR) of 4.67% from 2019 to 2024 suggests a consistently expanding market, forecast to continue this positive trajectory throughout the 2025-2033 forecast period. Key growth drivers include government initiatives promoting financial literacy and insurance penetration, increasing disposable incomes fueling demand for higher coverage, and the burgeoning adoption of digital insurance platforms and technological innovations enhancing customer experience and operational efficiency. The market segmentation likely includes various product categories such as term life insurance, whole life insurance, health insurance, auto insurance, and home insurance, each contributing to the overall market value differently. Competitive forces are shaping the market landscape. Leading players like Intact Financial Corporation, Manulife, Sun Life Financial, and Great-West Lifeco are actively vying for market share through strategic acquisitions, product innovations, and expansion into new geographical areas. While the market is experiencing growth, potential restraints include regulatory changes, economic fluctuations impacting consumer spending, and intense competition resulting in price pressures. However, proactive adaptation to the evolving regulatory environment, and focused investments in technological advancements and customer relationship management are expected to mitigate these challenges and maintain market momentum. The projected growth in the Canadian market presents significant opportunities for both established insurers and emerging players. Recent developments include: January 2024: Manulife and Aeroplan, an Air Canada-owned loyalty program, launched a new multi-year agreement that will allow Manulife Group Benefits members to accrue Aeroplan points for participating in activities and behaviors that promote health and well-being., December 2023: Westland Insurance acquired Gateway Insurance Group, Hutcheson, Reynolds, and Caswell Insurance. With this acquisition, Westland expanded its already robust Property and Casualty (P&C) practice and grew its presence in the strategically important Ontario and Atlantic Canada region., November 2022: StoneRidge Insurance Brokers acquired Safeway Insurance, which offers consumers a wide variety of financial products, including investment alternatives and life insurance, in addition to a huge selection of property and liability insurance products.. Key drivers for this market are: Mandatory Insurance Requirements for Automobiles and Certain Life Insurance Policies, Increased Consumer Spending Capacity and Willingness to Invest in Insurance Products. Potential restraints include: Mandatory Insurance Requirements for Automobiles and Certain Life Insurance Policies, Increased Consumer Spending Capacity and Willingness to Invest in Insurance Products. Notable trends are: Increasing Demand Motor Insurance Driving the Market.

The Report Covers Canadian Home Insurance Companies and it is segmented by Home Insurance Type (Comprehensive, Standard, and Others), and By Channel of Distribution (Independent Advisers, Banks, Company Agents, Online, and Other Channels).

This table contains 87 series, with data for years 1973 - 1990 (not all combinations necessarily have data for all years), and is no longer being released. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada); Financial position (87 items: Total source of financing;Net internal sources of financing;Net income before extraordinary transactions;Add, back expenses requiring no outlay of cash; ...).

The Canadian auto insurance market, currently valued at an estimated $25 billion CAD in 2025 (this figure is a reasonable estimation based on the provided CAGR and considering the size of the Canadian economy and its vehicle ownership), is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 4.40% through 2033. This expansion is fueled by several key factors. Rising vehicle ownership, particularly in urban centers, coupled with increasing vehicle values contribute significantly to the market's expansion. Furthermore, stricter regulations aimed at improving road safety and increasing mandatory insurance coverage are driving demand. The increasing adoption of telematics and usage-based insurance (UBI) programs, offering personalized premiums based on driving behavior, also presents a significant growth opportunity. Competition among major insurers like The Co-operators, Intact Insurance, and Desjardins is intensifying, leading to innovative product offerings and more competitive pricing strategies. However, challenges remain, including fluctuations in economic conditions that impact consumer spending and the rising cost of claims due to factors like increased repair costs for modern vehicles. The market is segmented by policy type (Third-party Liability, Third-party Fire and Theft, Comprehensive) and end-user (Personal and Commercial). The comprehensive insurance segment dominates, reflecting consumers' preference for broader coverage. The commercial segment is also expected to witness substantial growth driven by the increasing number of businesses operating fleets of vehicles. Geographic variations within Canada exist, with larger urban areas exhibiting higher insurance premiums due to increased accident frequency and higher vehicle density. The continued focus on technological advancements, particularly in fraud detection and claims processing, will further shape the market's trajectory, enhancing efficiency and potentially lowering premiums over time. The market's overall positive outlook is reinforced by a growing awareness of the importance of adequate insurance coverage and the increasing reliance on reliable and efficient insurance providers. This comprehensive report provides an in-depth analysis of the Canadian auto insurance market, covering the period 2019-2033. With a focus on key market trends, competitive landscapes, and future growth projections, this report is an essential resource for insurers, investors, and anyone seeking to understand this dynamic sector. The report utilizes data from the base year 2025, with estimations for 2025 and forecasts extending to 2033, incorporating historical data from 2019-2024. The market size is valued in millions. Recent developments include: November 2021: Allstate was raising its auto insurance rates and focusing on increasing returns in that part of its business in response to a decline in net income in the third quarter of 2021., December 2021: Canada's property and casualty (P&C) insurance sector plans to continue to experience robust underwriting performance until 2022, driven by lower auto claims frequency and a favorable pricing market, global credit rating agency DBRS Morningstar predicts. Profitability, however, will also be dictated by the frequency and severity of weather-related events.. Notable trends are: Increase in Number of Vehicles.

Insurers in Canada have experienced steady growth during the current period. Insurers accept liability for annuities and life insurance policies, disability income, accidental death and dismemberment insurance policies while investing the premiums clients receive into various financial securities. The industry has mainly suffered from the adverse economic effects caused by the pandemic, such as volatile interest rates and an increase in the morbidity rate. Revenue dropped at a CAGR of 1.2% to $98.7 billion, including a 1.6% rise in 2024 alone, when profit reached 0.4%. However, growth was limited due to decreased investment income and increased claim payouts stemming from the pandemic, which forced industry operators to pay consumers more while earning less interest on their invested capital. More people are increasingly concerned with retirement planning and preparing for worst-case scenarios. Life insurance and annuities are increasingly demanded to address these risks, whether they are life-altering ailments or the desire to retire earlier than initially planned. These offerings, however, tend to be discretionary purchases. Therefore, demand for life insurance and annuities is also affected by how much money the population has. With the population continuing to age and expand, the industry has great potential to grow as the economy recovers from the pandemic. Throughout 2029, revenue is expected to grow at a CAGR of 1.6% to $106.8 billion. The industry's expansion is expected to be driven by improved macroeconomic conditions, increased per capita disposable income and rising interest rates. Providers are expected to increasingly invest in new cost-cutting technologies that would automate traditional operations and improve the efficiency of analytics, risk management and customer relations. Additionally, operators have been targeting younger consumers via social media platforms to educate them on the importance of insurance. This new way of targeting more clients has made the younger market segment buy more policies than in the past. However, volatility in financial markets threatens revenue and profitability amid global economic growth concerns.