Discover the booming Canadian insurance market! This in-depth analysis reveals key trends, growth drivers (like Insurtech and rising risk awareness), challenges, and leading players (Intact, Aviva, Desjardins, etc.) from 2019-2033. Learn about market size projections, CAGR, and segment breakdowns for property, auto, and other insurance types. 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.

The Canada Life & Non-Life Insurance Market Report is Segmented by Insurance Type (Life Insurance, Non-Life Insurance, Including Motor, Health, Property, Liability, and Other Insurance), Customer Segment (Retail, Corporate), and Distribution Channel (Brokers, Agents, Banks, Direct Sales, Other Channels). The Market Forecasts are Provided in Terms of Value (USD).

Discover the booming Canadian life and non-life insurance market! Explore its $114.41B valuation, 4.67% CAGR, key players like Manulife & Intact Financial, and future growth projections to 2033. Learn about market segments, trends, and challenges in this comprehensive analysis. 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 Canada Motor Insurance Market is Segmented by Coverage Type (Third-Party Liability, Collision, Comprehensive and More), Insurer Ownership (Public, Private), Vehicle Type (Passenger Cars, Commercial Vehicles, and More), Distribution Channel (Agents, Direct, Bancassurance, and More), End-Users (Personal, Fleet and Commercial Lines), and Region. The Market Forecasts are Provided in Terms of Value (USD)

Approximately *** 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 **** billion Canadian dollars in net insurance revenue. Desjardins Group followed behind with **** 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 ***** percent of the market share. Desjardins Group and Aviva Group also had large market shares in that year, *** percent and **** percent respectively. In that year, **** 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.

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 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 health and long-term care coverage, growing awareness of financial security needs, and increasing penetration of insurance products through diverse distribution channels. The market's Compound Annual Growth Rate (CAGR) of 4.67% from 2025 to 2033 indicates a steady expansion, propelled by the expanding middle class, rising disposable incomes, and government initiatives promoting financial inclusion. Increased adoption of digital platforms for insurance sales and customer service further contributes to market expansion. Segmentation analysis reveals significant market share across life insurance (individual and group) and non-life insurance categories (home, motor, health, and others), with a dynamic distribution landscape involving direct sales, agencies, banks, and online platforms. However, challenges remain. Stringent regulatory frameworks, increasing competition among established players and new fintech entrants, and economic uncertainties could potentially moderate growth. Furthermore, claims management efficiency and fraud prevention remain crucial factors impacting profitability. The competitive landscape is characterized by a mix of both domestic and international insurers, including Intact Financial Corporation, Manulife, Sun Life Financial, and Great-West Lifeco, all vying for market share through product innovation and customer acquisition strategies. Strategic partnerships and technological advancements are expected to play a key role in shaping the market’s future trajectory. The forecast period of 2025-2033 offers significant opportunities for both established and new players, demanding agility, adaptation, and a clear understanding of evolving consumer needs and regulatory changes. 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.

This table contains 6 series, with data for years 1982 - 1997 (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 (1 items: Canada ...), Type of sales (6 items: Annualised premium sales; total; Premiums per $1000 insurance; total; Number of policies sold; total; Face amount sales; total ...).

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

This table contains 11 series, with data for years 1968 - 2009 (not all combinations necessarily have data for all years), and was last released on 2010-08-30. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...), Type of benefit and policy (11 items: Total; payments; Death and accidental death claims; Total; under life insurance; Disability benefits; income payments ...).

The Canadian insurance market is projected to be valued at CAD 70 billion in 2024, driven by factors such as increasing consumer awareness and the rising prevalence of industry-specific trends. The market is expected to grow at a CAGR of 3.5%, reaching approximately CAD 100 billion by 2034.

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.

While revenue growth has been positive overall, economic volatility has led to significant fluctuations in revenue for Canadian life insurers and annuity providers in recent years. A sharp drop in GDP during the pandemic initially constrained demand, but generous government aid allowed consumers to keep buying financial products, lifting revenue slightly in 2020. A strong rebound followed in 2021 before high inflation and shrinking disposable incomes triggered a major pullback in 2022. Between 2022 and 2024, aggressive interest rate hikes curbed consumer spending but raised investment income as bond and fixed-income yields surged, driving revenue gains. Recent rate cuts have moderated that growth, creating a slower but steadier recovery path. In response to these demand shifts, larger insurers such as Sun Life and Canada Life have adapted by leveraging diversified portfolios and pursuing mergers and acquisitions to offset unexpected declines in profit and retain scale. Smaller firms, however, face tougher competition and reduced liquidity, prompting them to focus on niche markets and digital innovation. The result is a more consolidated, tech-driven industry still adapting to economic uncertainty and evolving consumer needs. Overall, revenue for life insurers and annuity providers in Canada has expanded at a CAGR of 1.3% over the last five years, reaching CA$116.7 billion in 2025. This includes a 0.8% reduction in revenue in that year. Providers will face a slew of new challenges and opportunities moving forward. In early 2025, the United States imposed sweeping tariffs on imports, prompting Canada to introduce retaliatory measures on US goods. These duties disrupted trade flows, increased consumer prices and operating expenses and reduced export competitiveness. As a result, investment in life insurance and annuities is expected to decline in the short term, with businesses and households delaying major financial commitments amid weaker earnings and rising import costs. Leading insurers could respond through mergers and acquisitions to maintain market share, though higher concentration may limit competition. Over the next five years, however, moderate growth is expected to return as global tariffs are likely to be reduced, reversed or their effects are mitigated with time. Demographic shifts, notably aging consumers and younger households entering higher income brackets, should also rekindle demand, helping the Canadian life insurance and annuity businesses recover and expand steadily. Overall, revenue for Canadian life insurers and annuity sellers is forecast to inch upward at a CAGR of 1.1% in the next five years, reaching CA$123.1 billion in 2030.

The Canada Cyber Liability Insurance Market Report Segments the Industry Into by Insurance Type (Standalone and Packaged), by Organization Size (Small Enterprises, Mid-Sized Enterprises, and More), by Distribution Channel (Brokers / Agents, Direct Sales, and More), by End-Use Industry (Financial Services, Healthcare, and More), and More Segments. The Market Forecasts are Provided in Terms of Value (USD).

Data provided by insurers, on the premiums written and claims incurred for the 2013 fiscal year. Based on reporting on the consolidated pages of the P&C-1 or Life-1 Annual returns. This data is also reported in the Superintendent of Insurance’s Annual Report.

Before the COVID-19 pandemic hit, the Canadian insurance industry was forecast to grow by *** percent between 2020 and 2024. However, this projection was reduced to *** percent in April 2020 in order to take the expected post-COVID-19 economic downturn into account.

This table contains 58 series, with data for years 1990 - 2012 (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); Valuation (2 items: Book value; Market value); Categories (29 items: Total assets; Non-financial assets; Non-residential structures; Machinery and equipment; ...).

In 2022, group life insurance premiums accounted for ** percent of all life insurance premiums in Canada, while individual life insurance premiums made up remaining ** percent. Life insurance premiums are additional benefits that can be added to life insurance products, providing benefits and payment in case of an accidental death, disability, and critical illness.