Market Size of Canada Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Motor Insurance Market Analysis
The Canadian motor insurance market is expected to register a CAGR of more than 4.4% over the forecast period, 2022-2027.
- Motor insurance protects the owner of the vehicle against damages to the vehicle and pays for any liabilities owed by the vehicle owner as per law. The owner of the vehicle is legally liable for any injury or damage to life or property caused by the use of the insured vehicle.
- Motor insurance premiums grew from INR 15,343 crore in FY10 to INR 67,764.7 crore in FY21 at a compound annual growth rate (CAGR) of 14.5% as motor vehicles on the road have doubled over the last six years, and third-party insurance (TPI) has been made mandatory.
- Motor insurance market dynamics are increasingly shifting toward a digital ecosystem based on mutual partnerships, Internet of Things (IoT), and Big Data analytics, reshaping the global auto insurance industry.
