Canada Property and Casualty Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Canada Property and Casualty Insurance Market is segmented by Insurance Type (Home, Motor, and Other Insurance Types) and Distribution Channel (Direct, Agents, Banks, and Other Distribution Channels)

Canada Property & Casualty Insurance Industry Overview

Property and casualty insurance market size
Study Period: 2019 - 2028
CAGR: > 4 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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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 Industry Segments

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).

Insurance Type
Property
Auto
Other Insurance Types
Distribution Channel
Direct
Agents
Banks
Other Distribution Channels

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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.

Property and casualty insurance market trends

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%.

Property and casualty insurance market analysis

Canada Property & Casualty Insurance Market Competitor Analysis

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 Top Players

  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

Intact Group, Aviva Group, Desjardins Group, Co-operators Group, TD Insurance Group.

Canada Property & Casualty Insurance Market Recent Developments

· 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.

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

      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

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Canada Property & Casualty Insurance Market Research FAQs

The Property and Casualty Insurance Market is studied from 2019 - 2028.

The Property and Casualty Insurance Market is growing at a CAGR of >4% over the next 5 years.

Intact Group, Aviva Group, Desjardins Group, Co-operators Group, TD Insurance Group are the major companies operating in Property and Casualty Insurance Market.

Property and Casualty Insurance Industry Reports

In-depth industry statistics and market share insights of the Property and Casualty Insurance sector for 2020, 2021, and 2022. The Property and Casualty Insurance research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Property and Casualty Insurance report PDF.

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