Canada General Insurance Market Size, Trends by Line of Business (Personal, Accident and Health, Liability, Financial Lines, Property, Motor, Marine, Aviation and Transit Insurance, and Miscellaneous), Distribution Channel, Competitive Landscape and Forecast, 2021-2026
Canada General Insurance Market Report Overview
The gross written premium of the Canada general insurance market was CAD73.9 billion ($58.9 billion) in 2021 and is expected to achieve a CAGR of more than 5% during 2021-2026. The Canada general insurance market research report provides in-depth market analysis, information, and insights into the Canadian general insurance segment. It also provides values for key performance indicators such as direct written premium, loss ratio, retail, and commercial split, premium by line of business, and premium accepted and ceded during the review period and forecast period.
The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Canada’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Canada General Insurance Market Outlook
To gain more information about Canada general insurance market forecast, download a free report sample
Canada General Insurance Market Trends
Tribe Property Technologies launched a new digital marketplace that will allow users to find home insurance and other household services more easily. The new Tribe Home – Market feature is accessible through the company’s proprietary Tribe Home platform and is a curated marketplace that lists the best offers for products such as insurance.
Canada’s Ontario province introduced legislation to establish a minimum wage and other rights for gig economy workers, such as drivers for ride-hailing companies. The legislation includes clarity around hours and pay calculations. It also includes protection against dismissal from a digital platform without proper notice or explanation and ensures tips that workers earn remain with them.
Canada General Insurance Market Segmentation by Lines of Business
The key lines of business in the Canada general insurance market are property, motor, liability, financial lines, MAT, non-life PA&H, and general insurance non-categorized. Property insurance had the highest market share in the Canada general insurance market in 2021.
Property Insurance: The commercial property market is seeing modest improvements after challenging market conditions throughout 2021. Renewing a mortgage when interest rates are high will diminish the financial flexibility of some households. Elevated inflation, will impact the purchasing power of households and will negatively impact the property insurance business.
Motor Insurance: Motor premium rates vary widely between Canadian provinces. Some of the provinces stand out for high motor insurance premiums which are mainly attributable to the rise in the number and cost of claims, as well as the related legal costs incurred.
Canada General Insurance Market Analysis, by Lines of Business
For more lines of business insights into the Canada general insurance market, download a free report sample
Canada General Insurance Market - Competitive Landscape
Some of the leading general insurance companies in Canada are Intact Insurance Company, Lloyd’s Underwriters, Aviva Insurance Company Of Canada, Co-operators General Insurance Company, Security National Insurance Company, The Wawanesa Mutual Insurance Company, Certas Home and Auto Insurance Company, Definity Insurance Company, Allstate Insurance Company of Canada, and Northbridge General Insurance Corporation. Intact Insurance Company was the leading general insurer in 2021.
It is an insurance company that provides non-life insurance solutions. Its personal insurance product range includes car, motorcycle, and roadside assistance, among others. It also offers business insurance products, such as property, business assistance, commercial vehicle, and others. Intact Insurance provides claims assistance, management, and settlement services. It distributes its products through insurance brokers.
Canada General Insurance Market Analysis, by Companies
To know more about the leading companies in the Canada general insurance market, download a free report sample
Canada General Insurance Market Report Overview
| Market Size (2021) | CAD73.9 billion ($58.9 billion) |
| CAGR (2021-2026) | >5% |
| Key Lines of Business | Property, Motor, Liability, Financial Lines, MAT, Non-Life PA&H, and General Insurance Non-Categorized |
| Leading Companies | Intact Insurance Company, Lloyd’s Underwriters, Aviva Insurance Company Of Canada, Co-operators General Insurance Company, Security National Insurance Company, The Wawanesa Mutual Insurance Company, Certas Home and Auto Insurance Company, Definity Insurance Company, Allstate Insurance Company of Canada, and Northbridge General Insurance Corporation |
Segments Covered in the Report
Canada General Insurance Market Lines of Business Outlook (Value, CAD Billion, 2017-2026)
- Property Insurance
- Motor Insurance
- Liability Insurance
- Financial Lines Insurance
- MAT Insurance
- Non-Life PA&H Insurance
- General Insurance Non-Categorized
Scope
This report provides a comprehensive analysis of the general insurance segment in Canada –
- It provides historical values for the Canadian general insurance segment for the report’s review period and projected figures for the forecast period.
- It offers a detailed analysis of the key categories in the Canadian general insurance segment and market forecasts.
- It profiles the top general insurance companies in Canada and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Canadian general insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Canadian general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The gross written premium of the Canada general insurance market was CAD73.9 billion ($58.9 billion) in 2021.
The general insurance market in Canada is expected to achieve a CAGR of more than 5% during 2021-2026.
The key lines of business in the Canadian general insurance market are property, motor, liability, financial lines, MAT, non-life PA&H, and general insurance non-categorized.
The leading insurance companies in the Canada general insurance industry are Intact Insurance Company, Lloyd’s Underwriters, Aviva Insurance Company Of Canada, Co-operators General Insurance Company, Security National Insurance Company, The Wawanesa Mutual Insurance Company, Certas Home and Auto Insurance Company, Definity Insurance Company, Allstate Insurance Company of Canada, and Northbridge General Insurance Corporation.
Get in touch to find out about our multi-purchase discounts
reportstore@globaldata.com
Tel +44 (0) 20 7947 2960
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
Still undecided about purchasing this report?
Testimonial
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.