Market Size of Property and Casualty Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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 Segmentation
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 |
Property and Casualty Insurance Market Size Summary
The Canadian property and casualty insurance industry is a significant sector within the country's financial services landscape, characterized by a diverse range of offerings including automobile, personal property, commercial property, and liability insurance. The industry is marked by a high level of competition, with numerous private insurers operating alongside government-owned entities in certain provinces. The auto insurance segment, mandated by law across Canada, represents a substantial portion of the market, with private and government insurers sharing the responsibility of providing coverage. The industry has seen a shift towards the adoption of advanced technologies such as artificial intelligence and machine learning, which are being utilized to enhance risk assessment, fraud detection, and customer experience. This technological integration is part of a broader trend towards digitization, with telematics, mobile applications, and web portals becoming increasingly prevalent for claims processing and customer interaction.
The market is consolidated, with major players like Intact Group, Aviva Group, Desjardins Group, Co-operators Group, and TD Insurance Group dominating the landscape. The industry has experienced growth in net written premiums, driven largely by the auto insurance sector, which continues to be a primary revenue source. The market dynamics are influenced by regulatory changes and technological advancements, with the potential introduction of fully automated vehicles prompting anticipated shifts in auto insurance policies. Recent developments, such as Accelerant Holdings' entry into the Canadian market, highlight ongoing strategic movements within the industry, including acquisitions and partnerships aimed at expanding market presence and enhancing service offerings. The forecast period suggests continued growth, supported by the industry's robust capital base and evolving market strategies.
Property and Casualty Insurance Market Size - Table of Contents
-
1. MARKET INSIGHTS AND DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
1.5 Impact of COVID-19 on Industry
-
-
2. MARKET SEGMENTATION
-
2.1 Insurance Type
-
2.1.1 Property
-
2.1.2 Auto
-
2.1.3 Other Insurance Types
-
-
2.2 Distribution Channel
-
2.2.1 Direct
-
2.2.2 Agents
-
2.2.3 Banks
-
2.2.4 Other Distribution Channels
-
-
Property and Casualty Insurance Market Size FAQs
What is the current Property and Casualty Insurance Market size?
The Property and Casualty Insurance Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Property and Casualty Insurance Market?
Intact Group, Aviva Group, Desjardins Group, Co-operators Group and TD Insurance Group are the major companies operating in the Property and Casualty Insurance Market.
