CANADA PROPERTY AND CASUALTY INSURANCE INDUSTRY SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 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.

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