In Canada, the largest insurance company in terms of total assets in 2017 was Manulife Financials with 720.68 million Canadian dollars. Intact Group held the largest market share of the property and casualty insurance in 2016 with 15.78 percent of direct premiums written in the Canadian market. The return on investment of property and casualty insurers has fallen since 1990. In 1993, the return on investments was 10.7%, whereas it was only 2.7% in 2016.
Home insurance isn’t legally required, but most homeowners invest in it because it prevents having to pay all the costs of home repairs or replacement of items after a fire, robbery, flooding etc. In Ontario, the average monthly insurance cost for houses worth between 700k and 1500k Canadian dollars was 117 Canadian dollars in 2016. In 2016, net premiums written for home insurance amounted to 10.8 billion Canadian dollars.
Auto insurance is required for all drivers, which is the reason for its popularity over other types of insurance. In 2016, auto insurance accounted for 42.4% of all direct premiums written in Canada and the value of direct auto insurance premiums amounted to 22.65 billion Canadian dollars.