Insurance industry in Canada - Statistics & Facts

Insurance offers coverage to individuals or companies in the case of a loss being suffered in the future, e.g. damage after a car crash, items stolen from home etc. There are two main categories of insurance: life insurance and non-life insurance. Life insurance means that a specific beneficiary will receive a lump sum in the event of the policyholder’s death or terminal illness, whereas non-life insurance covers all other branches of insurance, including car insurance, property & casualty insurance and homeowner insurance.

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 2017 with 15.46 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 three percent in 2017.

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 2017, net premiums written for home insurance amounted to 11 billion Canadian dollars.

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