Property & casualty insurance in Canada - statistics & facts
Property and casualty insurance is a type of insurance that protects against property loss and/or legal liability resulting from injury or damage to the property of others. In Canada, some of the leading property and casualty insurance companies include: Intact Group, Aviva Group, Desjardins Group, Lloyd Underwriters, and Co-operators Group. Property and casualty insurance typically cover both commercial and privately owned properties.
Two prominent examples of insurance policies that typically offer property and casualty coverage are car insurance and homeowners insurance. As of 2018, total auto insurance net claims in Canada were over twice that of both personal and commercial property insurance lines. In 2019, Quebec had the highest home insurance satisfaction rating in Canada. Other property and casualty insurance policies available in Canada include: renters insurance, landlord insurance, insurance for power sports equipment, flood and windstorm insurance as well as umbrella liability policies that protect assets of the insured in case they get sued.
Net premiums for property insurance in Canada have risen significantly over the last decades, both for commercial property as well as for personal property, which had net premiums rising exponentially from around three billion Canadian dollar in the early nineties to over 12 billion Canadian dollars by 2018. In that same year, net claims incurred by property and casualty insurance companies in Canada amounted to approximately 35 billion Canadian dollars.
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