Car insurance typically entails the provision of financial protection against physical damage, bodily injury, or other related liability that results from traffic collisions. It can also be used to cover other types of road vehicles such as trucks and motorcycles. In Canada, the auto insurance generates the highest value of net premiums among insurance sectors and accounts for more than 40 percent of the market share of the country’s insurance industry. The total net premiums written for auto insurance across Canada amounted to almost 24 billion Canadian dollars in 2018 alone.
A public auto insurance system is operated in several Canadian provinces—British Columbia, Saskatchewan, Manitoba and Quebec—while car insurance is privately provided in the rest of the country. Some of the biggest names in Canada’s auto insurance industry—and also among some of the leading insurance companies in Canada—include: Intact Financial, TD Insurance, Desjardins and The Co-operators Group. The net claims incurred by the Canadian auto insurance industry in 2018 amounted to approximately 17 billion Canadian dollars.
Basic car insurance is mandatory throughout Canada with each province determining the type of benefits for minimum required auto insurance coverage and benefit options available for additional coverage such as protection against theft of the vehicle and damage from things other than in traffic collisions. The number of fatalities caused by road traffic collisions in Canada was reported to be at around 1,840 as of 2017.
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