Property, Casualty and Direct Insurance in Canada - Industry Market Research Report

In capable hands: Higher premium prices will likely benefit industry growth

Property, casualty (P&C) and direct insurers service individuals and businesses by providing protection against a variety of man-made and natural events, such as car accidents, severe storms, wildfires, business theft and medical malpractice. The industry has slightly declined throughout 2023 but has still benefited from gradual growth in per capita disposable income and corporate profit, which have enabled industry operators to charge higher premiums. Moreover, as the Canadian population has grown, aged, urbanized and gotten progressively wealthier, demand was boosted for property, casualty and direct insurance. However, revenue is still expected to decrease at a CAGR of 0.5% to $77.6 billion over the five years to 2023, including a 0.7% rise in 2023, when profit is set to reach 3.2%. This rise in 2023 can be mainly attributed to a recovering economy after the pandemic and rising interest rates. However, the industry's profit margin is still forecast to decrease in 2023 as consumer activity increases, resulting in more claim payouts.

Companies in this industry are engaged in underwriting insurance policies that protect individuals, businesses and agencies against losses that occur as a result of property damage, liability or other risks. Additionally, companies in this industry provide reinsurance service, assuming all or part of the risk associated with existing insurance policies. This industry does not include insurance or reinsurance coverage for life, disability, accidental death, dismemberment or health risks.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.