Press release
Canada General Insurance Market to Reach USD 87.56 Billion by 2030 | CAGR 6.51% Forecast (2025-30)
The Canada General Insurance Market is anticipated to grow steadily during the forecast period [2025-2030], with a base year of [2024]. This growth is driven by evolving technologies, changing consumer preferences, and expanding applications across various industries.
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• Market Size, Share, and Forecasting
• Segment-Level Insights
• Actionable Recommendations for Strategy Development
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What's Driving Canada General Insurance Market Growth?
Rising Awareness About the Losses Due to Catastrophic Events - The rising frequency of natural disasters such as hurricanes, floods, wildfires, storms, etc. has caused substantial losses and raised awareness among the citizens of the country to protect their legacy, health, and property. It has increased the demand for general insurance in Canada. As per the Insurance Bureau of Canada (IBC) (2022), the Derecho storm caused more than USD675 million of losses to the areas of Ontario and Quebec in Canada. Additionally, the drastic events of flooding in Nova Scotia in 2023 have caused about USD170 million in infrastructural damage.
Moreover, there were two more disastrous events reported by IBC in 2023, called Hurricane Fiona and Alberta Wildfires, which had about USD580 million and USD640 million in insured damages, respectively. These events have encouraged customers to adopt insurance policies for financial protection.
Canada General Insurance Market Size, Share & Revenue
The size of Canada General Insurance market was valued at USD 59,981 Million in 2024, and it and is projected to reach USD 87,562 Million by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.51% during the forecast period 2025-2030.
Time Frame Covered in the Report:
• Historical Years: [2020-2023]
• Base Year: [2024]
• Forecast Period: [2025-2030]
Key Players in the Canada General Insurance Market
Prominent Canada General Insurance companies contributing to market development include:
• TD Insurance
• Intact Financial Corporation
• Aviva Canada
• The Co-operators
• Wawanesa Mutual Insurance
• Definity Financial
• Northbridge Financial
• Allstate Canada
• Chubb Canada
• Zurich Canada
• Others
These players are investing in innovation, expanding their geographical footprint, and adapting to dynamic market needs.
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Canada General Insurance Industry Segment and Geographical Breakdown
By Insurance Type
> Home (accounting for more than 40% market share)
> Motor
> Health
> Others
By Distribution Channel
> Direct
> Agency
> Banks
> Online
> Others
By End User
> Individual Customers (holds the largest market share of more than 55%)
> Commercial and Industrial
By Region
> North
> East
> West
> South
Growth Challenge in the Canada General Insurance Market:
High Cost for Insurance Premiums and Lesser Benefits - The cost of insurance premiums is continuously rising due to various factors such as frequent natural disasters, fluctuating inflation rates, high risks of cyber threats, etc.
Cyberattacks have increased the prices of insurance premiums in the country; therefore, the budget-conscious population now has limited access to general insurance. As per ICB (2023), the price for cyber insurance has increased by 3000% over the past 8 years since 2015, with almost USD20 million to more than USD545 million in insurance cost in 2023.
A larger number of Canadian citizens are unable to get general insurance due to high prices. As per CAFII (2024), more than 45% of Canadians admitted that they cannot afford high-premium insurance. Other than these individuals, some of them are unaware of insurance policies. Therefore, a cumulative 80% of the citizens are uninsured in the country as of 2024. It is restraining Canada's general insurance market growth.
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Table of Contents: Canada General Insurance
• Table 1: Canada General Insurance Market Size & Analysis
• Table 2: Market Revenues (USD Million)
• Table 3: Market Share & Analysis by Insurance Type
• Table 4: Home Insurance Market Size & Forecast 2020-2030 (USD Million)
• Table 5: Motor Insurance Market Size & Forecast 2020-2030 (USD Million)
• Table 6: Health Insurance Market Size & Forecast 2020-2030 (USD Million)
• Table 7: Others Insurance Market Size & Forecast 2020-2030 (USD Million)
• Table 8: Market Share & Analysis by Distribution Channel
• Table 9: Direct Insurance Market Size & Forecast 2020-2030 (USD Million)
• Table 10: Agency Insurance Market Size & Forecast 2020-2030 (USD Million)
• Table 11: Banks Insurance Market Size & Forecast 2020-2030 (USD Million)
• Table 12: Online Insurance Market Size & Forecast 2020-2030 (USD Million)
• Table 13: Individual Customers Market Size & Forecast 2020-2030 (USD Million)
• Table 14: Commercial and Industrial Market Size & Forecast 2020-2030 (USD Million)
• Table 15: Competitive Outlook
• Table 16: Company Profiles Overview
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