Property Insurance - Canada | Statista Market Forecast

The Property Insurance market market in Canada is expected to witness significant growth in the coming years.
By 2024, the market size, measured by the gross written premium, is projected to reach a staggering US$17.38bn.
This indicates a strong demand for Property Insurance market among Canadians.
Furthermore, the average spending per capita in the Property Insurance market market is estimated to be US$444.50 in 2024.
This highlights the importance of Property Insurance market as a means of protecting individuals and their assets.
Looking ahead, the Property Insurance market market is anticipated to experience a steady annual growth rate of 1.37% between 2024 and 2029.
This growth trajectory is expected to result in a market volume of US$18.61bn by 2029, further solidifying the significance of Property Insurance market in Canada.
When comparing the global landscape, it is worth noting that the United States is projected to generate the highest gross written premium in the Property Insurance market market.
In 2024, the United States is expected to reach a remarkable US$240.4bn, affirming its position as a major player in the industry.
In conclusion, the Property Insurance market market in Canada is poised for substantial growth, with increasing market size and per capita spending.
This emphasizes the importance of Property Insurance market in safeguarding assets and providing financial protection for individuals and businesses in the country.
The demand for property insurance in Canada is steadily increasing due to rising property prices and a growing concern for natural disasters.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Canada has been experiencing significant growth and development in recent years. Customer preferences in the Canadian Property Insurance market have been shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking policies that not only cover damages to their properties, but also offer additional benefits such as liability protection and coverage for natural disasters. This trend is driven by the desire for greater peace of mind and financial security in the face of unpredictable events. Trends in the Canadian Property Insurance market indicate a growing focus on innovation and technology. Insurers are leveraging data analytics, artificial intelligence, and digital platforms to streamline processes, enhance customer experience, and assess risks more accurately. This trend is not only improving operational efficiency within the industry but also enabling insurers to offer more personalized products and services to meet the evolving needs of customers. Local special circumstances in Canada, such as the increasing frequency and severity of natural disasters like floods, wildfires, and storms, have had a significant impact on the Property Insurance market. Insurers are facing challenges in assessing and pricing risks in the face of climate change-related events, leading to adjustments in underwriting practices and policy offerings. Additionally, regulatory changes and government initiatives aimed at enhancing disaster resilience and preparedness are influencing the dynamics of the market. Underlying macroeconomic factors, such as low interest rates and a stable real estate market, are also shaping the development of the Property Insurance market in Canada. Low interest rates are affecting insurers' investment returns and profitability, prompting them to seek alternative revenue sources and adjust pricing strategies. The stability of the real estate market is influencing the demand for property insurance, as homeowners and businesses seek to protect their valuable assets in a relatively secure economic environment.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.