Canada General Insurance Market Expected to be Around USD87,562 Million by 2030

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The Canada General Insurance Market size was valued at around USD59,981 million in 2024 and is projected to reach USD87,562 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.51% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. The growth is driven by several factors, including increasing risks of natural calamities frequency, rising cyberattacks, mandatory and promotional policies and incentives by the governments, rapid adoption of advanced technologies in general insurance policies such as integration of artificial intelligence and data analysis which has increased automation, high demand for home insurance, etc.

The high frequency of catastrophic events has already resulted in a substantial amount of losses in the country, which has increased the demand to protect their properties and health in advance by applying investments for future protection. Additionally, the increasing cyberattacks in the country have created concerns among the citizens and encouraged them to take cyber insurance to protect the delicate personal information of individuals, thus contributing to the market growth.

Also, the government’s efforts, such as insurance policy renewals, low-cost premiums, insurance literacy campaigns, etc., are creating more awareness among individuals to invest in their future benefits related to insurance. It is leading to the potential market growth. Moreover, the adoption of artificial intelligence has reduced manual tasks by increasing automation, and technological advancements have led to high convenience in the insurance procedures. As a result, more than 75% of insurance providers are realizing the necessity of AI in the market, thus shaping the positive market growth.

However, challenges such as the high premium costs due to high infrastructural damage & natural disasters, and high data breaches in the country are hindering the market’s growth, further states the research report, “Canada General Insurance Market Analysis, 2025.”

Canada General Insurance Market Segmentation Analysis

Home Insurance Type in High Demand

Based on the insurance type, the market is further bifurcated into Home, Motor, Health, and Others. Out of these, the home insurance segment holds the largest market share of more than 40%. The increasing frequency of natural disasters in the country contributes to the high demand for property protection. As a result, general insurance has gained popularity within the country. Additionally, the rising property rate is contributing to the growth of the market as it allows future financial protection to the proprietor in case of damage to the property.

Also, to protect the losses, lenders ask for home insurance before approving the mortgage in Canada, so citizens have to take home insurance to protect their property, thus increasing the size & volume of the general insurance industry in Canada.

Individual Customers are the Primary End-Users of the Market

Based on the End User, Individual Customers are dominating the Canada General Insurance Market. This segment is rapidly growing due to the wide variety of insurance for individual customers, such as the insurance of property, health, vehicles, etc. Additionally, technological innovations, including the use of Artificial Intelligence and data analysis, have increased the automation in the issuance of general insurance to every type of individual for their convenience and provided accessibility. Also, the Canadian government incentives motivate individuals by providing tax benefits to plan for future undesirable circumstances such as property loss due to natural disasters.

Moreover, the insurance companies are providing personalized insurance facilities to the customers, some lenders provide fully customized loans according to the banking history of the individual, which is more convenient to the customer, thus contributing to the market’s growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including TD Insurance, Intact Financial Corporation, Aviva Canada, The Co-operators, Wawanesa Mutual Insurance, Definity Financial, Northbridge Financial, Allstate Canada, Chubb Canada, Zurich Canada, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from service providers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?