Canada General Insurance Market Research Report: Forecast (2025-2030)

Market Definition

General insurance refers to future financial protection for losses in health, business, property, liability, travel, etc. It is valid while the individual is alive, unlike life insurance, which is usable only after the individual's death.

Market Insights & Analysis: Canada General Insurance Market (2025-30):

The Canada General Insurance Market size was valued at around USD 59,981 million in 2024 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, i.e., 2025-30. The factors contributing to the market’s growth are the strong concerns regarding property and health protection due to catastrophic damages, the rising government incentives to promote the adoption of general insurance, rising personalization offerings in insurance policies, frequent cyberattacks, and the integration of Artificial Intelligence.

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Moreover, the growth is driven by the catastrophic damages in the country, which leads to rising concerns regarding property & health protection, as these events have resulted in a substantial amount of losses, thus increasing the market demand. Additionally, cyberattacks are continuously growing in the country, which is creating a robust demand to save data or to recover the losses caused by cyberattacks. It is leading to a high requirement for insurance, such as cyber insurance. For instance, as per Counseo (2022), Canada has witnessed nearly 7500 cyberattacks.

Also, the Canadian government is actively encouraging general insurance in the country by drafting various policies and regulations, such as Mandatory Auto Laws to promote auto drivers for general insurance, the Personal Information Protection and Electronic Documents Act (PIPEDA) to encourage digital insurance for cybersecurity, etc. thus contributing to the potential market growth. Moreover, the integration of Artificial Intelligence in insurance companies to provide more flexibility, accessibility, and convenience to customers is positively shaping the market’s growth. However, due to various factors such as rising catastrophic events, increased cyber threats and breaches, etc. are leading to high costs for insurance premiums, thus hindering the market’s growth.

Canada General Insurance Market Driver:

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 Opportunity:

Government Incentives to Increase Insurance Accessibility in Canada – The Canadian government is actively promoting the adoption of general insurance by investing in various programs and infrastructural development to resolve the damages due to natural disasters in the country. IBC, in partnership with the government, was planning to launch a National Flood Insurance Program in 2024 that aimed to help over 1.5 million households who are at high risk of flood by providing access to affordable insurance. Additionally, the Disaster Financial Assistance Arrangements (DFAA) Program (2025) provides funds to the territorial and provincial governments to recover the damage caused by catastrophic events in the country, thus encouraging Canadians to take personal insurance for the protection of their finances to overcome disastrous losses more effectively.

Canada General Insurance Market Challenge:

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.

Canada General Insurance Market Trend:

Increasing Integration of Artificial Intelligence by Insurance Companies – The rapid adoption of AI-driven technologies by insurance companies has innovated Insure-tech in the insurance industry, shaping the general insurance market growth in Canada. The AI integration is leading to high automation and accessibility to customers willing to take general insurance. Additionally, automation helps lower operational costs as it reduces manual customer services, claims management, etc. Several Canada-based companies, such as Sonnet Insurance, Trov, Coveo, Zensurance, Onlia, etc., are providing Insure-Tech facilities to improve general insurance facilities with improved efficiency and transparency for customer satisfaction.

As per Definity Corporation (2024), the company has significantly invested a substantial amount of funds in data analytics and generative AI in the Sonnet Insurance company to increase customer experiences and accessibility. Also, the company has launched the SME Fast Path System to help small-business Enterprises get digital insurance easily, contributing to over 33% adoption by SME customers in 2024. Thus increasing the market’s growth.

Canada General Insurance Market (2025-30): Segmentation Analysis

The Canada General Insurance Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2025–2030 at the national level. Based on the analysis, the market has been further classified as:

Based on Insurance Type:

• Home
• Motor
• Health
• Others

Among these, the Home segment is dominating the Canada General Insurance Market, accounting for more than 40% market share. The contributing factors related to the market’s growth are the rising concerns about protecting property due to increased infrastructural damage caused by natural disasters.

Additionally, the rate of properties is substantially growing, which is leading to a high demand for residents to increase financial protection for saving property for the future, thus creating a high demand for general insurance. As per S&P Global (2023), the economic revenue generated by the country from just the top three Property & casualty insurer companies, such as Intact Insurance Co, Lloyd's Underwriters, and Aviva Insurance, was nearly USD 15.75 billion. Moreover, natural disasters are creating a substantial amount of property damage of about USD7.5 million to property, including houses, thus increasing the concerns to protect their properties and cover the losses caused by property damage. It is leading to a high demand for general insurance in Canada.

Based on End User:

• Individual Customers
• Commercial and Industrial

Between the two, the Individual Customers segment holds the largest market share of more than 55%. The growth is driven by the wide variety of insurance, such as health, motor, property, etc., as compared to the industrial and commercial sectors, which can access only limited types of insurance, including property and cyber insurance.

Additionally, Canada is offering personalized insurance to Canadians, increasing the demand by individual customers. For example, companies like Sonnet provide discounts on personal insurance according to the driving skills of the customers with various customizable health policies, adding benefits to the customers’ purchases. Moreover, technological advancements such as insure-tech are providing more accessibility and simplicity in the insurance procedures for Canadian citizens, thus contributing to the increased growth of the market.

Canada General Insurance Industry Recent Development:

• 2023: Northbridge Financial has launched a new platform called Broker Connectivity Platform to provide facilities to Small Enterprises for easy access to the data regarding contracting and retail services in their systems.
• 2023: Chubb Canada was selected to provide insurance for the education savings program in collaboration with Children’s Education Funds Inc. (CEFI).

Gain a Competitive Edge with Our Canada General Insurance Market Report

1. Canada General Insurance Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Canada General Insurance Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

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