Intact tops 2023 Canadian property and casualty insurers with C$11B in revenue

Intact Insurance Co. was the largest Canadian property and casualty insurer in 2023 with C$11.15 billion in insurance revenue, according to an S&P Global Market Intelligence analysis.

Lloyd's Underwriters was the second-largest group of insurers with C$6.27 billion in revenue, followed closely by Aviva Insurance Company of Canada with $5.86 billion.

Twelve of the 15 largest insurers in Canada posted insurance revenue of less than C$5 billion.

Combined ratios

With a combined ratio of 96.6%, Allstate Insurance Co. of Canada Inc. had the highest combined ratio among the 15 largest Canadian insurers, followed by The Dominion of Canada General Insurance Co. with a combined ratio of 95.8%.

AIG Insurance Co. of Canada posted the lowest at 46.8%, while the Canadian operations of Lloyd's, Chubb and Zurich were notably low in the 60% range.

Property

Intact and Lloyd's were also the largest property insurers in Canada in 2023, with their respective property businesses bringing in C$4.64 billion and C$2.27 billion, respectively.

With a combined ratio of 93.8%, Dominion had the highest ratio among property insurers in 2023, followed by Intact with 90.2% and Economical Insurance Group Ltd. with 89.4%.

AIG again had the lowest combined ratio among property insurers, totaling 33.9%, followed by Factory Mutual Insurance Co. with 46.0%.

Auto

Intact was also the largest Canadian auto insurer with C$5.01 billion in revenue during 2023. Intact was followed by Economical Insurance Group with C$2.08 billion, Co-operators General Insurance Co. with C$2.02 billion and Allstate of Canada with C$1.95 billion.

Among the 15 largest Canadian auto insurers in 2023, Echelon Insurance had one of the smallest revenue total at C$480 million but one of the highest combined ratios at 99%, behind only Gore Mutual and Traders General, which had combined ratios of 104% and 100.7%, respectively.

Aviva General Insurance and Allstate Insurance were hot on the heels of Echelon, with combined ratios of 98.6% and 98.1%, respectively.

– Learn more about recent enhancements to our Canadian insurance financial data on Capital IQ pro: – Canadian Insurance - P&C Market Share Summary - Provides market share by line of business and province for Canadian & foreign P&C companies using IFRS 17 disclosures. – Canadian Insurance - P&C Peer Comps and Financials - Provides peer comparison of Canadian P&C companies with 10 peers based on IFRS 17 disclosures and Core Financial Statements for the company or the industry.

Liability

Meanwhile, Lloyd's was the largest liability insurer in Canada during 2023, with C$2.80 billion in insurance revenue.

Intact was second largest with C$1.02 billion in revenue and was the only other liability insurer in Canada to cross the C$1 billion threshold for liability revenue in 2023.

XL Specialty Insurance Co. (Canadian Branch) had the highest combined ratio among the 15 largest liability insurers in Canada, totaling 94.9%, followed by Aviva with 84.9% and Co-Operators General with 71.1%.

Industry breakdown

Property is the largest line of business for the insurance industry in Canada, followed closely by automobile insurance, according to an S&P Global Market Intelligence analysis.

Property insurance represented C$27.27 billion in Canadian dollar revenue in 2023, while auto insurance accounted for C$23.54 billion. The two industry behemoths are followed more distantly by liability with C$11.35 billion, accident and sickness with C$1.91 billion, surety with C$1.00 billion and all others representing C$3.09 billion.

Although generating a smaller revenue figure than property insurance, automobile insurance has the highest combined ratio in Canada, totaling 92%, followed by accident and sickness with 86.9% and then property with 77.5%.