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17 Jun, 2024
By Kris Elaine Figuracion and Tyler Hammel
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.
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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%.