Insurance

These Are The Top 10 Property/Casualty Insurance Companies In Canada

These are the top 10 property/casualty insurance companies in Canada

The nation’s top 10 property/casualty insurance companies claimed two-thirds of the total market and wrote around $45.6 billion in premiums in 2020, according to global credit rating agency AM Best.

Intact Group was once again the largest property/casualty insurance company in Canada, representing 14.3% of the market and writing $10.3 billion in direct premiums – $4.6 billion more than its nearest competitor, Desjardins Group ($5.7 billion).

The Quebec-headquartered firm dislodged Aviva Group from second place in the rankings although it recorded a slight decrease in market share, by 0.5%. Overall, the top three insurers saw a marginal decrease in market share in 2020, controlling about 30% of the industry compared to almost 32% of the market share the year prior.

In total, the Canadian property/casualty insurance industry wrote $71.9 billion in premiums in 2020, with the top 10 insurers contributing about $45.6 billion to that total. As the Canadian market has grown, almost all the top 10 insurers listed below have reported premium growth. RSA Group’s premium was almost the same as the year prior.

The ranking also registered very few movements from the previous year. Lloyd’s Underwriters CAB swapped places with Co-operators Group, regaining the fourth spot it had in 2019 before dropping to sixth place last year. Despite a slight rise in premium, Co-operators missed out on a spot in the top five.

The 10 biggest property/casualty insurance groups by direct premiums written and market share, according to AM Best, are:

The 10 biggest property/casualty insurance groups by direct premiums written and market share, according to the IBC’s latest data, are:

1. Intact Group

Direct Premiums Written: $10.3 billion
Market Share: 14.3%

2. Desjardins Group

Direct Premiums Written: $5.7 billion
Market Share: 8.0%

3. Aviva Group

Direct Premiums Written: $5.6 billion
Market Share: 7.8%

4. Lloyd’s Underwriters CAB

Direct Premiums Written: $4 billion
Market Share: 5.6%

5. Wawanesa Mutual Insurance Company

Direct Premiums Written: $4 billion
Market Share: 5.5%

=6. Co-operators Group

Direct Premiums Written: $3.9 billion
Market Share: 5.4%

=6. TD Insurance Group

Direct Premiums Written: $3.9 billion
Market Share: 5.4%

8. RSA Group

Direct Premiums Written: $3.1 billion
Market Share: 4.3%

9. Economical Group

Direct Premiums Written: $2.8 billion
Market Share: 3.9%

10. Northbridge Group

Direct Premiums Written: $2.3 billion
Market Share: 3.2%

All other carriers represented $26.3 billion in written premium and 36.5% of the total market share, up from $4.1 billion in 2019.

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