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Property, Casualty and Direct Insurance in Canada Industry Data and Analysis
Over the past five years, Canadian property, casualty and direct insurers have faced sluggish revenue growth as macro headwinds and substitutes undercut demand. Record inflation in 2022 squeezed household and business budgets, depressing purchases of cars, homes and other insurable assets, while later rate hikes stirred recession fears and softened demand again in 2024. At the same time, more consumers are opting to self-insure smaller risks through savings and investment portfolios, eroding appetite for traditional policies. Despite these challenges, a hardening pricing cycle and stronger investment income from higher interest rates and equity gains have partially offset weak premium growth, supporting profit. However, new US-led tariffs and Canadian retaliation have further cooled growth by discouraging investment and big-ticket spending, keeping overall revenue growth muted and pressuring operating income.
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What's included in this industry analysis
IBISWorld's research coverage on the Property, Casualty and Direct Insurance industry in Canada includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released March 2026.
About this industry
What's this industry report about?
The Property, Casualty and Direct Insurance industry in Canada operates under the NAICS industry code 52412CA. Companies in this space are engaged in underwriting insurance policies that protect individuals, businesses and agencies against losses that occur as a result of property damage, liability or other risks. Additionally, Canadian property, casualty and direct insurers provide reinsurance services, assuming all or part of the risk associated with existing insurance policies. Related terms covered in the Property, Casualty and Direct Insurance industry in Canada include underwriting, title insurance and capacity.
What's included in this industry?
Products and services covered in Property, Casualty and Direct Insurance industry in Canada include Personal and commercial auto insurance, Commercial property insurance and Personal property insurance.
What companies are included in this industry?
Companies covered in the Property, Casualty and Direct Insurance industry in Canada include Intact Financial Corporation, Aviva Canada Inc. and Desjardins Group.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Property, Casualty and Direct Insurance industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Property, Casualty and Direct Insurance industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Property, Casualty and Direct Insurance industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Property, Casualty and Direct Insurance industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Property, Casualty and Direct Insurance industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Property, Casualty and Direct Insurance industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Property, Casualty and Direct Insurance industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Property, Casualty and Direct Insurance industry in Canada.
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Frequently Asked Questions
What is the market size of the Property, Casualty and Direct Insurance industry in Canada in 2026?
The market size of the Property, Casualty and Direct Insurance industry in Canada is $52.8bn in 2026.
How many businesses are there in the Property, Casualty and Direct Insurance industry in Canada in 2026?
There are 601 businesses in the Property, Casualty and Direct Insurance industry in Canada, which has declined at a CAGR of 0.5 % between 2021 and 2026.
How may import tariffs affect the Property, Casualty and Direct Insurance industry in Canada?
The Property, Casualty and Direct Insurance industry in Canada is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Property, Casualty and Direct Insurance industry in Canada?
The Property, Casualty and Direct Insurance industry in Canada is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Property, Casualty and Direct Insurance industry in Canada grown or declined over the past 5 years?
The market size of the Property, Casualty and Direct Insurance industry in Canada has been declining at a CAGR of 1.6 % between 2021 and 2026.
What is the forecast growth of the Property, Casualty and Direct Insurance industry in Canada over the next 5 years?
Over the next five years, the Property, Casualty and Direct Insurance industry in Canada is expected to grow.
What are the biggest companies in the Property, Casualty and Direct Insurance industry in Canada?
The biggest companies operating in the Property, Casualty and Direct Insurance industry in Canada are Intact Financial Corporation, Aviva Canada Inc. and Desjardins Group
What does the Property, Casualty and Direct Insurance industry in Canada include?
Directly underwriting private automobile insurance and Directly underwriting personal property insurance are part of the Property, Casualty and Direct Insurance industry in Canada.
Which companies have the highest market share in the Property, Casualty and Direct Insurance industry in Canada?
The company holding the most market share in the Property, Casualty and Direct Insurance industry in Canada is Intact Financial Corporation.
How competitive is the Property, Casualty and Direct Insurance industry in Canada?
The level of competition is high and steady in the Property, Casualty and Direct Insurance industry in Canada.
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