Canadian insurers posted fresh pressure and promise in 2022, with auto claims payouts rising 6.3% to CAD 15.4 billion while property claims climbed 8% to CAD 18.2 billion. At the same time, the life side kept paying out CAD 24.1 billion in death and other benefits and the market backed it with CAD 85.2 billion in life and health premiums. Put together with employment of 285,000 full time equivalents in 2022 and a 92% auto penetration rate among households in 2023, the contrast is sharp enough to make you want to look at how every segment is moving.
Key Takeaways
- Total P&C incurred claims were CAD 52.7 billion in 2022.
- Auto claims payouts increased 6.3% to CAD 15.4 billion in 2022.
- Property claims in P&C totaled CAD 18.2 billion, up 8% in 2022.
- Total Canadian insurance employment was 285,000 full-time equivalents in 2022.
- P&C sector employed 120,000 workers in 2023.
- Life and health insurers had 165,000 employees as of 2022.
- In 2022, the Canadian property and casualty insurance industry reported total net premiums written of $68.4 billion, a 5.2% increase from 2021.
- The Canadian insurance market size was valued at approximately CAD 180 billion in direct written premiums in 2023.
- From 2018 to 2022, the Canadian P&C insurance sector grew at a compound annual growth rate (CAGR) of 4.8%.
- In 2022, total P&C premiums collected reached CAD 72.1 billion gross.
- Life and annuity premiums contributed CAD 40.2 billion to industry revenues in 2022.
- Personal auto premiums increased 4.5% to CAD 19.8 billion in 2022.
- OSFI approved 95% of new insurance products in 2022.
- Insurance penetration rate among Canadian households: 92% for auto in 2023.
- Solvency ratio for P&C insurers averaged 165% in 2022.
In 2022, Canadian insurers paid rising claims and premiums, while employment and solvency remained strong.
Related reading
01 · Category
Claims And Payouts25 stats
01
Total P&C incurred claims were CAD 52.7 billion in 2022.
02
Auto claims payouts increased 6.3% to CAD 15.4 billion in 2022.
03
Property claims in P&C totaled CAD 18.2 billion, up 8% in 2022.
04
Life insurance benefits paid out CAD 24.1 billion in death and other benefits 2022.
05
Average auto injury claim cost rose to CAD 28,500 in 2022.
06
Health claims paid by insurers exceeded CAD 26.8 billion in 2022.
07
Catastrophe claims from floods and wildfires: CAD 3.1B in 2022.
08
Disability claims payouts were CAD 11.2 billion in 2022.
09
Average home insurance claim was CAD 12,400 in 2023.
10
Fraudulent claims detected in P&C saved CAD 1.8 billion in 2022.
11
Long-term disability claims incidence rate was 2.1% in 2022.
12
Commercial liability claims totaled CAD 6.7 billion payouts in 2022.
13
Annuity payments to retirees: CAD 14.6 billion in 2022.
14
Auto material damage claims averaged CAD 4,200 per claim 2022.
15
Hospital claims under health insurance: 85% approval rate in 2022.
16
P&C loss ratio for personal lines was 72.4% in 2022.
17
Critical illness claims paid: CAD 650 million, average CAD 85K per claim 2022.
18
Workers' compensation claims handled by private insurers: CAD 2.4B 2022.
19
Travel insurance claims post-COVID: CAD 1.2B in 2022.
20
P&C claims settlement ratio was 92% within 30 days in 2022.
21
Group life claims payouts: CAD 3.9 billion in 2022.
22
Fire claims losses: CAD 2.1 billion in P&C 2022.
23
Dental claims processed: 120 million, totaling CAD 8.5B in 2022.
24
P&C IBNR reserves were CAD 15.3 billion end-2022.
25
Average liability claim severity increased 7.2% to CAD 45,000 in 2022.
Interpretation
Claims And Payouts Interpretation
Across Canadian insurance claims and payouts in 2022, total P and C incurred claims reached CAD 52.7 billion while auto payouts climbed 6.3% to CAD 15.4 billion and average auto injury claims rose to CAD 28,500, showing clear upward pressure on payout levels.
02 · Category
Employment And Workforce30 stats
01
Total Canadian insurance employment was 285,000 full-time equivalents in 2022.
02
P&C sector employed 120,000 workers in 2023.
03
Life and health insurers had 165,000 employees as of 2022.
04
Insurance brokers and agents numbered 85,000 licensed professionals in 2023.
05
Actuaries in Canadian insurance: over 6,500 members in 2022.
06
Women comprised 68% of the insurance workforce in Canada 2022.
07
Average salary for insurance underwriters: CAD 85,000 in 2023.
08
Claims adjusters employment grew 3.2% to 25,000 in 2022.
09
Insurtech firms employed 5,200 in Canada 2023.
10
Training hours per employee averaged 45 annually in P&C 2022.
11
Senior executives in insurance: 12% women in 2022.
12
Part-time workforce in insurance: 15% of total 42,000 in 2022.
13
Customer service reps: 70,000 positions in 2023.
14
IT specialists in insurance grew 12% to 18,000 in 2022.
15
Brokerage firms: 1,200 independent firms employing 40,000.
16
Diversity: 22% visible minorities in insurance workforce 2022.
17
Average tenure of insurance employees: 9.2 years in 2023.
18
Underwriter vacancies: 4.5% rate in P&C 2022.
19
Reinsurance sector jobs: 8,500 in Canada 2022.
20
Youth employment (under 30): 18% of insurance workforce 2023.
21
Remote work adoption: 45% of insurance jobs in 2023.
22
Compliance officers: 10,200 roles in 2022.
23
Sales agents turnover rate: 11% annually 2022.
24
Finance and accounting staff: 35,000 in industry 2023.
25
Cybersecurity experts: 2,800 employed 2022.
26
Legal professionals in insurance: 4,500 in 2023.
27
P&C claims handlers: 28,000 FTEs 2022.
28
72% of insurance CEOs have 20+ years experience in 2023.
29
Apprenticeships in insurance: 1,200 new in 2022.
30
Unionized workforce percentage: 12% in Canadian insurance 2022.
Interpretation
Employment And Workforce Interpretation
In Canadian insurance, employment is sizable and increasingly female led, with 285,000 full time equivalent workers in 2022 and women making up 68% of the workforce, while specialization is evident as life and health insurers employ 165,000 people and actuaries exceed 6,500 members.
03 · Category
Market Size And Growth30 stats
01
In 2022, the Canadian property and casualty insurance industry reported total net premiums written of $68.4 billion, a 5.2% increase from 2021.
02
The Canadian insurance market size was valued at approximately CAD 180 billion in direct written premiums in 2023.
03
From 2018 to 2022, the Canadian P&C insurance sector grew at a compound annual growth rate (CAGR) of 4.8%.
04
Life and health insurance premiums in Canada reached CAD 85.2 billion in 2022, up 3.1% year-over-year.
05
The overall Canadian insurance industry penetration rate stood at 3.8% of GDP in 2022.
06
P&C insurance market share held by personal lines was 52% in 2022, totaling $35.6 billion.
07
Commercial P&C lines grew by 7.1% to $32.8 billion in net premiums in 2022.
08
The Canadian insurance industry's total assets under management exceeded CAD 1.2 trillion as of December 2022.
09
Health insurance segment within life and health grew to CAD 28.4 billion in premiums in 2022.
10
Auto insurance, the largest P&C line, accounted for 28% of total premiums at $19.2 billion in 2022.
11
Canadian P&C insurers' combined ratio improved to 98.5% in 2022 from 102.1% in 2021.
12
The industry is projected to grow at 4.5% CAGR from 2023-2027, reaching CAD 250 billion by 2027.
13
Number of licensed P&C insurers in Canada was 192 in 2022.
14
Life insurers' total premiums grew 2.8% to CAD 56.8 billion in 2022 excluding health.
15
P&C market concentration: top 10 insurers held 85% market share in 2022.
16
Canadian insurance exports in reinsurance reached CAD 12.5 billion in 2022.
17
Total policyholders in Canadian P&C insurance exceeded 25 million in 2023.
18
Annuity premiums in life insurance segment hit CAD 15.3 billion in 2022.
19
Home insurance premiums totaled CAD 10.8 billion, representing 16% of P&C market in 2022.
20
Digital insurance market within Canada projected to grow 12% annually to 2025.
21
P&C net premiums per capita in Canada were CAD 1,720 in 2022.
22
Life insurance market expected to reach CAD 100 billion by 2025.
23
Insurtech startups in Canada numbered 150+ in 2023, investing CAD 500M.
24
Total P&C underwriting profit was CAD 1.1 billion in 2022.
25
Canadian insurance M&A deals totaled 45 in 2022, valued at CAD 4.2B.
26
Group life and health premiums were CAD 22.1 billion in 2022.
27
P&C catastrophe losses amounted to CAD 2.3 billion in 2022.
28
Individual life insurance policies in force: 18.5 million in 2022.
29
Canadian insurance industry's return on equity averaged 10.2% in 2022.
30
Total reinsurance recoverable for P&C was CAD 8.7 billion end-2022.
Interpretation
Market Size And Growth Interpretation
In 2022, Canada’s property and casualty insurance market grew to $68.4 billion in net premiums written, rising 5.2% year over year and underscoring steady market size expansion for the industry overall, especially with P&C growing at a 4.8% CAGR from 2018 to 2022.
More related reading
05 · Category
Regulatory And Consumer Trends29 stats
01
OSFI approved 95% of new insurance products in 2022.
02
Insurance penetration rate among Canadian households: 92% for auto in 2023.
03
Solvency ratio for P&C insurers averaged 165% in 2022.
04
Cyber insurance regulatory filings increased 25% in 2022.
05
Consumer complaints to ombudsman: 12,500 in P&C 2022.
06
IFRS 17 implementation completed by 98% of life insurers by 2023.
07
Mandatory auto insurance coverage reviewed in 5 provinces 2022.
08
87% consumer satisfaction with claims process in 2023 survey.
09
Climate risk disclosures mandated for top 20 insurers 2023.
10
Unfair practices fines totaled CAD 2.5M by FSCO in 2022.
11
Digital KYC adoption rate: 65% among insurers 2023.
12
P&C rate approval filings: 1,200 processed by regulators 2022.
13
ESG integration in 75% of insurance investment policies 2023.
14
Telemedicine claims acceptance rose to 95% under regulation 2022.
15
Broker licensing renewals: 92% compliance rate 2023.
16
Anti-money laundering audits: 150 conducted by OSFI 2022.
17
Consumer awareness of flood insurance: 68% in 2023.
18
Capital adequacy tests passed by 100% of life insurers 2022.
19
Open banking consultations impacted 40% of insurers 2023.
20
Privacy breach reports: 450 from insurers in 2022.
21
Parametric insurance products approved: 25 new in 2023.
22
Gender pricing ban in auto insurance effective in BC 2023.
23
Sustainability reporting framework adopted by 90% P&C 2022.
24
Customer data portability requests: 15,000 processed 2023.
25
Insurer intervention rates: 2.1% for at-risk firms 2022.
26
Usage-based insurance regulatory sandbox tested 12 products 2023.
27
Pandemic preparedness stress tests passed by 95% insurers 2022.
28
Consumer protection code signed by 180 insurers 2023.
29
Reinsurance collateral requirements tightened for 20% firms 2022.
Interpretation
Regulatory And Consumer Trends Interpretation
Regulatory and consumer pressures are intensifying as OSFI approved 95% of new insurance products in 2022 while cyber-related regulatory filings rose 25% and consumer complaints to ombudsman reached 12,500 in P&C that same year.
report visual · Breakdown
Where claims dollars go across Canadian insurance
Payouts and incurred claims highlight how different lines contribute to total claims activity across P&C and life/health.
8%
Property claims in P&C totaled CAD 18.2 billion, up 8% in 2022.
92%
P&C claims settlement ratio was 92% within 30 days in 2022.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
James Okoro. (2026, February 13). Canadian Insurance Industry Statistics. Gitnux. https://gitnux.org/canadian-insurance-industry-statistics
MLA
James Okoro. "Canadian Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/canadian-insurance-industry-statistics.
Chicago
James Okoro. 2026. "Canadian Insurance Industry Statistics." Gitnux. https://gitnux.org/canadian-insurance-industry-statistics.
Sources & references
12 datasets cited across this report