2023

FACTS
of the Property and Casualty
Insurance Industry in Canada

IB C
Insurance Bureau
of Canada
2023 Facts of the Property and Casualty
Insurance Industry in Canada

Facts of the Property and Casualty Insurance Industry in Canada 2023 is

published by Insurance Bureau of Canada (IBC). IBC is the trade association
representing the vast majority of Canada’s private property and casualty
(P&C) insurance companies. Since 1972, IBC has published Facts to provide
a snapshot of the state of the P&C insurance industry.

The data in Facts 2023 comes from several national and international
sources, including IBC. Data is from 2021, 2022 or 2023, depending on
when sources released their information.

All P&C insurance financial data for 2022 is preliminary.

In some instances, figures may not add up to the listed total as a result of
rounding. Also, because sources collect data in different ways, there can be
small differences among similar data.

45th edition, 2023 ISSN 1197 3404

© 2023 Insurance Bureau of Canada. All rights reserved. This document is

to remain confidential to members of Insurance Bureau of Canada and may
not be disclosed or disseminated outside of member companies unless
expressly authorized by Insurance Bureau of Canada.
PRESIDENT’S MESSAGE
enhance IBC’s reputation as a reliable, transparent
messenger of crucial information.

It also provides an opportunity for us to look ahead

and reflect on new challenges that are testing our
industry. Canadians continue to feel the effects of
economic uncertainty and the growing frequency
of catastrophic weather events. Insurers have a
Celyeste Power unique perspective on and, indeed, a responsibility
President and CEO, to help absorb the impact of these events for
Insurance Bureau consumers and the wider economy.
of Canada
Consumers are at the centre of the strategic
priorities we have set in partnership with our
Canada’s property and casualty member companies.
(P&C) industry is foundational to the
Take auto insurance for example. As external
strength and success of the economy. pressures like inflation, supply chain disruptions,
Each and every day, we support auto thefts and rising legal costs continue to
customers in their time of need. impact auto insurance systems across the country,
we are working with governments and regulators
We help people manage risk, so
to ensure consumers continue to have access to
they can dream big. affordable insurance products. At a time when
As we’ve seen over the past few years, the world household budgets are being stretched to the
can change quickly. It is through times like these limit, IBC will be focused on achieving cost-
that our industry shines. Even when faced with a reducing reforms that provide consumers with
cascade of challenges, we constantly innovate and enhanced choice as well as financial relief.
adapt. Governments continue to see us as a trusted The increase in severity and frequency of
partner and lean on us to find viable solutions catastrophic weather events, and subsequent
to protect people and property from new and increase in reinsurance costs, is having an impact
evolving risks. on both commercial and personal property lines.
It’s a great responsibility, and one our industry has For instance, this year’s historic wildfires have
always accepted with passion. It’s the reason I feel impacted every region of Canada. The increase
a great sense of honour and privilege to serve as in catastrophic weather events across Canada is
President and CEO of Insurance Bureau of Canada changing the way governments look at the risks
(IBC). posed by climate change.

For more than 50 years, IBC has published the Facts The year 2022 saw $3.4 billion in insured losses
Book. The information provided in this annual from catastrophic weather across the country – the
document allows IBC to speak with credibility third-worst year in Canadian history. P&C insurers
and conviction to governments, media and were there to support customers in their time of
consumers. The Facts Book is an important tool to need, helping rebuild or repair damaged homes,

IBC 2023 FACTS 2

vehicles and businesses. Unfortunately, far too they have a responsibility to deliver on their
many homeowners live in high-risk flood areas of mandate. Our concerns have been with
the country and can’t access flood insurance. the pace of proposed changes, and we’ve been
advocating for a more measured approach. And
That’s why IBC was very pleased when the federal
we appreciate that OSFI is open to listening to our
government used its spring 2023 budget to make
industry’s concerns.
a clear commitment to creating a national flood
insurance program. They’ve also vowed to engage Canadian companies need a stable, predictable
with us on the development and implementation regulatory environment.
of the program.
The P&C industry, in particular, is made up of a
Commitments like the national flood insurance wide variety of insurers with different business
program don’t just happen. So many people from models and different levels of complexity. A one-
our industry played a pivotal role in building the size-fits-all approach to regulation for all financial
case for action on Canada’s growing flood risk. sector companies is not prudent.
Thank you so much for your input, your expertise
We believe a more bespoke approach to regulation
and your persistence over the course of many
will bring stability and predictability. IBC’s goal is to
years. We still have a lot of work to do – but this is a
ensure that our industry is treated fairly and that
huge step forward.
regulatory obligations are proportionate to risk.
The success of the flood insurance program has
The same goes for taxation. Regulation and
provided a window of opportunity for our industry
taxation go hand in hand. They should encourage
to continue working with the federal government
competitiveness and innovation. They should
on solutions to earthquake insurance and other
be structured to attract capital, create good jobs
evolving climate-related insurance issues.
and help ensure that insurers can serve their
Since 2019, the commercial insurance market has policyholders.
been correcting, which caused challenges for our
There is a lot of work ahead of us in the coming
business customers.
months and years. The challenges facing the P&C
As we look across the country today, we see industry are not isolated to a single issue. They are
market conditions continue on a path towards multi-faceted and complex. However, challenging
certainty and stability. This is welcome news. times always bring out the best in our industry
Additional capacity has returned to the market, and provide an opportunity and demonstrate our
which is helping to ease premium pressures. value to Canadian governments, businesses and
consumers.
IBC is also focusing its efforts to work within the
evolving regulatory environment to help strike a
balanced framework that protects Canadians while
not stifling innovation.

The Office of the Superintendent of Financial

Institutions (OSFI) is the industry’s primary Celyeste Power
prudential (solvency) regulator, and it has an President and CEO,
obligation to monitor and respond to global Insurance Bureau of Canada
developments and trends. We understand that

3
CONTENTS
SECTION 1
Canada’s P&C insurance industry, all sectors
6 Industry at a glance
8 Premiums
10 Insurance revenue dollar
11 Claims
12 Taxes and levies
14 Operating expenses
15 Catastrophic losses
27 Regulation and regulatory issues

SECTION 2
Canada’s P&C insurance industry by line of business

Auto insurance
30 Mandatory insurance
30 Optional insurance
30 “No-fault” insurance
32 Premiums and claims
33 Average losses

Home insurance

34 Types of coverage
34 Premiums and claims

Business insurance

35 Types of coverage
35 Premiums and claims

SECTION 3
Insurance organizations
36 IBC members

4
SECTION 1
Canada’s P&C insurance
industry, all sectors
6 Industry at a glance
8 Premiums
10 Insurance revenue dollar
11 Claims
12 Taxes and levies
14 Operating expenses
15 Catastrophic losses
27 Regulation and regulatory issues

5
SECTION 1

INDUSTRY AT A GLANCE

38% of direct written Of its $232 BILLION in total assets,

premiums were for car the P&C insurance industry had $152
insurance in 2022 billion in invested assets in 2022

The P&C insurance industry In 2022, P&C insurers have

employed approximately supported $42 BILLION
140,500 people across annually in claims
Canada in 2022

$13 BILLION – the amount In 2022, Canadian insurers

the P&C insurance industry wrote $83 BILLION in
contributed in taxes and direct written premiums for
levies to federal and provincial insurance on consumers’
governments in 2021 homes, cars and businesses

Source: IBC analysis with data from MSA Research Inc., SCOR, AMF

IBC 2023 FACTS 6

SECTION 1

INDUSTRY AT A GLANCE

Property claims as a percentage of More than 196 private P&C

total claims HAVE RISEN over the insurers actively compete in
last decade. Canada

40%

39.3%
35%

30%

28.3%
25%

20%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Sources: IBC, MSA

New reporting standard: IFRS 17

This is the last time that the Facts Book will present industry results using International Financial Reporting
Standard (IFRS) 4.

IFRS 17 for Insurance Contracts took effect on January 1, 2023, and is intended to bring new levels of
transparency about insurers’ underwriting and investment activities and give users more insight than ever
before on the financial health of insurers. As a result of this change, most of the metrics in this edition of
the Facts Book, which is based on 2022 data, will not be comparable to 2023 data. Benchmarks will need a
few years of reporting under IFRS 17 to make accurate comparisons.

IBC 2023 FACTS 7

SECTION 1

PREMIUMS
Insurance premiums are determined based on risk. Insurers consider the likelihood of a
customer (or a group of customers with a similar set of circumstances) making a claim, and
how much those claims will likely cost.
The price for premiums is based, in part, on an insurer’s best estimate of the amount it will
be required to pay out in claims on the policies it writes in any given year. Insurers pool the
premiums of their many policyholders to cover the losses claimed by the few in that year.
Along with covering claim costs, premiums are calculated to cover taxes, operating expenses
and expected profits.

The requirement to estimate future costs is a unique Insurance companies report premiums in two ways. Direct
challenge in the insurance business. Most businesses can written premiums are the total amount of premiums that
calculate the actual costs of producing and selling a product a P&C insurance company receives in one year. Net written
before the selling price is determined. However, when setting premiums are direct written premiums minus the net cost of
premiums, P&C insurance companies can only estimate the reinsurance purchased by the insurer.
costs of the medical treatments, car repairs or house repairs
they will have to pay in the future. There are more than 196 private P&C insurers actively
competing in Canada to sell insurance policies on homes,
Consumers often find this confusing and are unsure about cars and businesses.
what a premium represents. Many think of their premiums as
a bank account that is there just for them in case of a loss. But In 2022, private Canadian insurers wrote $83.2 billion in direct
that’s not how it works. written premiums ($61.8 billion in net written premiums) for
insurance on consumers’ homes, cars and businesses.

8
SECTION 1

PREMIUMS
Of the $68.1 billion in net written premiums, 39% was for one Specialized lines of insurance, such as boiler and
line of business: automobile, including commercial vehicle machinery, marine and aircraft, and surety and fidelity,
insurance. (Figures do not include government-owned auto make up about 7% of the business. The smallest portion
insurers in British Columbia, Saskatchewan, Manitoba and of the business is accident and sickness insurance, which
Quebec, which generally provide the compulsory component a few P&C insurance companies sell. Most of this type of
of auto insurance in those provinces, in addition to some insurance is sold by life and health insurers.
optional coverages.) Personal property, commercial property
and liability made up most of the rest.

NET WRITTEN PREMIUMS (NWP) IN $000,000, 2010 TO 2022

AUTO PERSONAL COMMERCIAL LIABILITY OTHER TOTAL
NWP PROPERTY NWP PROPERTY NWP NWP NWP NWP

2010 18,977 7,598 5,568 4,726 3,416 40,285

2011 20,239 8,192 6,014 4,817 3,533 42,794
2012 20,690 8,565 6,136 4,502 3,758 43,653
2013 21,089 9,024 6,339 4,731 3,823 45,007
2014 21,295 9,791 6,621 4,781 4,143 46,632
2015 20,630 10,187 6,656 4,988 4,547 47,009
2016 21,293 10,663 6,704 4,907 4,494 48,062
2017 20,626 11,226 6,941 5,029 4,645 48,466
2018 23,812 11,976 7,638 5,484 5,036 53,945
2019 24,105 12,419 8,111 5,622 5,368 55,625
2020 26,846 13,712 9,654 6,633 5,671 62,515
2021 27,225 14,385 10,982 8,105 6,506 67,202
2022 26,526 14,836 11,892 8,344 6,521 68,118

Sources: IBC, MSA, SCOR, AMF

DIRECT WRITTEN PREMIUMS (DWP) BY LINE, 2022 NET WRITTEN PREMIUMS (NWP) BY LINE, 2022
LINE OF DWP IN DWP AS % OF LINE OF NWP IN NWP AS % OF
BUSINESS $000,000 TOTAL BUSINESS BUSINESS $000,000 TOTAL BUSINESS

Total auto 31,357 38% Total auto 26,526 39%

Auto – Private passenger 25,263 30% Auto – Private passenger 21,535 32%
Personal property 17,378 21% Personal property 14,836 22%
Commercial property 15,046 18% Commercial property 11,892 17%
Liability 11,531 14% Liability 8,344 12%
Specialized 6,031 7% Specialized 5,056 7%
Accident and sickness 1,866 2% Accident and sickness 1,466 2%
Total business 83,209 100% Total business 68,118 100%
Sources: IBC, MSA, SCOR, AMF Sources: IBC, MSA, SCOR, AMF

9
SECTION 1

INSURANCE REVENUE DOLLAR

The “Insurance Dollar” graphs show how insurers spent
each dollar of revenue averaged over seven years, from
2016 to 2022. Insurers earn revenue through premiums and
on investments they make.

9.2% Net profit

More than half 14.1%

Total taxes
of every dollar
received is paid
55%
Claims paid out
out in claims. to policyholders

21.7%
Operating expenses

Source: IBC, MSA. Based on 10 year average.

10
SECTION 1

CLAIMS
In 2022, Canadian P&C insurers paid out $42 billion in claims.
Sustained inflationary pressures and high interest rates are contributing to economic uncertainty in Canada. To make matters
worse, growing auto thefts, lingering supply chain disruptions and pandemic-related labour shortages continue to persist through
2023. The insurance industry is not immune to these challenges. While inflation levels have eased from record highs over the past
two years, the industry continues to face replacement cost claims that are nearly twice the rate of inflation and longer timelines to
complete repairs.
Net claims incurred are the total claims cost incurred in the period, less any share to be paid by reinsurers.

NET CLAIMS INCURRED (NCI) IN $000,000, 1997 TO 2022

AUTO PERSONAL COMMERCIAL LIABILITY OTHER TOTAL
NCI PROPERTY NCI PROPERTY NCI NCI NCI NCI

1997 7,221 2,112 1,838 1,406 613 13,190

1998 7,185 2,523 2,089 1,275 696 13,768
1999 7,475 2,152 1,758 1,438 659 13,483
2000 8,443 2,286 1,847 1,430 784 14,790
2001 9,431 2,316 2,031 1,495 887 16,161
2002 10,844 2,352 2,195 2,085 2,019 19,494
2003 12,028 2,574 2,161 2,632 993 20,388
2004 11,081 2,921 2,033 3,263 864 20,161
2005 10,626 3,570 3,356 3,071 944 21,568
2006 10,968 3,556 2,173 2,577 1,052 20,326
2007 11,753 3,842 2,589 2,642 990 21,817
2008 12,997 4,720 3,157 2,726 1,404 25,003
2009 13,472 5,071 3,454 2,878 1,464 26,338
2010 15,205 4,566 3,276 2,766 1,475 27,288
2011 14,607 5,336 4,087 2,977 1,560 28,567
2012 14,731 5,013 3,981 2,615 1,479 27,817
2013 15,125 6,161 4,699 2,486 1,650 30,120
2014 15,835 6,045 3,955 2,526 1,970 30,330
2015 15,277 5,489 3,797 3,106 1,761 29,431
2016 15,239 6,253 5,494 2,933 1,684 31,602
2017 15,226 6,533 4,280 2,749 1,748 30,536
2018 17,328 7,228 5,471 3,090 1,937 35,054
2019 17,776 7,180 5,015 3,551 2,145 35,668
2020 17,793 7,012 5,525 5,153 2,429 37,912
2021 15,729 7,047 4,673 4,332 1,895 33,676
2022 16,323 8,479 5,716 2,644 1,951 35,112
Sources: IBC, MSA, SCOR, AMF

DIRECT CLAIMS INCURRED (DCI) BY LINE, 2022 NET CLAIMS INCURRED (NCI) BY LINE, 2022
LINE OF DCI IN DCI AS % OF LINE OF NCI IN NCI AS % OF
BUSINESS $000,000 TOTAL BUSINESS BUSINESS $000,000 TOTAL BUSINESS

Total auto 19,349 46% Total auto 16,323 46%

Auto – Private passenger 16,216 39% Auto – Private passenger 13,729 39%
Personal property 9,868 24% Personal property 8,479 24%
Commercial property 6,625 16% Commercial property 5,716 16%
Liability 3,856 9% Liability 2,644 8%
Specialized 1,296 3% Specialized 1,072 3%
Accident and sickness 953 2% Accident and sickness 879 3%
Total business 41,946 100% Total business 35,112 100%
Sources: IBC, MSA, SCOR, AMF Sources: IBC, MSA, SCOR, AMF

11
SECTION 1

TAXES AND LEVIES

Each year, the private P&C insurance
industry makes significant tax contributions FEDERAL AND PROVINCIAL TAXES AND
to government revenues. In 2021, LEVIES COLLECTED IN $000,000, 2021
Canadian P&C insurers contributed taxes
Income taxes 2,946
and levies totalling $13 billion to federal
and provincial governments. Payroll taxes 2,179

Realty and business taxes 34

About 78% ($10.1 billion) of the industry’s
total tax contribution was incurred through Transaction taxes
the insurance supply chain and paid GST on claims* 833
regardless of the industry’s bottom line,
PST/QST on claims* 1,221
while about 22% ($2.9 billion) was paid in
income taxes. Sales tax on operating expenses 459

RST on premiums 2,787

The main taxes and levies applied to the P&C insurance
(Sask., Man., Ont., Que., N.L.)
industry are:

• Sales tax on claims and expenses. The P&C insurance Insurance premium taxes 2,604
industry paid an estimated $2.1 billion in goods and
Transaction subtotal 7,905
services tax (GST), provincial sales tax (PST/QST) and
harmonized sales tax (HST) applicable to P&C insurance Total taxes 13,064
claims. An additional $459 million in sales tax related to
general and administrative expenses was incurred as Health levies 375
part of daily operations.
TOTAL 13,439
• Insurance premium tax. Provinces apply this tax,
which is included in premiums, at different rates on
*Harmonized sales tax (HST) is allocated into the appropriate component
different insurance products. Some jurisdictions have Source: IBC

combined this tax with a fire tax, which some provincial

governments collect to disburse to municipalities to
support fire services. Some provinces also use levies to Although P&C insurance products are exempt from GST
help recover costs of fire services; for example, the Nova and HST, a significant amount of sales and insurance-
Scotia 50-cent levy per insured vehicle. specific taxes are embedded in the premium. Based on a
• Retail sales tax (RST) on premiums. This is a provincial $1,000 unit of premium, on a Canada-wide average basis,
sales tax collected from policyholders in Manitoba, it’s estimated that these taxes account for $134 of the
Saskatchewan, Ontario, Quebec, and Newfoundland and premium for personal property insurance, $114 of the
Labrador. Considered a financial service, P&C insurance premium for private passenger auto insurance (which
premiums are exempt from the GST and HST; however, includes health care levies), $109 of the premium for
some provinces apply a unique RST to premiums. commercial liability insurance and $101 of the premium for
commercial property insurance.
• Health care levy. This levy is paid to most provincial
governments to support the health care system,
particularly to pay for the public health system costs of
auto collision victims. Health care levies are included in
Sources: IBC, MSA
the industry’s total tax contribution because they are
mandatory.

12
SECTION 1

TAXES AND LEVIES

PROVINCIAL INSURANCE PREMIUM, RETAIL SALES AND FIRE TAX RATES AS OF AUGUST 2023

INSURANCE PREMIUM RETAIL SALES FIRE TAX RATE

TAX RATE (%) TAX RATE (%) (%)

Alberta 4.00 - -
British Columbia (auto and property insurance) 4.40 - -
British Columbia (excluding auto and property) 4.00 - -
Manitoba (property insurance)1 4.00 - -
Manitoba (excluding property)1 3.00 7.00 -
New Brunswick2 3.00 - 1.00
Newfoundland and Labrador (auto and personal property insurance)3 5.00 - -
Newfoundland and Labrador (excluding auto and personal property) 5.00 15.0 -
Northwest Territories 3.00 - 1.00
Nova Scotia 4.00 - 1.25
Nunavut 3.00 - 1.00
Ontario (auto insurance) 3.00 - -
Ontario (property insurance) 3.50 8.0 -
Ontario (excluding property and auto) 3.00 8.0 -
Prince Edward Island 4.00 - -
Quebec4 3.30 9.0 -
Saskatchewan (auto insurance) 5.00 6.0 -
Saskatchewan (hail insurance) 3.00 - -
Saskatchewan (excluding auto and hail) 4.00 6.0 1.00
Yukon5 4.00 - -

1
Manitoba premium tax rate on property insurance is 4% except on aircraft, auto or hail insurance, and insurance against loss or damage to an
automobile caused by fire. A rate of 3% applies to those. A temporary elimination of the Retail Sales Tax on real property insurance premiums is in
effect as of July 1, 2020. The RST on all other insurance premiums is left at 7%.
2
In New Brunswick, the fire tax applies on property and auto fire risks.
3
In Newfoundland and Labrador, the Retail Sales Tax on auto insurance premiums was eliminated effective April 15, 2019. Non-owned auto, which
is a third party liability coverage reported under general liability, is considered an exempt auto insurance coverage. The Retail Sales Tax on property
insurance premiums was also eliminated permanently effective April 7 2023.
4
Insurance premium tax rates includes compensation tax. The temporary surcharge of 0.18 in Quebec expired in March 31, 2022, and the 0.30%
compensation tax will become permanent from April 1, 2024.
5
Effective January 1, 2021, Yukon increased the insurance premium tax rate to 4% from 2% and repealed the fire tax.

Source: IBC

13
SECTION 1

OPERATING EXPENSES
Operating expenses for P&C insurers include commercial
premises costs, information technology, market research,
distribution costs and employee compensation.

Employee compensation is the largest operating expense. In

2022, the P&C insurance industry employed approximately AVERAGE WEEKLY WAGE COMPARED
140,500 people across Canada.
TO BENCHMARK INDUSTRIES, 2022
Compensation levels in the industry are relatively high
Mining and quarrying
compared with most other sectors in the economy. The
average weekly salary in 2022 was $1,500.1 This reflects the
(except oil and gas) 1,990
advanced skill mix possessed by employees in the P&C
Professional, scientific &
insurance industry.
tech. services 1,633
Employment in the insurance industry as a whole (which
includes life, health and medical, and P&C) grew by 14.4% Information & cultural industries 1,559
between 2016 and 2022, according to Statistics Canada.
Public administration 1,502

Insurance carriers &

related activities 1,500

Credit intermediation &

related activities 1,448

Manufacturing 1,258

Hospitals 1,212

All industries 1,166

Educational services 1,161

Retail trade 702

Accommodation & food service 465

Source: Statistics Canada Table: 14-10-0204-01 (formerly: CANSIM 281-0027)

14
SECTION 1

CATASTROPHIC LOSSES
Insured losses for a given disaster are deemed catastrophic when they
total $30 million* or more. Catastrophic losses for a year are the sum
total of insured losses from catastrophes. Due to the increase in the
number and severity of natural disasters, catastrophic losses have risen
dramatically over the last decade.
Severe weather across Canada continues to highlight the Noteworthy severe weather events in 2022 included Hurricane
financial costs of a changing climate to insurers, governments Fiona, the Ontario and Quebec derecho, the Eastern Canada
and taxpayers. Nationally, insured damage for severe weather late-winter storm, the Western Canada summer storms and
events reached $3.4 billion last year, according to Catastrophe the Eastern Canada bomb cyclone.
Indices and Quantification Inc. (CatIQ).
2022 now ranks as the third-worst year for insured losses in
Severe weather events linked to climate change are creating Canadian history. No single catastrophic event or specific
challenges for the P&C industry, driving up the cost of region accounted for the majority of losses. Unlike in 2016,
reinsurance and putting pressure on high-risk personal the highest loss year on record in which the Fort McMurray,
and commercial property markets. While the issue is not Alberta, wildfire accounted for about 75% of national losses,
as pronounced in Canada as it is in some U.S. states, there 2022 saw disasters in nearly every part of the country.
continues to be a heightened demand for risk protection.
(All figures in this section are in 2022 dollars. For catastrophic losses plus loss adjustment expenses,
see the chart on the next page.)

CATASTROPHIC LOSSES IN CANADA IN $000,000,000, 1983 TO 2022 AND TREND

$ billion
6.5 2011 - 2020:
$2.3 billion average
6.0
5.5
5.0
4.5
4.0
3.5 2001 - 2010:
$675 million average
3.0
1983 - 2000:
2.5 $440 million average
2.0
1.5
1.0
0.5
0.0
1983 1987 1991 1995 1999 2003 2007 2011 2015 2019 2022

Loss + Loss Adjustment Expenses in 2022 dollars Sources 1983 to 2007: IBC, PCS Canada, Swiss Re, Deloitte
Source 2008 -2022: CatIQ
Estimated Trend

15
SECTION 1

CATASTROPHIC LOSSES
The table below shows the steady increase in the number and The figures from 2008 to 2022 are reported by Catastrophe
cost of catastrophic losses from severe weather in Canada. This Indices and Quantification Inc. (CatIQ), which tracks insured
phenomenon is not specific to Canada; it is part of a worldwide losses arising from catastrophic events in Canada, or as
trend that scientists increasingly attribute to climate change. indicated at the end of the table. Prior to 2008, IBC used
The table includes insured losses by event and annual totals multiple sources to establish estimates for catastrophic event
from 1983 to 2019. For 2021 and 2022, it sets out insured losses. Insured loss data for events that took place from 2008 to
losses for the two largest events in the year and annual totals. 2022 is available through subscription to CatIQ.
*In 2022, CatIQ updated the definition of catastrophic losses to include losses that total at least
$30 million. (Previously, the threshold was $25 million.)

BY EVENT IN $000, 1983 TO 2022

LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2022 dollars
1983
July 9, Saskatchewan Storm 16,385 42,640
Aug. 3, Edmonton AB Storm 22,060 57,409
Total 1983 38,445 100,050
1984
April 30, Bruce County ON Wind 39,066 97,472
Total 1984 39,066 97,472
1985
May 30, Leamington ON Storm 16,390 39,336
May 31, Barrie ON Tornado 83,922 201,413
Total 1985 100,312 240,749
1986
May 29, Montreal QC Hail 45,473 104,810
Total 1986 45,473 104,810
1987
May 29, Montreal QC Hail 24,891 54,942
July 14, Montreal QC Storm 44,678 98,618
July 31, Edmonton AB Tornado 148,377 327,512
Total 1987 217,946 481,072
1988
June 7, Medicine Hat AB Tornado 50,027 106,237
July 6, Slave Lake AB Flooding 21,500 45,657
Aug. 16, Calgary AB Hail 37,127 78,843
Total 1988 108,654 230,737
1989
July 20, Harrow ON Flooding 13,807 27,909
Total 1989 13,807 27,909
1990
July 9, Calgary AB Hail 16,279 31,395
Total 1990 16,279 31,395
1991
March 27–28, Sarnia ON Tornado 25,407 46,395
July 3, Red Deer AB Storm 28,202 51,499
Aug. 27, Maskinongé QC Tornado 17,667 32,261

16
SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022
LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
Sept. 7, Calgary AB Hail 342,745 625,882
Nov. 30, Ontario Wind 5,429 9,914
Total 1991 419,450 765,952

1992
July 31, Calgary AB Hail 22,078 39,740
July 31, Toronto ON Flooding 4,898 8,816
Aug. 28, Alberta Hail 5,263 9,473
Aug. 28, Elmira, Aurora ON Flooding 4,348 7,826
Sept. 1, Alberta Hail 7,421 13,358
Oct. 6–7, Avalon NL Wind 8,216 14,789
Nov. 12–13, southern Ontario Wind 36,437 65,587
Nov. 12–13, Quebec Wind 12,056 21,701
Total 1992 100,717 181,291

1993
March 13–14, Quebec Storm 18,447 32,584
July 25–Aug.14, Winnipeg MB Flooding 184,837 326,488
July 29–30, Alberta Hail 8,116 14,336
July 29, Saskatchewan Flooding 5,383 9,508
July 29–30, Quebec Flooding 7,624 13,467
Total 1993 224,407 396,382

1994
Jan. 16–17, southern Ontario Flooding 13,145 23,192
Jan. 28, southern Ontario Storm 6,250 11,027
May 18, southern Manitoba Storm 8,260 14,573
May 22, Saskatchewan Storm 8,666 15,289
June 18, southern Alberta Hail 8,263 14,578
Aug. 4, Salmon Arm BC Storm 10,225 18,040
Aug. 4, Aylmer QC Tornado 6,911 12,193
Aug. 27, southern Manitoba Hail 8,112 14,312
Aug. 28, southern Ontario Storm 7,219 12,736
Total 1994 77,051 135,941

1995
June 6–9, Calgary AB Flooding 20,764 35,839
July 4, Edmonton AB Hail 14,698 25,369
July 10, southern Alberta Hail 26,389 45,548
July 13–15, southern Ontario Storm 53,439 92,237
July 17, Calgary AB Hail 52,304 90,278
July 30, southern Manitoba Storm 8,468 14,616
Aug. 26, Regina SK Storm 12,294 21,220
Oct. 5–6, Hamilton ON Storm 16,325 28,177
Total 1995 204,681 353,285

1996
July 16, Winnipeg MB Flooding/Hail 146,825 249,718
July 16–18, Calgary AB Hail 119,091 202,548

17
SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022

LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
July 19–20, Saguenay QC Flooding 207,159 352,333
July 23, Outaouais QC Wind/Hail 1,571 2,672
July 24–25, Calgary AB Hail 85,222 144,945
Aug. 8, Ottawa ON Flooding 20,257 34,453
Aug. 8, Outaouais, Estrie QC Flooding 7,882 13,406
Nov. 9, Montreal, Quebec City QC Flooding 76,040 129,328
Total 1996 664,047 1,129,403

1997
Feb. 27, Niagara Peninsula ON Wind 23,776 39,767
April 6–7, Sudbury ON Flooding 20,558 34,385
July 14–15, Chambly QC Flooding 29,865 49,951
Total 1997 74,199 124,103

1998
Jan., southern Quebec Ice storm 1,384,100 2,292,179
Jan., eastern Ontario Ice storm 170,000 281,533
Jan., southern New Brunswick Ice storm 20,000 33,122
July 4–9, Calgary AB Hail 69,742 115,498
Sept. 26–27, Niagara Peninsula ON Wind 63,403 105,001
Total 1998 1,707,245 2,827,332

1999
Jan., southern Ontario Snowstorm 120,021 195,341
June 5, Drummondville QC Hail 20,555 33,455
July 5–6, Quebec Wind 43,321 70,507
July 28, Atlantic provinces Flooding 15,756 25,644
Sept. 22, Atlantic provinces Flooding 15,648 25,467
Total 1999 215,301 350,414

2000
May 12, southern Ontario Storm 128,121 203,060
July 7, southern Manitoba Storm 18,559 29,415
July 14, Pine Lake AB Tornado 17,916 28,395
Aug. 9, Calgary AB Storm 28,058 44,470
Oct. 30, Sydney NS Flooding 4,010 6,355
Dec. 17, Atlantic provinces Wind 19,756 31,312
Total 2000 216,420 343,006

2001
Feb. 1, Atlantic provinces Snowstorm 13,746 21,252
Feb. 8, southern Ontario Storm 54,078 83,605
Feb. 8, Quebec Storm 53,843 83,242
July 13, Alberta Storm 25,513 39,444
July 28, Edmonton AB Storm 23,902 36,952
Sept. 19, Atlantic provinces Flooding 6,362 9,836
Dec. 14, southwestern British Columbia Wind 27,035 41,797
Total 2001 204,480 316,128

18
SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022

LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
2002
Jan. 31, southern Ontario Wind 34,508 52,176
March 9, Ontario Wind 110,989 167,815
June 8, southern Alberta Flooding 42,828 64,756
June 10, southern Ontario Storm 53,943 81,561
July 26, southwestern Ontario Storm 60,060 90,810
Total 2002 302,327 457,119
2003
March 30–April 1, New Brunswick Flooding 4,695 6,906
March 30–April 1, Newfoundland and Labrador Flooding 711 1,046
March 30–April 1, Prince Edward Island Flooding 628 924
March 30–April 1, Nova Scotia Flooding 18,557 27,294
Aug. 11–12, Alberta Wind/Hail 33,565 49,368
Aug. 11–12, Saskatchewan Wind/Hail 29,055 42,735
Summer, British Columbia Forest fires 200,000 294,163
Sept. 28–29, Prince Edward Island Hurricane 6,665 9,803
Sept. 28–29, Nova Scotia Hurricane 132,671 195,135
Total 2003 426,548 627,375
2004
July 2–11, Edmonton AB Hail 166,000 239,725
July 15, Calgary AB Hail 21,500 31,049
July 15, Peterborough ON Flooding 87,303 126,077
Sept. 9, eastern Ontario Rainstorm 57,600 83,181
Total 2004 332,403 480,032
2005
June 6–8 and June 17–19, Alberta Flooding 300,000 423,925
June 20–30 and July 1–2, Manitoba Flooding 60,000 84,785
July 5 and Sept. 26, Quebec Rainstorm 57,000 80,546
Aug. 19, Ontario Wind/Rainstorm 625,400 883,743
Total 2005 1,042,400 1,472,999
2006
Feb. 6, British Columbia Storm 6,406 8,879
Aug. 10, Alberta Hail 13,593 18,839
Sept. 24, Greater Toronto Area ON Wind/Hail 4,628 6,413
Nov.15–Dec. 15, British Columbia Storm 133,086 184,442
Total 2006 157,713 218,573
2007
Jan. 5, British Columbia Storm 16,235 22,016
June 5, Alberta Storm 44,621 60,508
June 22–24, Manitoba Storm 17,607 23,876
Summer, Manitoba Storm 47,400 64,277
July 7, Alberta Forest fires 7,376 10,002
July 28–29, Alberta Hail 16,581 22,485
Aug. 1, Newfoundland and Labrador Wind 6,039 8,190
Total 2007 155,859 211,354

19
SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022
LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
2008
Jan. 9, Greater Toronto Area, Prince Edward County ON Windstorm 70,315 93,178
June 10, Montreal and surrounding regions QC Hail/Windstorm/Lightning/Water 172,490 228,576
July 9, Swift Current SK Hail/Windstorm/Lightning/Water 29,388 38,944
Aug. 8, Red Deer AB Hail/Windstorm/Lightning/Water 51,882 68,752
Dec. 21, Vancouver BC Winter storm 51,663 68,461
Total 2008 375,738 497,910
2009
Jan. 6–8, Vancouver, Fraser Valley, Chilliwack, Greendale BC Flooding/Water 43,272 57,192
Feb. 11–13, southwestern Ontario Flooding/Water 42,420 56,066
April 25, southwestern, southcentral, eastern Ontario Windstorm/Hail/Lightning/Water 40,981 54,164
July 26, Hamilton, Toronto, North York ON Flooding/Windstorm/Lightning/ 173,312 229,063
Water
Aug. 1–3, Calgary, Camrose AB Windstorm/Hail/Lightning/Water 346,548 458,025
Aug. 14, Brandon, Winnipeg, Steinbach MB Hail/Lightning/Water 72,866 96,305
Aug. 20, Greater Toronto Area ON Windstorm/Hail/Lightning/Water 96,183 127,123
Total 2009 815,582 1,077,937
2010
March 13, Greater Toronto Area ON Flooding/Windstorm/Water 26,090 33,861
May 28, Winnipeg MB Flooding/Water 33,417 43,370
June 6, Leamington ON Windstorm/Lightning/Water 123,864 160,757
June 16–18, Blood Tribe Reserve, Medicine Hat AB; Flooding/Water 41,852 54,318
Maple Creek SK
June 29, Saskatoon SK; Alberta Hail/Flooding/Windstorm/ 85,210 110,590
Lightning
July 2, Kawacatoose First Nation near Raymore and Yorkton SK Windstorm/Hail/Lightning/Water 31,074 40,330
July 12, Calgary AB Hail/Flooding/Windstorm/ 487,086 632,167
Lightning
Aug. 22, Calgary AB Hail/Windstorm/Lightning/Water 84,460 109,617
Sept. 21, Newfoundland and Labrador Flooding/Windstorm/Lightning/ 48,161 62,506
Water
Sept. 30–Oct. 1, Cornwall ON; Sherbrooke QC Flooding/Windstorm/Lightning/ 75,754 98,318
Water
Dec. 13, New Brunswick, Nova Scotia Flooding/Water 33,905 44,004
Total 2010 1,070,873 1,389,837
2011
March 5–8, Ontario, Quebec Winter storm/Windstorm/Water 34,467 43,465
April 10–11, Thunder Bay ON, southern and eastern Ontario Hail/Windstorm/Lightning/Water 79,066 99,706
April 27–28, Ontario, Quebec Windstorm/Hail/Lightning/ 199,888 252,069
Winter storm
May 15–16, Slave Lake AB Fire/Windstorm 528,139 666,010
June 2, Manitoba, Saskatchewan Hail/Lightning/Water 38,357 48,370
June 7, southern Ontario Hail/Windstorm/Lightning/Water 25,901 32,662
June 17–21, Weyburn, Estevan SK Flooding/Water 33,258 41,940
June 23–24, Ontario, Quebec Flooding/Hail/Windstorm/ 32,836 41,408
Lightning

20
SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022

LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
July 7, Red Deer, Bergen, Olds, Bowden, Innisfail AB Windstorm/Hail/Lightning/Water 58,589 73,884
July 18, Prince Albert, Big River, Waskesiu SK Windstorm/Hail/Lightning/Water 76,056 95,910
Aug. 15, Saskatoon, Biggar, Warman SK Hail/Flooding/Windstorm/ 69,790 88,009
Lightning
Aug. 21, Goderich ON Windstorm/Lightning/Water 112,859 142,321
Aug. 28–30, Atlantic provinces, Quebec Flooding/Windstorm/Lightning/ 102,362 129,084
Water
Nov. 27, Calgary and surrounding areas AB Windstorm 172,733 217,825
Total 2011 1,564,301 1,972,663
2012
March 2–3, Ontario, Quebec Windstorm/Winter storm/Water 30,713 38,158
May 26–29, Thunder Bay ON; Montreal QC Flooding/Lightning/Water 225,471 280,125
June 25–27, Saskatchewan Windstorm/Hail/Lightning/Water 79,572 98,860
July 11–12, Edmonton AB Flooding/Hail/Lightning/Water 71,759 89,153
July 22–23, Hamilton, Ottawa ON Windstorm/Flooding/Lightning/ 92,650 115,108
Water
July 26, Cardston, Nanton AB Hail/Lightning/Water 99,437 123,540
Aug. 11, southern Quebec Flooding/Windstorm/Lightning/ 57,355 71,258
Water
Aug. 12, Calgary AB Hail/Lightning/Water 521,647 648,094
Aug. 14, Calgary AB Hail/Windstorm/Lightning/Water 95,253 118,342
Oct. 29–31, Ontario, Quebec Flooding/Windstorm/Lightning/ 54,481 67,687
Water
Total 2012 1,328,338 1,650,326
2013
April 11–12, southern Ontario Winter storm/Windstorm/Water 36,722 45,215
May 31–June 1, Quebec Flooding/Windstorm/Hail/Water 27,669 34,068
June 19–24, southern Alberta Flooding/Water 1,599,330 1,969,208
July 2, Edmonton region AB Hail/Windstorm/Lightning/Water 64,052 78,865
July 8, Greater Toronto Area ON Flooding/Lightning/Water 924,803 1,138,683
July 19, Regina SK Hail/Lightning/Water 73,856 90,937
July 19, southern regions Ontario, Quebec Hail/Windstorm/Lightning/Water 167,001 205,623
July 23, Lethbridge, High River AB Hail/Windstorm/Lightning/Water 51,599 63,532
Dec. 20–26, Ontario, Quebec, Atlantic provinces Winter storm/Windstorm/Water 201,818 248,493
Total 2013 3,146,850 3,874,623
2014
June 17, Angus ON, southern Ontario Windstorm/Lightning/Hail/Water 50,567 61,068
June 28–30, southern regions Saskatchewan, Manitoba Flooding/Windstorm/Water 124,811 150,730
July 5–6, Quebec, New Brunswick, Nova Scotia, Prince Edward Island Windstorm/Flooding/Water 38,338 46,300
July 17, Alberta, Saskatchewan Hail/Windstorm/Lightning/Water 72,924 88,068
Aug. 4, Greater Toronto Area ON Flooding/Lightning/Hail/Water 77,540 93,643
Aug. 7, central Alberta Hail/Windstorm/Lightning/Water 546,468 659,952
Nov. 24–25, southern Ontario, southern Quebec Windstorm/Flooding/Water 79,134 95,568
Total 2014 989,782 1,195,328

21
SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022

LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars

2015
June 12, Medicine Hat AB; Weyburn SK; Virden MB Hail/Windstorm/Lightning/Water 98,184 117,262
June 22–23, Essex, London, Toronto, Kingston ON Flooding/Windstorm/Lightning/ 29,188 34,860
Water
July 21, Rocky Mountain House, Red Deer, Lacombe, Ponoka, Hail/Windstorm/Flooding/Water 259,344 309,738
Crossfield AB
July 22, Calgary, Strathmore, Hussar, Kerrobert AB; Hail/Windstorm/Lightning/Water 45,676 54,551
Regina, Anglin Lake SK
Aug. 4–5, Calgary, Olds AB Hail/Flooding/Windstorm/Water 167,236 199,732
Aug. 29, Vancouver BC, southwestern British Columbia Windstorm/Water 34,768 41,524
Total 2015 634,396 757,667

2016
March 23–26, Fergus, Orangeville, Barrie, Newmarket ON Winter storm/Windstorm/Water 28,155 33,154
May 3–19, Fort McMurray AB Fire 3,752,981 4,419,398
June 24–25, Saskatoon SK; West Hawk Lake MB; Killarney, Melita, Flooding/Windstorm/Hail/Water 37,247 43,861
Thunder Bay ON
June 28–30, Okotoks, Calgary, Edmonton, Ponoka AB; southern Hail/Flooding/Windstorm/Water 93,097 109,628
Saskatchewan; southern Manitoba
July 8–11, Edmonton, Calgary AB; southwest Manitoba; Estevan SK Hail/Flooding/Windstorm/Water 56,103 66,065
July 8, Bradford, Markdale, London ON Hail/Windstorm/Lightning/Water 47,615 56,070
July 15–16, Calgary AB; Swift Current SK Hail/Flooding/Windstorm/Water 72,430 85,291
July 18–20, Medicine Hat AB; Outlook SK; Winnipeg MB Hail/Windstorm/Lightning/Water 105,684 124,450
July 22, Moose Jaw SK Hail/Windstorm/Lightning/Water 77,401 91,145
July 27, Toronto ON; Saguenay QC Hail/Windstorm/Lightning/Water 65,813 77,499
July 30–Aug. 1, Calgary, Airdrie, Fort McMurray AB; Yorkton, Melville SK; Hail/Windstorm/Flooding/Water 462,528 544,659
Winnipeg MB
Sept. 28–30, Windsor ON Flooding/Windstorm/Water 156,170 183,901
Oct. 9–11, Sydney, Cape Breton NS; Burgeo NL; New Brunswick; Prince Windstorm/Flooding/Water 108,591 127,874
Edward Island
Total 2016 5,063,815 5,962,997

2017
March 8, Windsor, Sarnia, London, Niagara Falls, St. Catharines, Windstorm 110,894 128,583
Hamilton ON
March 11, St. John's, Torbay, Avalon Peninsula NL Windstorm 65,140 75,530
April 5–7, Sainte-Thérèse, Rosemère, Blainville, Sainte-Hyacinthe QC; Flooding/Water/Winter storm 111,424 129,197
Ontario
May 5–7, Minden, Peterborough, Cumberland ON; Gatineau, Flooding/Water 116,456 135,032
Laval, Montreal QC; Saint John River NB; Cape Breton NS
May 23–24, Vancouver BC; Edmonton, Calgary, Red Deer, Windstorm/Water/ Flooding 68,858 79,841
Lacombe AB; Saskatchewan
June 2, Saskatoon SK Hail/Windstorm/Lightning/Water 46,951 54,440
June 20, Red Deer, Innisfail, Sylvan Lake, Pine Lake, Edmonton AB Hail/Windstorm/Water 36,069 41,822
July 7–Sept 27, Ashcroft, Cache Creek, Loon Lake, Pressy Lake BC Fire 46,408 53,811
July 12–13, Drayton Valley, Edmonton, Breton AB Hail/Windstorm/Flooding/Water 35,254 40,877
July 15–27, Williams Lake and surrounding areas BC Fire 90,940 105,446

22
SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022

LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
July 23, Wetaskiwin, Red Deer, Edmonton, Calgary, Bashaw, Hail/Windstorm/Flooding/ 73,326 85,022
Camrose AB Lightning
July 27–29, Mayerthorpe, Sangudo, Maskwacis, Red Deer, Edson, Hail/Windstorm/Flooding/Water 50,493 58,547
Westlock AB; Yorkton, Melville SK
Aug. 28–29, Windsor, Tecumseh, Essex ON Flooding/Water 169,422 196,446
Oct. 16–18, Calgary, Medicine Hat AB; Regina, Moose Jaw, Saskatoon Windstorm/Water/Fire 105,733 122,598
SK; Winnipeg, Dauphin MB; British Columbia
Oct. 29–30, Kingston, Ottawa ON; Gatineau, Wakefield QC Flooding/Water/Windstorm 99,847 115,774
Total 2017 1,227,215 1,422,967

2018
Jan. 11–14, Sherbrooke QC; Sussex NB; Corner Brook NL; Ontario; Water/Flooding/Windstorm/ 54,205 61,438
Quebec; New Brunswick; Newfoundland and Labrador; Nova Scotia; Winter storm
Prince Edward Island
Feb. 19–22, Brantford, Cambridge, Greater Toronto Area, London ON; Water/Flooding/Winter storm 60,696 68,795
Cookshire-Eaton, Eastern Townships QC
April 4–5, Niagara, Greater Toronto Area ON; Quebec Windstorm/Winter storm/Water/ 102,360 116,018
Flooding
April 14–17, Greater Toronto Area, Leamington, Hamilton, Guelph, Winter storm/Flooding/Water/ 254,323 288,258
Kitchener, Waterloo, London, Chatham-Kent, Ottawa ON; Gatineau QC Windstorm
May 4–5, Hamilton, Toronto and Greater Toronto Area ON; Quebec Windstorm/Water 685,124 776,542
June 14, Estevan, North Portal, Bienfait SK; Belmont, Winkler MB Hail/Windstorm/Water/Flooding 120,556 136,642
July 6–7, Lakeland region, Neilburg, Langham SK; Lloydminster AB Hail/Windstorm/Water 57,558 65,238
July 13–14, Ponoka, Red Deer, Alix, Vermillion, Stettler, Bowden AB; Hail/Windstorm/Water/Lightning 42,115 47,735
Saskatchewan
Aug. 1–4, Calgary, Beaverlodge AB; Alonsa, Silver Ridge, Hail/Windstorm/Water/Lightning 141,412 160,281
Margaret Bruce Beach MB; Saskatchewan
Aug. 7–8, Downtown Toronto, North York ON Water/Flooding 164,648 186,618
Sept. 21, Dunrobin, Ottawa, Nepean ON; Gatineau QC Windstorm/Hail/Water/Flooding 350,828 397,640
Dec. 20, Southern Gulf Islands, Vancouver Island, Surrey, Windstorm/Water/Flooding 84,525 95,803
Abbotsford, Vancouver BC
Total 2018 2,118,350 2,401,008

2019
Jan. 24–25, Saint John, Sussex, Moncton NB; Montreal, Water/Flooding/Windstorm/ 38,052 42,305
Quebec City QC; Nova Scotia; Prince Edward Island Winter storm
Feb. 3–5, Greater Toronto Area, Ottawa, Orillia ON; Gatineau, Water/Flooding/Windstorm/ 81,499 90,608
Montreal, Sherbrooke, Quebec City QC Winter storm
Feb. 24–25, Niagara region, Hamilton, Greater Toronto Area ON; Windstorm/Water/Flooding/ 89,530 99,536
Quebec Winter storm
March 9–11, Greater Toronto Area ON; Quebec Water/Flooding/Windstorm/ 71,818 79,845
Winter storm
March 13–16, Greater Toronto Area, Kitchener, Bolton, Peterborough Flooding/Water/Windstorm/ 145,776 162,069
ON; Quebec; New Brunswick; Nova Scotia Winter storm
April 18–May 14, Ste-Marthe-sur-le-Lac, Laval, Sainte-Marie QC; Flooding/Water/Windstorm 299,313 332,766
Huntsville, Bracebridge ON; New Brunswick

23
SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022

LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
July 13–15, Mistusinne, Luseland, Eston, Balcarres, Brownlee, Hail/Windstorm/Water/Flooding 60,764 67,555
Saskatoon SK; Portage La Prairie, Sage Creek MB; Alberta
July 30–31, Stettler, Castor, Cadogan AB; Saskatchewan Hail/Water/Flooding 104,968 116,700
Aug. 2, Spruce Grove, Stony Plain, Edmonton, Drayton Valley AB Hail/Windstorm 101,524 112,871
Sept. 7–9, Sambro Creek, Halifax, Dartmouth NS; Moncton, Saint John Windstorm/Water/Flooding 157,400 174,992
NB; Prince Edward Island; Newfoundland and Labrador; Quebec
Oct. 31–Nov. 2, Niagara region ON, eastern Ontario; Windstorm/Water/Flooding 255,368 283,909
Montreal and area QC; New Brunswick; Nova Scotia; Prince Edward
Island; Newfoundland and Labrador
Total 2019 1,406,012 1,563,155

2020
Jan. 11-12, Greater Toronto Area, Kitchener, Innisfil, Water/Flooding/Windstorm/ 99,889 110,242
New Hamburg ON; Montérégie QC Winter storm
Jan. 17–18, St. John's NL Winter storm/Windstorm/Water 18,322 20,221
Jan. 31-Feb. 1, Vancouver, Victoria, District of Kent, Cowichan Valley BC Flooding/Water/Windstorm 42,394 46,788
April 26-May 3, Fort McMurray AB Flooding/Water 525,627 580,108
June 13-14, Calgary, Airdrie, Taber AB; Regina SK Hail/Water/Windstorm 1,158,644 1,278,737
July 24, Calgary, Drumheller, Airdrie, Strathmore AB Hail/Flooding/Water/Windstorm 162,513 179,357
Aug. 2-3, Calgary, Edmonton, Drumheller, Crossfield, Carbon, Hail/Water/Windstorm/Flooding 59,344 65,495
Killam AB; Macklin SK
Oct. 10, Montreal, Laurentides and southern Quebec Hail/Windstorm 66,937 73,875
Nov. 15-16, southern and central Ontario, including Greater Toronto Windstorm/Water/Flooding 97,837 107,978
and Hamilton Area, Niagara region, Lake Erie shoreline,
Muskoka region, Lake Ontario shoreline ON
Total 2020 2,231,507 2,462,802
2021
Jan. 12-14, Victoria, Abbotsford, Calgary, Taber, Saskatoon, Regina, Windstorm/Winterstorm
south Alberta, central/southern Saskatchewan; BC, AB, SK
Jan. 19-20, Edmonton, Prince George, Saskatoon, central Alberta, Windstorm
northern BC Interior; BC, AB, SK
March 26-29, Toronto, GTA, southern/eastern Ontario, Windstorm/Flood/Water
southern Quebec, central/northern New Brunswick, northern
Maritimes, western Newfoundland; ON, QC, NB, NS, NL
June 30-Sept. 5, Lytton, BC Fire
July 2, Calgary metro area, AB Hail/Flood/Water/Windstorm 625,015 667,039
July 15, Barrie, Innisfil, Kawartha Lakes, Little Britain, Manilla, Lindsay, Windstorm/Water
Lake of Bays, ON
July 22-23, Regina, Foam Lake, Okla, Duck Mountain, Loon Lake, Hail, Windstorm/Water/Lightning
Saskatchewan; AB, SK, MB
Aug. 4-Sept. 2, Monte Lake, Bouleau Lake, Killiney Beach, Ewings Fire/Water
Landing, BC
Aug. 31-Sept. 1, Regina, Assiniboia, Yorkton, SK; Hail/Water/Windstorm/Lightning
Calgary, AB, SK

24
 SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022
LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
Sept. 7-8, Kinsbridge, Lucknow, Saugeen Shores, Harriston, Kenilworth, Windstorm/Water/Hail/Flood
GTA, ON
Sept. 10-11, St. John's, Avalon Peninsula, NL Windstorm/Water/Flood
Sept. 22-23, Toronto, GTA, Waterloo, London, SW Ontario, Kawarthas, Flood/Water/Windstorm
Laurentians, Ottawa River Valley, ON, QC
Nov. 13-Dec. 2, Abbotsford, Merritt, Princeton, Chilliwack, Nanaimo, Flood/Water/Windstorm 653,090 696,258
Duncan, Lytton, southwestern, BC, AB, SK, MB
Dec. 11-13, Toronto, Hamilton, GTA, Windsor, London, Montreal, Quebec Windstorm/Water/Flood
City, southern Ontario, southern Quebec, Gaspe, Acadian Peninsula,
northern Nova Scotia, western Newfoundland,
ON, QC, NS, NB, NL
Total 2021* 2,321,323 2,475370

2022
Feb. 17-19, GTA, Halifax, southern Ontario, Nova Scotia, Atlantic Flood, Water, Windstorm,
Canada, ON, QC, NB, NS, PE, NL Winterstorm
April 22-25, Winnipeg, Selkirk, Portage la Prairie, Dauphin, Fort Flood, Water, Windstorm,
Frances, Thunder Bay, SK, MB, ON Winterstorm
May 21, Ottawa, GTA, Kitchener-Waterloo, Outaouais, Lanaudiere, Windstorm, Water, Lightning 1,266,425 1,266,425
Laurentides, ON, QC
June 16-17, Belleville, Scarborough, Oshawa, southeastern Ontario, Windstorm, Hail, Lightning,
Greater Montreal Area, ON QC Water
June 18-19, Salvador, Cactus Lake, Denzil, Reward, Moosomin, Windstorm, Hail, Water
Kipling, and Rocanville, SK; Binscarth, Foxwarren, and St-Lazare,
Prairie View, MB, SK
June 23-24, Red Deer, NW Calgary, AB; Spiritwood, Yorkton, Water, Flood, Hail, Windstorm
Langbank, Churchbridge, Regina Beach and Saskatchewan Beach,
SK; Binscarth, Rossburn, Winnipeg, Sandy Lake, Plumas, Clear Lake,
Shoal Lake, Oakburn, MB, AB, SK
July 7-8, Bergen, Oyen, Calgary AB, Blaine Lake SK, AB Windstorm, Hail, Water
July 15-July 17, Ponoka, Shantz, Eagle Hill, Olds, Red Deer, AB; Hail, Windstorm, Water
Avonhurst, Grenfell, Diefenbaker Lake, Moosomin, Island View,
Rocanville SK, AB, MB
July 18-July 21, Medicine Hat, Cypress County and Redcliff, AB; Windstorm, Water, Flood, Hail
Regina, SK; Teulon, Winnipeg, MB; northwestern Ontario; Thedford
and Wyoming, ON; Rimouski area and Eastern Townships, QC, AB,
SK, MB, ON
July 29-July 31, AB: Hines Creek, Grande Prairie, Red Deer County, Hail, Windstorm, Water
Sundre, Castor, Camrose, Coronation, SK: Kerrobert, Kindersley,
Unity, Evesham, Swift Current, Yorkton; AB, SK
Aug.1-2, Antler Hill, Innisfail, Penhold, Markerhill, Ponoka, Three Hills, Hail, Windstorm, Water, Flood
Bodo, Pine Lake, Consort; SK: Kerrobert, Saskatoon, Unity, Wilkie,
Luseland; AB, SK
Sept. 13-14, Montreal, Longueuil, Joliette, Lanaudiere, Monteregie, Water, Flood
Saguenay, Trois-Rivieres, QC

25
 SECTION 1

CATASTROPHIC LOSSES
BY EVENT IN $000, 1983 TO 2022

LOSS LOSS
DATE AND PLACE EVENT TYPE plus loss adjustment plus loss adjustment
expenses expenses in 2021 dollars
Sept. 23-25, Sydney NS, Port aux Basques NL, Charlottetown PE, Windstorm, Flood, Water 837,655 837,655
Halifax, Cape Breton Island, Pictou County NS, Burgeo NL,
Iles-de-la-Madeleine QC, Gaspe QC, southwestern Newfoundland,
eastern Nova Scotia, eastern New Brunswick; QC, NB, NS, PE, NL
Dec. 22-23, Niagara Region, Prince Edward County, southern Windstorm, Water, Flood,
Ontario, Montreal, Quebec City, St. Lawrence corridor, western Winterstorm
New Brunswick, Acadian Peninsula, Northhumberland Strait,
Charlottetown, Halifax, Sydney, ON, QC, NB, NS, PE
Dec. 23-27, Vancouver, Victoria, Squamish, Lower Mainland, Water, Winterstorm, Flood,
Fraser Valley, southern Vancouver Island, BC Windstorm
Total 2022* 3,406,154 3,406,154

*Preliminary
Source: 1983 to 2007: IBC, PCS Canada, Swiss Re and Deloitte
Source 2008 -2022: CatIQ

26
SECTION 1

REGULATION AND
REGULATORY ISSUES
The federal and provincial governments regulate the P&C insurance
industry. The provincial governments regulate market conduct, and
the federal Office of the Superintendent of Financial Institutions
(OSFI) is the industry’s primary prudential (solvency) regulator.

Auto insurance, in particular, is very highly regulated. Some of the key impacts of IFRS 17 include:
The provincial governments determine the content of
• Volatility in financial results and equity
auto insurance policies, how claims are handled and how
complaints are managed. They also administer rate approval • Changes in key financial metrics
systems. IBC is advocating for auto insurance reform in several
• Presentation of financial risks and investment income
provinces, including Alberta, Ontario, Nova Scotia and New
on an insurer’s results separate from insurance
Brunswick.
performance
Through IBC, the P&C insurance industry also engages with
• Additional complexity in valuation models, data, and
regulators and the federal government to ensure that new system and process requirements creating greater
regulations balance the needs of consumers with insurers’ granularity in contract groupings for valuation
business models. purposes.

For example, the industry continues to engage with regulators

and tax authorities about the new accounting framework,
IFRS 17, which took effect on January 1, 2023. The new
standard is intended to drive greater consistency globally and
allow for increased comparability between insurers.

27
SECTION 1

REGULATION AND
REGULATORY ISSUES
Tax policy Market conduct
IBC’s Tax Panel Working Group, under the governance of The Canadian Council of Insurance Regulators (CCIR) is an
the Finance Standing Committee, offers leadership for IBC’s association of Canada's provincial insurance regulators. It
advocacy work on all tax issues facing member insurance and works to regulate insurers' governance, practices and policies
reinsurance companies operating in Canada. The working with respect to the treatment of consumers; this is known
group identifies existing as well as emerging tax issues as "market conduct." Market conduct measures help ensure
and develops recommendations to support the industry’s fair treatment of customers throughout the insurance sales,
position on these issues. To ensure effective advocacy, the distribution and claims settlement cycle. IBC engages with
Tax Panel Working Group liaises with governments, industry- CCIR on behalf of its members to discuss the industry's
related bodies and other associations to achieve consensus perspectives or new or revised market conduct expectations in
and develop responses on tax matters affecting the industry. respect of CCIR's guiding principles.

Through the Tax Panel Working Group, IBC has analyzed and IBC also monitors global regulations to assess their potential
submitted strategic responses to the Department of Finance impact on Canadian insurers. This involves ensuring that
Canada and provincial governments. For 2023, IBC presented international regulations are sensitive to the domestic
member views on: regulatory landscape and the particulars of the P&C insurance
industry in Canada. IBC also participates in discussions
• The proposed amendments announced as part of the led by the Global Federation of Insurance Associations,
2023 Federal Budget Tax Measures to deny financial providing input into the development of the many aspects of
institutions a dividend received deduction under the international regulations that affect P&C insurers.
Income Tax Act (Canada)

• Finance Canada’s tax Legislative Proposals related to

IFRS 17 contained in Bill C-32

• Finance Canada’s consultation on reforming and

modernizing Canada’s transfer pricing rules

• The provincial tax legislation on the implication of IFRS

17 on insurance premium tax computation

IBC continues to monitor future tax changes and other issues

that could have unintended tax costs for insurance products
and P&C insurer members.

28
SECTION 2
Canada’s P&C insurance industry by line of business

Auto insurance Home insurance Business insurance

30 Mandatory insurance 34 Types of coverage 35 Types of coverage
30 Optional insurance 34 Premiums and claims 35 Premiums and claims
30 “No-fault” insurance
32 Premiums and claims
33 Average losses

29
SECTION 2

AUTO INSURANCE
In the event of a collision, auto insurance covers the owner
of the vehicle, the driver operating the vehicle with the
owner’s consent, passengers, pedestrians and property.

In 2022, auto insurance, which is required by law in every Canadian province

and territory, accounted for approximately 37.7% of the insurance business
written by P&C insurers.

Auto insurance falls within provincial jurisdiction, and the rules are slightly
different in each province. Mandatory auto insurance requirements are
published on IBC’s website.

There are about 112 private P&C insurance companies competing for auto and
personal property insurance in Canada. In addition to these private insurers,
government-owned insurers in British Columbia, Saskatchewan and Manitoba
provide the mandatory component of auto insurance in those provinces, in
addition to some optional coverages. In Quebec, a portion of the mandatory
component is provided by the government-owned insurer and the other
portion by private insurers.

MANDATORY INSURANCE

OPTIONAL INSURANCE

“NO FAULT” INSURANCE

IBC 2023 FACTS 30

SECTION 2

AUTO INSURANCE
MANDATORY INSURANCE “NO-FAULT” INSURANCE
There are three kinds of mandatory coverage: The concept of “no-fault” insurance developed over time as a
way to reduce the legal and administrative costs associated
Accident benefits coverage helps people recover from with having to prove fault in a vehicle collision in order to
injuries sustained in a collision. It pays for medical care, recover damages for the losses that were suffered.
rehabilitation, income replacement and other applicable
Before no-fault, insurers required those involved in a collision
benefits to aid the recovery of collision victims, including
to establish which driver was at fault. The insurer of the
drivers, passengers and pedestrians. In the case of a death,
at-fault driver would be responsible for paying toward the
this coverage also provides funeral expenses and survivor
losses resulting from injuries arising from the incident that
benefits. This insurance is mandatory in all provinces
were suffered by those who were not at fault. This process
except Newfoundland and Labrador. In some provinces, it
was lengthy and required expensive investigation and often
is referred to as “Section B” benefits.
litigation.
Accident benefits are paid on a no-fault basis. This means
In a pure no-fault car insurance system, if a person is injured
that the benefits are available to anyone injured in a
or their car is damaged in a collision, the person deals
vehicle collision regardless of whether they were “at fault”
directly with their own insurance company, regardless of
for the collision. See details under the “No-Fault Insurance”
who is at fault. The injured person does not have the right
heading in this section.
to sue the person who was at fault to recover damages for
Third-party liability (TPL) coverage protects the insured their injury.
driver and/or owner of the vehicle if the motor vehicle
In most provinces and territories, the person who did not
injures or kills someone or damages someone’s property
cause the collision has the right to sue the at-fault driver for
through the fault of the driver. TPL is required by law in all
damages. In some provinces, however, the person who did
provinces. Within TPL coverage, most provinces operate
not cause the collision has the right to sue the at-fault driver
a direct compensation property damage (DCPD) vehicle
for pain and suffering damages only if their injuries meet a
damage framework, whereby a driver works with their own
prescribed threshold.
insurer to repair their vehicle and other damaged property
inside the vehicle instead of recovering damages from the Every province offers some degree of no-fault insurance.
at-fault driver. DCPD is in place in Alberta, Ontario, Quebec, Three provinces – BC, Manitoba and Quebec – have pure
New Brunswick, Nova Scotia, Prince Edward Island, and no-fault systems. Other provinces use a mix of no-fault
Newfoundland and Labrador. and tort-based systems. Some specify accident benefits
limits and the right to sue for additional compensation
Uninsured auto coverage protects an insured person if
under certain specified situations, such as when injuries are
they were injured through the fault of a driver who does
determined to be permanent and serious.
not have auto insurance or is unidentified.
Every province and territory offers some
OPTIONAL INSURANCE degree of no-fault insurance.
Collision and comprehensive insurance are optional in
all provinces except Saskatchewan and Manitoba, where
both are mandatory.
Collision coverage pays for the cost of repairing or
replacing a vehicle following a collision with another
vehicle or object, such as a tree, house, guardrail or
pothole. Comprehensive coverage pays for repairs
to or replacement of a vehicle for damage caused by
something other than a collision; for example, fire, theft,
vandalism or wind.

Pure no-fault systems with no right to sue

Mix of no-fault and tort-based systems 31
SECTION 2

AUTO INSURANCE
Premiums and claims
Private insurers wrote auto insurance policies for a total of In 2022, Canadian private P&C insurers paid out
$25.3 billion in direct written premiums in 2022. $16.2 billion in direct claims incurred to policyholders for
all types of auto insurance coverage: third-party liability,
Automobile insurance premiums, like all insurance premiums, accident benefits, collision and comprehensive, and other
are determined based on risk. Insurers estimate how likely it coverages. Auto claims payouts accounted for 46% of
is that a customer – and a group of customers with a similar all direct claims incurred. The vast majority of total auto
set of circumstances – will make a claim, and how much those claims – 83.8% – were for incidents involving private
claims will likely cost in a given year. A number of factors help passenger vehicles.
to determine car insurance premiums. These include where a
customer lives, the type of vehicle the customer drives, how A note about terminology: The following three tables
the vehicle is used, and the customer’s driving record and show claims costs by accident year, which is how much
driver profile. (A driver profile includes the claims history of a insurers will have to pay out regarding all incidents that
group of customers of the same age, for example.) occurred in that year (in some instances, claims arising
from those incidents may be paid in future years).

COSTS OF CLAIMS FOR PRIVATE PASSENGER AUTO BY TYPE OF COVERAGE IN $000, 2010 TO 2021

THIRD-PARTY LIABILITY ACCIDENT COLLISION COMPREHENSIVE OTHER TOTAL

(INCLUDES DCPD BENEFITS
WHERE APPLICABLE)

2010 4,340,868 3,984,641 1,158,894 749,435 462,395 10,696,232

2011 4,184,042 2,329,416 1,236,996 643,629 458,496 8,852,579
2012 4,277,284 2,387,209 1,238,674 787,297 421,193 9,111,656
2013 4,646,659 2,626,543 1,384,071 802,441 459,440 9,919,155
2014 4,847,109 2,678,646 1,491,894 856,949 483,262 10,357,860
2015 5,396,752 2,996,881 1,601,844 895,824 533,254 11,424,555
2016 5,641,068 3,053,712 1,744,014 1,105,876 622,484 12,167,155
2017 5,907,509 2,789,388 1,922,661 951,612 710,013 12,281,183
2018 6,173,696 2,806,636 2,134,081 1,080,355 843,953 13,038,721
2019 6,411,767 2,923,307 2,257,751 1,082,367 885,782 13,560,974
2020 4,512,634 2,111,772 1,543,811 1,314,826 714,665 10,197,709
2021 4,581,216 2,134,407 1,660,898 1,315,389 812,945 10,504,854

Source: IBC with data from GISA exhibit AUTO1010-CW-2021

Ontario, Alberta, Atlantic Provinces, Yukon, Nunavut, Northwest Territories

32
SECTION 2

AUTO INSURANCE
PRIVATE PASSENGER AUTO INSURANCE CLAIMS, 2021
THIRD-PARTY LIABILITY ACCIDENT COLLISION COMPREHENSIVE
(INCLUDES DCPD WHERE APPLICABLE) BENEFITS

Number of insured vehicles 12,408,054 12,394,908 8,532,012 9,349,783

Number of claims 289,970 83,897 193,780 275,642
Total cost of claims 4,581,216,247 2,134,406,746 1,660,897,630 1,315,389,098

Source: IBC with data from GISA exhibit AUTO1010-CW-2021

COMMERCIAL AUTO INSURANCE CLAIMS, 2021

THIRD-PARTY LIABILITY ACCIDENT COLLISION COMPREHENSIVE
(INCLUDES DCPD WHERE APPLICABLE) BENEFITS

Number of insured vehicles 882,653 880,871 358,867 453,310

Number of claims 13,468 2,068 5,153 9,352
Total cost of claims 370,062,314 68,014,623 69,652,188 89,102,534

Source: IBC with data from GISA exhibit AUTO1010-CW-2021

Average losses
Insurers track loss amounts in two ways. They calculate the The claims cost per insured vehicle is calculated by
average cost per claim (severity) and the average cost per dividing the total cost of claims by the number of insured
insured vehicle (loss cost). vehicles. In 2021, the national average claims cost per
insured private passenger vehicle was $10,504,854,329 ÷
The average cost per claim is calculated by dividing the total 12,408,054 = $846.
cost of claims by the number of claims. In 2021, the national
average cost per claim for private passenger auto insurance
claims was $10,504,854,329 ÷ 929,893 = $11,297.

AVERAGE COST ($) PER CLAIM BY TYPE OF COVERAGE FOR

PRIVATE PASSENGER AUTOMOBILE INSURANCE, 2017 TO 2021
TYPE OF COVERAGE 2017 2018 2019 2020 2021

Third-party liability 14,036 14,376 14,727 16,237 15,799

Accident benefits 23,089 23,164 23,891 26,822 25,441
Collision 6,962 7,310 7,606 7,981 8,571
Comprehensive 3,280 3,594 3,682 4,730 4,772

Source: IBC with data from GISA exhibit AUTO1010-CW-2021

AVERAGE COST ($) PER INSURED VEHICLE BY TYPE OF

COVERAGE FOR PRIVATE PASSENGER VEHICLES, 2017 TO 2021
TYPE OF COVERAGE 2017 2018 2019 2020 2021

Third-party liability 503.32 514.54 525.31 368.4 369.21

Accident benefits 237.69 233.98 239.89 172.62 172.2
Collision 234.51 256.19 267.35 182.49 194.67
Comprehensive 104.2 117.07 116.58 140.81 140.69

Source: IBC with data from GISA exhibit AUTO1010-CW-2021

33
SECTION 2

HOME INSURANCE
Unlike auto insurance, the purchase of home or personal property
insurance is not mandated by law. However, it provides coverage
for an individual’s single largest investment – a home. In fact, most
banks and mortgage holders require proof of insurance on property
as security for the loan or mortgage.

As the second-largest line of P&C insurance business after There are various types of policies:
auto insurance, home or personal property insurance
includes house, condominium, cottage, mobile home • An all-perils policy provides coverage for a home
and tenant’s insurance. It covers the property, personal and its contents from loss or damage from all
belongings and personal liability of the policyholder and perils except those specifically excluded. A peril is
the policyholder’s spouse or partner, children (with age a chance event that is unexpected and accidental.
limits) and dependants (with age and other limits). Some perils are excluded from all-perils policies – for
example, earthquakes. Coverage for this peril may
As with all insurance premiums, insurers consider a be purchased as a policy add-on. Optional coverage
number of risk factors to determine the price they charge for the peril of overland flooding has become more
an individual for home insurance. For example, insurers widely available for homeowner’s insurance policies
look at the neighbourhood and the frequency and types in the last five years. In 2015, some insurers began
of past claims in that area; the cost to replace a home’s offering this coverage and, since then, others have
contents and restore a home to its previous condition; the entered the market.
condition and age of the roof; the type of heating, electrical
• A broad-form policy provides coverage for a home
and plumbing systems; and details about any additional
from loss or damage from all perils except those
structures on the property.
specifically excluded, but only insures the contents
Insurers analyze these risks to estimate how likely it is that against perils that are specifically named in the
a policyholder, or a group of people with a similar set of policy.
circumstances, will make a claim and how much that claim • A standard, basic or named perils policy provides
will cost. coverage for a home and its contents against perils
specifically named in the policy.

Types of coverage • A no-frills policy provides very basic coverage for

a property that does not meet an insurer’s normal
Home insurance generally covers a homeowner’s underwriting standards.
residential building, outbuildings, contents, additional living
expenses (if an insured event damages the home so that
Premiums and claims
it is uninhabitable during the repairs) and personal liability.
Tenant’s insurance generally covers loss of or damage In 2022, private P&C insurers wrote $17.4 billion in direct
to personal belongings, additional living expenses and written premiums for personal property insurance and
personal liability. paid out $9.9 billion for direct claims incurred.

34
SECTION 2

BUSINESS INSURANCE
Operating a business comes with an element of risk and
unpredictability. Businesses, including non-profit organizations such
as charities, buy insurance as part of an effective risk management
plan. In large enterprises, risk managers evaluate any perils to the
business, implement programs to reduce and manage those dangers,
and buy insurance to backstop remaining exposures.

Smaller businesses without the benefit of risk managers depend • E rrors and omissions or professional liability insurance
more on the advice of insurance representatives to identify covers individuals and organizations that give professional
risks and help them choose the appropriate insurance to guard advice (for example, consultants and financial planners).
against potential losses. It protects them if clients claim damages as a result of
inaccurate advice, misrepresentation, negligence, or
Much like any other business, home-based businesses require violation of good faith and fair dealing.
coverage for possible business-related losses. For example, a
•B
 usiness interruption insurance can cover against lost
home-based business owner may require commercial liability
earnings during the period of a shutdown due to an
coverage since business risks may not be covered by the liability
insured event such as a fire or explosion. It can cover the
section of their home insurance policy.
time the business needs to resume profitability. Some
business owners buy additional insurance to cover extra
Types of coverage operating expenses – for example, a new telephone
system, extra advertising costs, rentals and moving costs
There are various types of business insurance policies: – if the business must carry on at another location or
•C
 ommercial general liability covers a business and its outsource work during the shutdown.
employees for actions against them that result in bodily injury, • Cyber insurance can cover losses related to a cyber attack.
property damage, personal injury, advertising injury, tenant’s Coverage may include:
legal liability and other types of loss or damage to third - Regulatory defence expenses
parties. - Legal and civil damages
•C
 ommercial property insurance is designed to protect the - Security breach remediation and notification expenses
physical assets of a business against loss or damage from a - Crisis management expenses
broad range of causes. Physical assets include: - Forensic investigations expenses
- Equipment -C omputer program and electronic data restoration
- Inventory and supplies expenses
- Office furniture and fixtures - E-commerce extortion and reward payments coverage
- Computers and electronics - Business interruption and additional expenses.
- Personal property of employees while on-site
- Customer property at the business site Premiums and claims
- Lighting systems
In 2022, private P&C insurers wrote $15 billion in direct written
- Windows
premiums for commercial property insurance and paid out
- Outdoor signs.
$6.6 billion in direct claims incurred.
•D
 irectors’ and officers’ liability insurance covers directors and
officers of organizations for actual or alleged errors, breach of Also in 2022, private P&C insurers wrote $11.5 billion in direct
duty, errors or omissions, misleading statements and neglect written premiums for commercial liability insurance and paid
in carrying out their responsibilities for the organization. out $3.8 billion in direct claims incurred.

35
SECTION 3
IBC Members

IBC 2023 FACTS 36

SECTION 3

IBC MEMBERS
List of IBC members, as of July 1, 2023
COMPANY AND GROUP

A C G
AIG Canada​ CAA Club Group ​General Reinsurance Corporation
​ llianz Global Risks (US) Insurance
A Alberta Motor Association Insurance ​Gore Mutual Insurance Company
Company Company
Allianz Trade Canada BCAA Insurance Corporation H

​ llstate Canada Group of Companies

A CCR RE​ ​Hartford Fire Insurance Company
(ACG) ​HDI Global SE Canada Branch
Chubb Insurance Company of Canada
​Allstate Insurance Company of Canada ​HDI Global Specialty SE
​Continental Casualty Company (CNA)
Esurance Insurance Company of
Canada D I

​ Pafco Insurance Company ​Definity Financial Corporation I​ndustrielle Alliance, Assurance auto et
habitation inc.
​Pembridge Insurance Company Definity Insurance Company
Prysm Assurances générales inc.
​Arch Insurance Canada Ltd. ​The Missisquoi Insurance Company
Insurance Company of Prince Edward
​Atradius Credit Insurance N.V. ​Perth Insurance Company Island (ICPEI)
​Aviva Canada Inc. Sonnet Insurance Company​ ​Intact Financial Corporation
​ Aviva General Insurance Company ​Waterloo Insurance Company ​ Belair Insurance Company Inc.
​Aviva Insurance Company of Canada Desjardins General Insurance Group Inc.​ ​Intact Insurance Company
​Elite Insurance Company ​Certas Direct Insurance Company ​JEVCO Insurance Company
​Pilot Insurance Company ​Certas Home and Auto Insurance Johnson Insurance Company
​S & Y Insurance Company Company
The Nordic Insurance Company
​Scottish & York Insurance Co. Limited ​Desjardins assurances générales Inc. of Canada
​Traders General Insurance Company The Personal General Insurance Inc. ​Novex Insurance Company
​ XIS Reinsurance Company (Canadian
A ​The Personal Insurance Company Royal & Sun Alliance Insurance
Branch) Company of Canada​
E
Trafalgar Insurance Company of
B ​Ecclesiastical Insurance Office PLC Canada
Beneva ​Electric Insurance Company L
Société d'assurance Beneva inc. ​Everest Insurance Company of Canada L​ awyers’ Professional Indemnity
Unica Insurance Incorporated ​Everest Reinsurance Company Company
L'Unique assurances générales inc. ​Liberty Mutual Insurance Company
F
​​
The Boiler Inspection and Insurance
Company of Canada ​Federal Insurance Company of Canada
Fenchurch General Insurance Company

37
SECTION 3

IBC MEMBERS
List of IBC members, as of July 1, 2023
COMPANY AND GROUP

O T
M ​ dyssey America Reinsurance
O ​TD Insurance
Corporation (Canadian Branch)
​MAX Insurance ​ Primmum Insurance Company
​ ld Republic Insurance Company
O
​​
Mitsui Sumitomo Insurance Company ​Security National Insurance Company
of Canada
Limited ​TD Direct Insurance Inc.
​Omega General Insurance Company
​Munich Re Group ​TD General Insurance Company
Optimum General Insurance
​ Munich Reinsurance Company of ​TD Home and Auto Insurance
Canada Optimum Insurance Company Inc. Company
​Temple Insurance Company Optimum West Insurance Company Toa Reinsurance Company of America
Inc.
​Munich Reinsurance America, Inc. (Canada Branch)
Optimum Farm Insurance Inc. Tokio Marine Canada
​ he Mutual Fire Insurance Company
T
of British Columbia P Tokio Marine & Nichido Fire Insurance Co.,
​Partner Reinsurance Company of the U.S. Ltd.
N
​Peace Hills General Insurance Company Travelers Canada
​Northbridge Financial Corporation
​Promutuel Assurance St. Paul Fire and Marine Insurance
​ Federated Insurance Company Company
of Canada ​Protective Insurance Company
The Dominion of Canada General
​Northbridge General Insurance R Insurance Company
Corporation
​Red River Mutual Insurance Company ​Travelers Insurance Company of
​Verassure Insurance Company Canada
​Zenith Insurance Company S ​Trisura Guarantee Insurance Company
Sandbox Mutual Insurance ​Triton Insurance Company
​SCOR Canada Reinsurance Company
W
​Sentry Insurance, A Mutual Company
​ he Wawanesa Mutual Insurance
T
SE Mutual Insurance Company
Company
SiriusPoint America Insurance Company
Sompo Japan Insurance Inc. Canada X
Branch ​XL Specialty Insurance Company
​Starr Insurance and Reinsurance Limited
Z
​Swiss Re
​Zurich Insurance Company Ltd.
​ Swiss Reinsurance Company Ltd.,
Canadian Branch
​Swiss Re Corporate Solutions America
Insurance Corp. – Canadian Branch

38
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