Canadian non-life insurance market forecasts 2024-2029

GlobalData has projected that non-life insurance premiums in Canada will rise from 86.75 billion CAD (65.12 billion USD) in 2024 to 115.82 billion CAD (90.07 billion USD) in 2029.

The average annual growth rate over the 2024-2029 period is estimated at 6%.

The sector's growth is likely to be driven in part by growing demand for natural catastrophe policies.

According to the Insurance Bureau of Canada (IBC), the 2023 flash floods and forest fires in Canada resulted in insured losses totalling 1.192 billion CAD (883 million USD) and 696.5 million CAD (940 million USD) respectively.