The Canada general insurance market witnessed an increase at a compound annual growth rate (CAGR) of 8.5% from $39.2bn in 2016 to $58.9bn in 2021.
As per the data, the leading companies occupied 36.5% of Canada’s total general insurance market.
1. Intact Insurance
Intact Insurance ranked number one in the country, reporting a growth of 6.4% compared with the previous year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.
2. Lloyd’s Underwriters
Ranking number two in Canada’s general insurance market was Lloyd’s Underwriters. The company registered a 21.9% growth compared with the premium in 2020. Among the leading general insurance companies, its position remained unchanged when compared with its previous years ranking.
3. Aviva InsuranceOf Canada
Aviva InsuranceOf Canada ranked number three in Canada’s general insurance market. Compared with previous year’s premium, the company registered a growth 6.6%. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.
4. Co-operators General Insurance
Co-operators General Insurance, which ranked number four in Canada’s general insurance market, registered a 5.1% growth compared with last year’s premium. Its ranking among the leading general insurance companies in the previous year was five, which now improved to number four.
5. Security National Insurance
Security National Insurance ranked number five in Canada’s general insurance market. The company registered a growth of 4.2% compared with last year’s premium. Its ranking among the leading general insurance companies in the previous year was six, which now improved to number five.
This analysis is drawn from GlobalData’s Company LoB Breakdowns Database, which tracks key insurance metrics across segments, categories, and line of businesses for more than 150 markets, globally. The data is sourced from regulatory authority/industry association/company SFCR. This data is mapped to segments and categories as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.