The tariff war between the United States and Canada is raising concern among leaders in Canada’s insurance industry. Four in 10 executives say they are highly concerned about the issue, according to a survey of industry leaders conducted by the Insurance Journal Publishing Group in early September.
A total of 85% of respondents express some level of concern about the tariff war initiated by the Trump administration, while 40% say their level of concern is high (36%) or extreme (4%).
The survey was conducted from September 3 to 14, 2026, among Canadian insurance industry executives who subscribe to Portail de l’assurance, Insurance Portal, or to their newsletters.
Of the 283 industry executives who responded to the survey, 49% work in distribution, including brokerage and advisory firms. The others are primarily executives at insurers (24%) or at intermediaries such as managing general agencies (6%). The survey therefore largely reflects the views of brokers and advisors who have direct contact with insureds.
Francophones are more concerned
The survey reveals a marked difference between Francophone and Anglophone leaders, as well as differences by sector.
Among Francophones, the proportion of leaders who say they are highly concerned rises to 44%, compared with 24% among Anglophones. The overall average of 40% is closer to the Francophone result because of their weight in the sample; 84% of the industry leaders who responded to the survey did so in French.
When the results are broken down by sector, this linguistic difference is evident, particularly in group insurance and property and casualty insurance, as shown in the chart below.
This linguistic divide could reflect differences in perceptions of market vulnerability, possibly related to Quebec’s geographic and economic proximity to the United States. Quebec has supply chains that are particularly closely linked to the U.S. market, as can be seen in the forestry industry and in the aluminum and manufacturing sectors.
Few measures taken so far
Despite respondents’ concerns, 65% of industry leaders have not implemented any measures in response to the tariff dispute.
Among those who have, client support, as well as monitoring and analysis, are by far the most common measures implemented, well ahead of changes to business practices, such as boycotting U.S. products and services or adjusting products or prices. Most industry leaders are therefore taking a wait-and-see approach, favouring observation over restructuring their operations.
To better understand the concerns of insurance industry stakeholders regarding the tariff war with the United States and the measures some have implemented, the Insurance Portal will speak with them about these issues in the coming weeks.
