Based on data provided by MSA Research, the Insurance Portal presents the market shares of property-casualty insurers in Canada in 2023.

The rankings are based on total gross insurance revenue in 2023. In 2023, the 145 or so companies that disclosed this data to MSA had total insurance revenues of $88 billion.

This represents an increase of 12.1% over the previous year. By 2023, some 147 companies had reported total insurance revenues of $78.5 billion.

As can be seen in the table below, the six largest P&C insurers held more than half of the Canadian market share, or 53.8%. 

The ten largest P&C insurers held two-thirds of the Canadian market in 2023.

Desjardins 

Regarding insurance revenue, the Insurance Portal contacted Desjardins Group to understand the nature of the $9.3 billion in revenue from insurance activities reported by MSA in 2023. Here are the explanations received from Desjardins.

“In Desjardins Group's 2023 annual report, the income from insurance activities reported for the general insurance segment is indeed $6,642 million. The definition of what these revenues contain is available in the Desjardins Annual Report on page 146.”

“Intercompany agreements specific to the general insurance segment explain the difference between the $6,642 million and $9,292 million. Ultimately, revenues from insurance activities with third parties amounted to $6,642 million. They were obtained through the direct distribution channel. This is the first year in which this situation has arisen, due to IFRS 17 coming into force on January 1, 2023. Thus, in 2023, in compliance with IFRS 17, the concept of 'income from insurance activities' does not fully correspond to that of 'net premiums' under IFRS 4.”

Desjardins adds that the organization prefers to use direct written premiums to determine market share. These amounted to $6.9 billion in Canada in 2023.

 

This article is a Magazine Supplement of the December issue of the Insurance Journal.