In Canada’s complex economic landscape, commercial insurance plays a pivotal role, supporting the stability and expansion of businesses in numerous industries. This report highlights areas in which governments can play a role in fostering a robust, prosperous commercial insurance sector, one that is better equipped to support businesses.
Insurance Bureau of Canada (IBC) commissioned MNP LLP to conduct a review and jurisdictional scan of commercial truck driver training in various Canadian and international jurisdictions.
While premium rate increases across numerous commercial lines continue to stabilize or even decrease, commercial property insurance remains in challenging territory. Read the latest IBC commercial quarterly.
As cyber threats continue to evolve, businesses – particularly small and medium-sized enterprises – will need more education on cyber security, resilience and how to qualify for cyber insurance. Read the latest IBC report on the state of the Canadian cyber insurance market.
While insurance often exists in the background, its greatest benefit is perhaps best demonstrated by the broader socio-economic value it provides Canadians. This report – a first of its kind - illustrates the important role that the commercial insurance industry plays in enabling modern life in Canada.
The Canadian insurance market has remained resilient despite economic volatility, extreme weather events, supply chain and labour challenges and geopolitical uncertainty. Inflation and natural catastrophe risk were the main drivers of premium and cost pressures in commercial property insurance in the first half of 2023.
Commercial insurance market conditions continue to stabilize; however, the impact of the January 1 reinsurance renewal costs, along with a number of other factors exerting pressure on property lines including sustained inflation, has led to some concerns for those property lines with high-risk exposure to natural catastrophes.
Insurers play a vital role in helping to protect people and businesses from the risks they face, and to recover when those risks materialize. However, a range of factors have led to growing protection gaps that could have profound impacts on the well-being and economic prosperity of Canadians. Closing these gaps will require action from policymakers to create environments in which risks can more effectively be managed and mitigated
A highly inflationary environment continues to affect the transitioning commercial insurance market, with modest premium pressures across most products and risk types. Despite improved insurer performance, the mobilization of new capacity and fierce competition, overall premiums increased due to growth in exposures and inflation.
August 11, 2022 - An Update on the Pressures Facing the Canadian Commercial Insurance Market
