According to a new report by A.M. Best, Canada’s property and casualty (P/C) insurance industry demonstrated remarkable resilience in 2024, even amid an unprecedented year for natural disasters. Insured catastrophe losses reached a record CAD 9 billion, surpassing the previous high of CAD 6.2 billion in 2016. The surge was driven by multiple events, including flash floods in southern Ontario, a wildfire in Jasper, a major hailstorm in Calgary, and the remnants of hurricanes affecting Quebec and Ontario.
Despite these significant losses, the sector remained financially stable, generating net income of CAD 6.3 billion and an underwriting profit (insurance service result) of CAD 7.4 billion. A.M. Best maintained a stable market segment outlook for Canada’s P/C industry, highlighting strong capital buffers, disciplined pricing practices, robust regulatory oversight, and adequate reinsurance coverage as key factors helping insurers absorb these shocks.
The report also emphasizes that insurers must continue enhancing underwriting and risk‑management strategies. Climate-related risks, rising personal auto claims, and economic uncertainties remain ongoing challenges.
For consumers and industry stakeholders in Canada, the findings demonstrate that while the P/C insurance sector faces increasing pressures from extreme events, it remains well-capitalized, stable, and capable of protecting policyholders when disasters strike.
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