{"id":3969,"date":"2025-11-25T08:00:15","date_gmt":"2025-11-25T13:00:15","guid":{"rendered":"https:\/\/www.gdr.ca\/?p=3969"},"modified":"2025-11-14T17:20:36","modified_gmt":"2025-11-14T22:20:36","slug":"canadas-property-and-casualty-insurance-sector-holds-steady-despite-record-catastrophes","status":"publish","type":"post","link":"https:\/\/www.gdr.ca\/en\/news\/canadas-property-and-casualty-insurance-sector-holds-steady-despite-record-catastrophes\/","title":{"rendered":"Canada\u2019s Property and Casualty Insurance Sector Holds Steady Despite Record Catastrophes"},"content":{"rendered":"\n<p>According to a new report by A.M. Best, Canada\u2019s 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 \u202f9 billion, surpassing the previous high of CAD \u202f6.2\u202f 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.   <\/p>\n\n<p>Despite these significant losses, the sector remained financially stable, generating net income of CAD \u202f6.3 \u202fbillion and an underwriting profit (insurance service result) of CAD\u202f 7.4\u202f billion. A.M. Best maintained a stable market segment outlook for Canada\u2019s 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.  <\/p>\n\n<p>The report also emphasizes that insurers must continue enhancing underwriting and risk\u2011management strategies. Climate-related risks, rising personal auto claims, and economic uncertainties remain ongoing challenges. <\/p>\n\n<p>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.<\/p>\n\n<p>Read more on <a href=\"https:\/\/www.businesswire.com\/news\/home\/20251027413871\/en\/Bests-Market-Segment-Report-Credit-Fundamentals-in-Canadas-PropertyCasualty-Sector-Remained-Stable-in-2024-Despite-Record-Catastrophe-Year\" target=\"_blank\" rel=\"noreferrer noopener\">BusinessWire<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a new report by A.M. Best, Canada\u2019s property and casualty (P\/C) insurance industry demonstrated remarkable resilience in 2024, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3968,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[30],"tags":[],"class_list":["post-3969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/posts\/3969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/comments?post=3969"}],"version-history":[{"count":1,"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/posts\/3969\/revisions"}],"predecessor-version":[{"id":3970,"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/posts\/3969\/revisions\/3970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/media\/3968"}],"wp:attachment":[{"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/media?parent=3969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/categories?post=3969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gdr.ca\/en\/wp-json\/wp\/v2\/tags?post=3969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}