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2023 Facts Book

How much did Canadian P&C insurers pay out in claims last year? How much did P&C insurers contribute in taxes? How many people does the P&C industry employ? Get these facts and more.

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2023 facts of the P&C insurance industry in Canada

Canada’s P&C industry is foundational to the strength and success of the economy. The information provided in the annual Facts Book allows IBC to speak with credibility and conviction to governments, media and consumers.

The industry continues to fight for climate change action, as the severity and frequency of catastrophic weather events, and subsequent increase in reinsurance costs, is having an impact on both commercial and personal property lines.

2023 Industry Facts

  • $3.1B

    In insured damages in 2023 – making it the 4th worst year for insured losses in Canadian history

  • 140,500

    The number of Canadians employed by the P&C insurance industry in 2022.

  • Over 196

    Private P&C insurers actively compete in Canada.