Canada’s commercial insurance market continues on the path toward more stable pricing, and that’s good news for businesses, according to a new report from Insurance Bureau of Canada (IBC).
IBC’s Commercial Insurance Market Update provides recent market data showing that commercial insurance rates continued to decline in 2024 and that this trend carried over in Q1 of 2025. These market conditions are largely the result of improved commercial underwriting results for the property and casualty industry in 2024, along with enhanced investment income returns and increased capacity.
Looking ahead to 2025, the report offers analysis on market conditions and potential risks from global insurance services agencies including AON, Marsh LLC, Allianz and Gallagher.
In its first update of 2025, global professional services firm Marsh LLC found that commercial insurance rates in Canada continue to decline in all major product lines.
This was echoed by Aon in its Insurance Market Report Canada – 2025 Spring Update, which stated that favourable market conditions are driving pricing relief for insureds, although a differentiation remains between loss-free and preferred classes of business versus the more acutely challenged risk profiles.
The IBC Commercial Insurance Market Update also provides details of an exclusive analysis that global professional services firm Deloitte conducted for IBC on the macroeconomic, pocketbook-level, industry and price impacts of U.S. tariffs and Canadian reciprocal tariffs.
Other highlights of the report include:
An overview of the state of the property insurance market in the wake of record severe weather losses in 2024
An update on recent developments to help improve the risk profile of the commercial trucking sector in Alberta
Risk management tips and resources to assist Canadian businesses
Insight into IBC’s new reports and advocacy in 2025
Information on how businesses can access IBC’s exclusive Business Insurance Helpline.
The annual Commercial Insurance Market Update is part of IBC’s commitment to continue to provide businesses and other interested parties across the country with relevant information about the state of the commercial insurance market.
