New report highlights the industry’s contributions to jobs, investment, tax revenues and economic growth across Canada
Today, Insurance Bureau of Canada (IBC) released its InsurEconomy 2026 report, which highlights the substantial national impact that the property and casualty (P&C) insurance industry has in supporting jobs and contributing to economic growth, including through significant investments in Canadian bonds.
“From severe weather events to economic disruption, 2026 has been a year of uncertainty for Canadians,” said Liam McGuinty, Vice-President, Federal Affairs, IBC. “Fortunately, the P&C insurance industry continues to be a stabilizing factor for the Canadian economy, helping Canadians recover from disaster, and protecting households and businesses from economic shocks.”
The 2026 InsurEconomy report provides the most recent data on the P&C insurance industry’s direct, indirect and induced impacts on Canada’s gross domestic product, investments and employment, while also outlining key public policy priorities for the sector.
How the P&C insurance industry supported Canada’s economy in 2025
P&C insurers invested heavily in government bonds that support Canada’s economy. They held more than $35 billion in federal, provincial, municipal, public authority and school bonds.
The P&C insurance industry’s total employment impact is estimated to be just under 361,000 jobs.
As of 2025, women accounted for 67% of employees at P&C insurance brokerages and 61% at insurance companies, compared with 47% across all industries in Canada.
The P&C insurance industry contributed more than $17 billion annually in federal and provincial taxes and levies.
In 2025, the P&C insurance industry contributed nearly $32 billion to Canada’s gross domestic product (GDP), and its total economic impact exceeded $53 billion.
The report also highlights some of the public policies Canada’s insurers are advocating for. IBC is working with governments to secure a national solution on earthquake risk, advance measures that improve Canada’s resilience to severe weather events, and adopt more efficient, coordinated and growth-oriented regulation of the P&C insurance industry.
“The numbers in this report tell an important story,” added McGuinty. “Canada’s P&C insurance industry is a major contributor to the country’s economic strength, supporting hundreds of thousands of jobs, investing billions in the economy and helping Canadians manage risk in an increasingly uncertain world. A strong insurance industry helps build a stronger and more resilient Canada.”
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