May 4, 2021
Canadian Premiums for P&C Insurance Among Highest in OECD
- Canadians are paying premiums for property and casualty insurance that are at the high end of international comparisons, says a new report from the C.D. Howe Institute.
- Alister Campbell and Farah Omran provide a comparison of premiums between Canada and its international peers and explore not only the intriguing reasons why premiums are relatively higher nationally, but also highlight some particularly significant differences between the provinces.
- The authors use OECD data to compare national P&C insurance sector’s premiums as a percentage of Gross Domestic Product. The authors then focus their analysis on the largest lines of P&C insurance coverage – commercial liability (liability insurance for general business risks), property and auto insurance. Finally, they take a deeper dive into the Canadian data, and compare personal property and auto insurance among all provinces and territories.
