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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.
Alister Campbell
Alister Campbell

Alister Campbell is a 30-year insurance industry veteran. Over the last decade he has served as CEO of two leading Canadian insurers and has built a long track record of driving company profitability and executing on customer-focused plans for growth and market/segment leadership.  Over the course of his career he has held senior executive positions in a range of capacities within the property-

Farah Omran
Farah Omran

Farah Omran is a former Policy Analyst at the C.D. Howe Institute. Farah joined the C.D. Howe Institute in 2017, while completing her Master of Arts in Economics from the University of Toronto. As a Policy Analyst at the institute, she worked on a wide range of topics, including monetary policy, financial services, and fiscal accountability.