Canada’s InsurEconomy

Canada’s property and casualty (P&C) insurance industry is foundational to the strength, success and resilience of the economy.

Insurers are there for their customers after a disaster, helping individuals and families put their lives back together. However, few people are aware of the impact the industry has in creating jobs and contributing to economic growth across the country.

The InsurEconomy reports provide the most recent data on the P&C insurance industry’s direct, indirect and induced impacts on the gross domestic product (GDP) and employment. The reports also highlight some of the key public policies that P&C insurers are advocating for on behalf of Canadians.

How the P&C insurance industry supports Canada’s economy:

• The industry contributes $38 billion to the country’s nominal GDP.

• The total number of jobs created by the P&C insurance industry is an estimated 297,000.

• The industry promotes gender equality, employing a higher percentage of women (60%) in 2021 compared to the national average (48%).

• P&C insurers contribute more than $12 billion annually in federal and provincial taxes and levies.

• Insurers invest heavily in government bonds that support Canada’s economy. In 2022, the P&C insurance industry held almost $39 billion in federal, provincial, municipal, public authority and school bonds.

Explore the InsurEconomy reports: