Alberta’s property and casualty (P&C) insurance industry plays a crucial role in driving, supporting and protecting Alberta’s economy.
The latest Alberta InsurEconomy report quantifies the impact of the insurance industry on Alberta’s economic well-being. At a glance, here’s how insurers are making a difference:
Directly contributing to gross domestic product (GDP). Alberta’s P&C insurance industry directly contributed $2 billion to the province’s GDP in 2022. The total economic impact was nearly $4 billion when including the industry’s spending on provincial supply chains and the insurance industry employment income spent on goods and services.
Supporting jobs, job creation and services. P&C insurers and brokerages directly employ 17,000 Albertans in communities across the province, 60% of these jobs are held by women, helping to further gender equality. For every 100 P&C insurance jobs, 94 jobs are indirectly created, bringing the total number of Alberta jobs attributable to the P&C insurance industry to approximately 32,000. These jobs span various sectors, including auto repair, health care, suppliers and retail.
Contributing to tax revenue. The P&C insurance industry contributes substantially to Alberta’s tax revenue. In 2022, the industry’s total tax contribution to provincial finances exceeded $680 million. These contributions bolster government revenues and support public services.
Investing in communities. In 2022, the P&C insurance industry invested approximately $22 billion in provincial, municipal, public authority and school bonds, and another $17 billion in federal government bonds. Government bonds are a key source of provincial revenue that support services and critical infrastructure investments that benefit the public at large.
Serving as financial first responders. Insurance protects consumers from financial loss and infuses capital into the economy that helps support the jobs, goods and services needed to service claims. In 2022, Alberta’s insurers supported $6.3 billion in claims filed by policyholders, helping families and businesses recover quickly when disaster struck. Of that total, $2.9 billion went toward auto insurance claims.
Alberta’s insurance industry does a lot more than help people and businesses manage risk; it is a vital contributor to the province’s economic resilience. This role extends far beyond policies and premiums – insurers are steadfast partners in promoting financial stability, managing recovery and supporting economic growth and jobs.
For more detail about the industry’s economic footprint in the province, visit www.albertaautofacts.ca.
