Canadian P&C Insurers Bolster Economy with $53B Impact, Tax Contributions
Event summary
- IBC's 2026 InsurEconomy report reveals P&C insurers contributed $32B to Canada's GDP in 2025, with total economic impact exceeding $53B.
- Industry held $35B in Canadian government bonds, supporting national economic stability.
- P&C insurers employed nearly 361,000 people, with 67% of brokerage staff and 61% of insurance company employees being women.
- Sector generated over $17B annually in federal and provincial taxes and levies.
- IBC advocates for national earthquake risk solutions and improved severe weather resilience measures.
The big picture
The P&C insurance sector's substantial economic contributions underscore its role as a stabilizing force amid rising uncertainties like severe weather and economic disruptions. With significant investments in government bonds and a growing workforce, the industry's advocacy for regulatory efficiency and climate resilience could shape its future trajectory. The sector's tax contributions and GDP impact highlight its critical role in Canada's economic framework.
What we're watching
- Regulatory Advocacy
- Whether IBC's push for coordinated regulation will streamline industry operations and reduce compliance costs.
- Climate Resilience
- The pace at which insurers and governments implement measures to mitigate severe weather risks.
- Economic Stability
- How sustained investment in government bonds by P&C insurers will influence Canada's economic resilience.