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- Stats in brief: 11-621-M2024003Description: This paper looks at how extreme weather claims have impacted the insurance industry in Canada from 2020 to 2023. A specific focus is given to homeowners insurance, which during this time, homeowners insurance consumer price index exceeded all items inflation. Insurer profitability and consumer impacts are analyzed given the significant uptick in catastrophic claims. All four years analyzed ranked in the top 10 most costly claims years in Canadian history, costing billions each year. In addition, other contributing factors are explored to provide a robust overview of trends in profitability of the insurance industry.Release date: 2024-05-15
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- Stats in brief: 11-621-M2024003Description: This paper looks at how extreme weather claims have impacted the insurance industry in Canada from 2020 to 2023. A specific focus is given to homeowners insurance, which during this time, homeowners insurance consumer price index exceeded all items inflation. Insurer profitability and consumer impacts are analyzed given the significant uptick in catastrophic claims. All four years analyzed ranked in the top 10 most costly claims years in Canadian history, costing billions each year. In addition, other contributing factors are explored to provide a robust overview of trends in profitability of the insurance industry.Release date: 2024-05-15
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