Canada's P&C Insurance Industry Contributes Billions to Economy

The Canadian property and casualty insurance industry has made significant contributions to the country's economic growth, jobs, investment, and tax revenues, according to a new report by Insurance Bureau of Canada (IBC). The InsurEconomy 2026 report highlights the impact of the P&C insurance industry in supporting households and businesses from economic shocks. In 2025, P&C insurers invested heavily in government bonds that support Canada's economy, holding more than $35 billion in federal, provincial, municipal, public authority, and school bonds.

The report also notes that the P&C insurance industry's total employment impact is estimated to be just under 361,000 jobs. Women accounted for 67% of employees at P&C insurance brokerages and 61% at insurance companies, compared with 47% across all industries in Canada. The industry contributed more than $17 billion annually in federal and provincial taxes and levies.

IBC is advocating for a national solution on earthquake risk, measures to improve Canada's resilience to severe weather events, and more efficient regulation of the P&C insurance industry. According to Liam McGuinty, Vice-President, Federal Affairs, IBC, 'The numbers in this report tell an important story. Canada's P&C insurance industry is a major contributor to the country's economic strength, supporting hundreds of thousands of jobs, investing billions in the economy, and helping Canadians manage risk in an increasingly uncertain world.'

A strong insurance industry helps build a stronger and more resilient Canada, McGuinty added.