Canada’s 10 largest insurance companies ranked

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A separate report from Deloitte shared a similar outlook, predicting “strong growth” for Canada’s insurance industry throughout the year.

The accounting giant surveyed about 80 insurers across the country split evenly between specialists in the property and casualty (P&C) and life and health (L&H) segments and found that while companies expected “the pandemic and its impacts to continue for some time,” many were optimistic of a gradual recovery in 2022.

“The P&C insurers believe that premiums will increase as part of a broader business recovery and more people will return physically to their work environments, while L&H insurers say that heightened consumer awareness around COVID-19-related risks will increase demand for their products and services ,” Deloitte wrote in the report.

The firm added that both groups identified key trends that will shape the industry this year, including continued investments in digital technology, mergers and acquisitions (M&A) in the insurtech space, greater customization of products, increased attention on creating and meeting environmental, social, and governance (ESG) goals, and challenges in attracting top talent, especially in IT and cybersecurity.

But despite the positive prediction, the report cautioned that there are “challenges that insurers should keep top of mind.”

“[A]t the conclusion of 2021, 77% of insurance company leaders expected inflation to increase in 2022 and 85% anticipated higher interest rates,” the study noted. “Given the current interest rate environment, insurers will need to continually review their cost of settling claims to optimize pricing and profitability relative to changing market conditions.”

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Revealed – Canada’s 10 largest insurance companies

The nation’s 10 biggest insurers hold combined assets of more than $2.6 trillion in 2021, up almost 8% from the previous year. Of these, slightly over

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