Canada’s Top 10 P&C Insurers: Q2 2024 Profit Leaders

The Q2-2024 results underscore the financial strength of Canada’s Property & Casualty (P&C) insurance sector, with total net profits after taxes reaching $5.3 billion. Domestic insurers contributed $2.5 billion, while foreign entities added another $2.8 billion, demonstrating the sector’s profitability across markets.

Lloyd’s led the pack with the highest net profits, showcasing its ability to operate efficiently and capture market value. Canadian insurers like Wawanesa and Intact also posted solid profits, reflecting their resilience and strategic positioning. Foreign participants, including Northbridge and Allstate, continued to solidify their presence through effective underwriting and cost control strategies.

As the industry navigates evolving market dynamics, profitability metrics highlight the insurers best positioned for sustainable growth. With total pre-tax profits nearing $6.5 billion, the sector continues to demonstrate financial health, balancing revenue generation with cost management. These figures provide a forward-looking lens on which players are equipped to thrive in an increasingly competitive environment.