Extreme weather impacts on consumers and insurers in Canada, December 2019 to December 2025 : an updated analysis / by Marisa McGillivray. : CS11-621/201E-PDF

"Canada's property and casualty (P&C) insurers have encountered significant challenges, especially in the last six years, driven by an intensification in extreme weather events, uptick in automobile thefts, and building and repair costs rising due to input costs and wages. These issues were further exacerbated by the pandemic, creating profitability concerns for insurers and in many cases resulted in higher premiums for consumers. 2024 was the costliest year on record for extreme weather claims, and each year from 2020 to 2025 ranked among the top 10 costliest years. From December 2019 to December 2025, insurance premiums for homeowners' home and mortgage insurance increased 45.0% and passenger vehicle insurance premiums increased 23.9%, both outpacing the all-items Consumer Price Index, up 21.0% over the same period. This overview primarily utilizes the Quarterly Survey of Financial Statements (QSFS) for financial statement data and the Consumer Price Index (CPI) for consumer price data"--Introduction, page 4.

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