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Canadian Insurance Market Report

Our Insurance Market Update offers insights on the market dynamics of the current operating environment and discusses how these conditions will continue to impact the marketplace in the year ahead.

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The Canadian insurance industry proved remarkable resiliency despite challenging headwinds throughout the past few years. The global pandemic, catastrophic weather losses, supply chain and labour challenges, decades-high inflationary increases and the low investment results are only some of the challenges the market has had to navigate. Despite this, the Canadian P&C market ended 2022 with a profitable combined ratio of 85.44%, positioning the market to focus on growth in 2023.