April 12, 2013 by Canadian Underwriter
The Financial Services Commission of Ontario posted the Superintendent’s Report on Insurance for 2011 this week, summarizing some key figures for the property and casualty and life insurance companies that operate in the province.
In 2011, more than half (52.1%) of total premium dollar volume went to the P&C industry, including auto insurance, the document says. P&C insurers received $21.8 billion in premiums in 2011, 57.6% of which went to auto insurance, the report also notes.
The report also lays out how many companies represent 80% of the market for certain key insurance products, such as mortgage, liability, boiler and machinery and marine insurance.
As of Dec. 31, 2011, there were 32 such companies listed for property, and 24 for auto insurance, according to the report.
Aviva Canada, Allstate Canada, AXA Canada, The Co-operators, Economical Insurance, Security National, The Dominion, Wawanesa and Intact Insurance were among the companies that reported the highest direct written premium.
FSCO also recently released the draft of its statement of priorities for 2013 and is seeking feedback before submitting the final draft in June.
The full report for 2011 and more information on its statement of priorities is available on FSCO’s website.