TORONTO, April 14, 2025 /CNW/ -- Aon plc (NYSE: AON), a leading global professional services firm, has released its Spring 2025 Canadian Insurance Market Update. Published in support of Aon's ongoing commitment to help Canadian clients make better decisions about risk management and insurance programs, the report finds that the Canadian Property and Casualty market has proved to be remarkably resilient. Despite record breaking natural catastrophe losses in 2024 totaling $9.1 billion, the market remains well-capitalized with healthy competition and ample capacity.
"Current market conditions offer opportunities for clients to increase limits, broaden coverages, and address non-concurrency of terms from previous harder market conditions," said Russell Quilley, head of Commercial Risk Solutions and chief broking officer for Canada at Aon. "While competitive, the pressure for growth must be balanced with profitability and the underwriting environment remains cautious and disciplined with the same level of technical scrutiny established during the last market cycle."
Other key findings include:
- Premium increases and improved returns on investments in recent years has strengthened insurers positions.
- 2024 was the costliest catastrophe year in Canadian history with an estimated CAD 9.08 billion in insured damage.
- Canada remains an attractive market for London insurers, who are keen to grow their portfolios and offer competitive capacity.
- The commercial property market continues to moderate moving into 2025. The availability of capacity and profitability is driving competition, creating opportunities for improved coverage and pricing.
- While the primary casualty market is favourable for clients, the excess casualty market is seeing more aggressive competition.
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