June 9, 2011 Insurance

Montréal - The market share of insurers constituted in Québec (Québec insurers) has exceeded 50% for the first time in the past 20 years, according to the 2010 report on insurance tabled today in the Québec National Assembly. However, the financial performance of the insurance industry was mixed in the past year.

Increased market shares in Québec

After a slight drop in 2009, the market share of Québec insurers climbed by 0.7% to 50.4% in 2010. In terms of insurance of persons, 49.3% of direct premiums were written by Québec insurers; in damage insurance, they accounted for 52.1% of the premiums.

Mixed financial performance

The growth in profitability by damage insurance companies did not offset the decline in profitability posted by personal insurance companies. Net earnings of personal and damage insurance companies operating in Québec fell 13.5% to $10.3 billion. In contrast, direct premiums written in Québec amounted to $19.5 billion, up 2.5% compared with 2009.

As at December 31, 2010, 289 insurers were licensed to operate in Québec, namely, 104 in personal insurance, 180 in damage insurance and 5 in personal and damage insurance.

More information about the insurance of persons and damage insurance industries in Québec is available in the report (pdf - 4 MB)This link will open in a new windowUpdated on June 6, 2011 (in French only).

The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.

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Information:

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Information Centre:
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Montréal: 514-395-0337
Toll-free: 1-877-525-0337

Additional news

• October 5, 2017 AMF Hosts 16th Annual Conference of International Association of Deposit Insurers
• March 10, 2016 AMF selected to host 2017 Annual General Meeting of International Association of Deposit Insurers
• June 14, 2013 Improved solvency of insurers
• June 13, 2012 Market Share of Québec Insurers Increases
• March 16, 2012 Distribution other than through a representative - Four insurers fined $80,000
• June 17, 2008 Market share for insurers with a Québec charter nears 49% in 2007
• June 20, 2007 Larger market share for insurers with a Québec charter in 2006
• February 19, 2007 AMF has arrived at a settlement with Aviva, Scottish & York, Elite, and Traders General insurance companies
• July 4, 2006 AMF launches penal proceedings against 4 insurers for failure to file statistical data
• June 15, 2006 Quebec insurers with 47% market share in 2005
• June 15, 2004 Québec insurers held 44.1% market share in 2003