Market share of Québec insurers exceeds 50%
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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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
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