As an insurer, we protect against risk

Insurance has been one of the most fundamental ways we’ve helped our clients attain financial security, ever since we were founded back in 1945. Today, whether protecting personal and commercial properties against physical risks, or insuring the lives and livelihoods of Canadians, our multiple insurance lines of business are designed to provide Canadians with peace of mind in the face of uncertainty.

Read the full story (pdf)

Insurance solutions for a changing world

Across our group of companies, we provide a wide range of insurance solutions to a diversity of clients. These solutions protect lives, homes, farms, vehicles, personal property and liability, as well as businesses, assets and employee well-being.

The world of risk is changing. Whether it’s increasing climate risk, the rapid advancement of technology like artificial intelligence, geopolitical conflicts and instability, or financial pressures from inflation and fast-rising interest rates, our products and services deliver on our purpose.

The changing nature of flood risk

We provide Canada’s first and only overland flood and storm surge insurance product – Comprehensive Water – that offers coverage to all Canadians, even those living in the highest flood risk zones. In 2023, we provided coverage to more than 700,000 Canadian households through Comprehensive Water, and we expanded our overland flood and sewer back-up coverage options for commercial clients.

Addressing auto theft

Canada has seen, on average, a car stolen every six minutes, resulting in significant costs - both to individuals and to society. In response, we’ve partnered with Tag, a leader in stolen vehicle recoveries, to implement an anti-theft device pilot program in Ontario. The pilot’s success resulted in the December launch of a program that makes Tag’s technology available at a competitive purchase price for all existing and new auto clients.

Lisa Guglietti

“An increasing number of Canadians just aren’t well-protected against the risks they face. Often these people are from vulnerable populations that have been marginalized in society. Our purpose compels us to provide solutions.”

Lisa Guglietti
Executive Vice President and Chief Operating Officer,
P&C Insurance Solutions

Total amount paid to clients in claims and benefits in 2023

$2.77 billion

2022: $2.39 billion
2021: $1.89 billion

Claims and benefits paid by type to clients in 2023

image/svg+xml Property damage (45%)Fire (35%) / Water (27%) /Wind, Hail, Ice (19%) /Theft, Vandalism (13%) /Other (6%) Collision repair (26%) Injuries (14%) Death and disability (7%) Medical and dental (4%) Other (4%)

Insurance, reimagined

Our Resilience and Sustainability program rolled out nationally in 2023, with claims processes designed to reduce environmental impact while saving claims costs. With costs saved, we are reimagining and enhancing our products and services to help our clients rebuild with sustainability and resiliencein mind.

Sustainable claims practices initial results

$4.6 million

Cost savings

253 tCO2e*

Reduced GHG emissions

*Emissions from claims are currently outside of our operational greenhouse gas emissions scope. These reductions are estimations based on available data.

For more on our Resilience and Sustainability program

Find out how we can reduce the cost of a claim, reduce the time it takes to complete repairs and reduce the amount of waste generated from a claim all at the same time.

Learn more about our Resilience and Sustainability Program (pdf)

Special feature

Climate change and increasing physical risk

We are modelling climate risks, adapting our products, and advising our clients on how they can build resilience.

Read our special feature