Digital report

Canada Insurance Market Rates

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the Canadian insurance market.

Q3 2025

Canada insurance rates decline in all major product lines

Insurance rates in Canada declined 3% in the third quarter, compared to 4% in the prior quarter.

Canada third quarter 2025

Canada composite insurance rate change

Canada property

Property insurance rates decline, capacity increases

Property insurance rates declined 3%.

Ample domestic and international capacity led to intense competition; incumbents increased capacity and new insurers pursued new business.
Insurer appetite expanded in previously limited sectors including warehousing, food and beverage, and recycling.
Insurers and clients alike monitored US tariffs risks, including higher raw material and rebuild costs, longer indemnity periods, supply chain disruptions, export/import challenges, and currency effects.

Canada casualty

Casualty rates continue to decline

Casualty insurance rates decreased 3%, the ninth consecutive quarter of declines.

London insurers generally reduced rates and offered long-term agreements (LTAs).
Rate increases targeted complex risks in heavy industrial, energy, and transportation sectors; Canadian clients with US exposure typically faced less favorable conditions, but benefitted from available Canadian market options.
Rising claim costs, large jury verdicts, and social inflation drove insurers to raise attachment points (often $5 million to $10 million) and scrutinize non-owned auto and third-party hauling exposures.
Wildfire coverage is increasingly reviewed annually with adjustments to pricing and attachments; coverage is not guaranteed year-to-year.
Insurers imposed exclusions and sub-limits for risks including per- and polyfluoroalkyl substances (PFAS), climate change, wildfire, energy supply failure, mental anguish, sexual abuse, biometrics, human trafficking, cyber, and greenwashing, reflecting evolving risk landscapes.

Canada financial and professional lines

Financial and professional lines rates decline

Financial and professional lines rates declined 5%.

The directors and officers liability (D&O) market stabilized as some insurers reduced capacity based on low pricing, especially for large or dual-traded public companies.
Rate reductions persisted in some program layers; insurers increasingly resisted further decreases following three years of generally declining rates.
Some excess insurers shifted to lower attachment points within tower programs.
Fiduciary litigation over fees influenced underwriting; rates remained stable with established D&O insurers expanding in this area.
Employment practices liability (EPL) rates and exposures remained stable.

Cyber rates decline, coverage expands

Cyber insurance rates decreased 3% amid high levels of insurer competition.

Clients often improved coverage or reduced retentions at renewal.
Reductions of 3% to 10% in excess layers were common even when primary layers renewed flat.
New entrants and existing insurers alike targeted new business, increasing competition and making low excess capacity more affordable.
Increased capacity spanned both excess and primary layers, supported by new products from several insurers.
Coverage generally expanded, with removal of coinsurance, enhanced sub-limits, and more frequent inclusion of cybercrime sub-limits; lower retentions typically were negotiable for insureds with strong cyber controls.

Our rates reflect the segment mix of Marsh’s client portfolio.

Global Insurance Market Index

10/22/2025

The Global Insurance Market Index is our proprietary measure of global commercial insurance rate change at renewal — providing insights on the world's major insurance markets.

Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

10/22/2025

Insurance rates in the third quarter in the US declined by 1%.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

10/22/2025

Insurance rates in the UK declined 6% in the third quarter 2025.

Global Insurance Market Index

Latin America and Caribbean insurance rates

Insurance rates in the LAC region decreased 6% in the third quarter.

Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe declined 4%, the same as the prior quarter.

Beautiful aerial view of the Sydney Opera house by the bay in Australia. Panoramic view.

Global Insurance Market Index

Pacific insurance rates

Insurance rates in the Pacific region declined 11% in the third quarter.

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 5% in the third quarter.

Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

22/10/2025

Insurance rates in the third quarter decreased 5% in the IMEA region.

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Canada Insurance Market Rates