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Canada Insurance Market Rates

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

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Q3 2026

Canada insurance rates move lower for 11th consecutive quarter

Insurance rates in Canada declined 6% in the third quarter, led by an 8% reduction in property rates.

Canada composite insurance rate change 

Canada property

Property insurance rates decline; capacity expands

Property insurance rates declined 8%, with decreases seen across all segments, industries, and customer risk profiles.

  • Large property accounts with more than US$1 million in premium saw double-digit reductions in some cases, including an average 15% decrease in volatile natural resources accounts.
    • Power and energy accounts recorded the largest reductions.
  • Strong insurer results and lower reinsurance costs materially expanded capacity, while high levels of competition were observed across sectors and regions.
  • Underwriters generally offered policy concessions to win business and offset rate compression, while valuation and submission scrutiny eased as insurers relied more on historical data and alternative sources.
  • Best-in-class submission data continued to deliver strong outcomes, while clients with loss histories or data quality viewed less favorably by insurers saw less favorable results.
  • A materially adverse loss could affect the availability of capacity and impact pricing.

Canada casualty

Casualty rates decrease amid bifurcated market conditions

Casualty insurance rates decreased 3%, the thirteenth consecutive quarter of decreases.

  • The market remained split, with Canada-only risks and loss histories viewed favorably by underwriters seeing attractive pricing and expanded capacity.
    • US-exposed, loss-impacted, and more complex risks had less capacity available and faced higher attachments and selective rate increases; standard casualty classes with loss histories viewed favorably by underwriters saw further overall decreases.
    • Canadian programs with US exposure often required separate US layers or sub-limits, higher retentions, or limited relief, while US-domiciled or materially US-exposed programs saw the sharpest deterioration, often with single- to double-digit increases, higher attachment points, and less available capacity.
  • New entrants and expanded lines continued to pressure primary pricing for quality mid-market accounts, and specialty capacity remained selective.
  • Insurers expanded coverage lines and used more insured-favorable wording, often tailored to specific industries.
  • Per- and polyfluoroalkyl substances (PFAS) and wildfire underwriting became increasingly detailed, with annual or site reviews, wildfire scoring tiers, mitigation-linked pricing, sub-limits, deductibles, and selective non-renewals in elevated zones.
  • Rising severity, nuclear verdicts, and social inflation continued to drive pricing and structure changes for accounts with US auto exposure, including higher attachment points, corridor or shared-loss structures, and multi-year swing deals.
  • Claims-cost inflation, supply-chain fragility, mass torts, and class actions continued to pose challenges, with insurers generally responding with reduced line sizes, higher attachments or self-insured retention, narrowed triggers, class-action sub-limits, and stricter defense-cost allocation.

Canada financial and professional lines

Financial and professional lines rates decline as capacity remains adequate

Financial and professional lines rates declined 4%, compared with a 7% decline in the prior quarter. This was the fifteenth consecutive quarter of declining rates.

  • Directors and officers liability (D&O) rates declined by low single digits on average. Select layers saw targeted reductions, with no broad portfolio-wide cuts by insurers.
  • Pricing for employment practices liability (EPL) and fiduciary liability programs remained unchanged despite rising litigation.
  • Insurers continued to pursue ancillary lines, which were increasingly incorporated into placement strategies to broaden offerings and attract new clients.
  • Insurers focused on senior and highly compensated employees, while geopolitical uncertainty continued to limit near-term D&O transactional flow.
  • Some insurer consolidation is underway; while current capacity remains adequate, there is a risk of  more limited availability over the next 12 months.

Cyber rates decrease amid expanded capacity

Cyber insurance rates decreased 5%, compared with a 6% decrease in the prior quarter. The market has seen consecutive quarterly declines since the first quarter of 2024.

  • Excess reductions remained the main driver of program savings, with lower pricing on low excess layers.
  • New capacity continued to enter the market across both primary and excess layers.
  • Coverage continued to broaden, and insureds with stronger cybersecurity controls were often able to negotiate lower retentions.
    • Insureds that took the opportunity to improve coverage or reduce retentions were often able to do so at no change in pricing and, at times, with premium reductions.
  • Claims frequency remained steady and did not decline alongside rates, while severity continued to rise, with ransomware and privacy events remaining particularly costly.

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

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Regional analysis

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Global Insurance Market Index

Global Insurance Market Index

10/21/2026

The Global Insurance Market Index (GIMI) is our proprietary measure of global commercial insurance rate change at renewal — providing insights into the world's major insurance markets.
Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

10/21/2026

Composite insurance rates in the US decreased in the third quarter.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

10/21/2026

Insurance rates in the UK declined by 8% in the third quarter.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

Insurance rates in the region decreased 9% in the third quarter.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe declined 6% in the third 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 12% in the third quarter.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 6% in the third quarter.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

21/10/2026

Insurance rates in the third quarter decreased 14% in the IMEA region.

Previous reports

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.

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