Canada auto insurance premiums rising by an average of 11.3% Podcast 06

Canada experienced record-high catastrophe losses in 2024, totaling $8.5 billion, leading to a hard market in personal auto and home insurance. This resulted in significant premium increases across all provinces in the fourth quarter of 2024, with auto insurance premiums rising by an average of 11.3% and home insurance premiums by 7.3%. Several factors contributed, including increased driving post-pandemic, high inflation, record auto theft, and higher repair costs. The Insurance Bureau of Canada reported a surge in claims, particularly after widespread natural disasters.