Canadian insurance costs—particularly auto and property lines—are driven upward by a convergence of severe systemic pressures. For auto insurance, a nationwide surge in vehicle thefts, rising costs of automotive parts and specialized labor, complex technological repairs for modern sensor-laden cars, and high legal settlement costs in private-market provinces significantly inflate claim payouts. For property insurance, increasing frequencies of severe weather events, catastrophic floods, and windstorms across regional markets require insurers to maintain massive reserve pools, pushing up baseline premiums.
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