$439 million saved by the home insurance industry in Ontario over 2020

$ 439,117,920

...is the estimated amount that is to be saved by the home insurance industry over 2020 in Ontario, because of the Covid-related restrictions taken across Canada almost all year long.


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An overall decrease of 10.67 % in home insurance claims over Ontario

As the threat of a second epidemic wave materializes across Canada, 2020 already is a year marked by major changes in the domestic habits of Ontarians. In fact, due to Covid-19, a large number of households have had to spend a lot of time at home, either being on telework, temporarily laid off, or quite simply because of the restrictive measures taken by the authorities - especially in the spring and now again in November in Greater Toronto.

Thus, as the figures show, this context has greatly affected the number of home insurance claims made by the people:

10.67%
overall drop in home insurance claims
 

...across Ontario during the whole 2020 year

$ 94.9m
saved by home insurance providers


...is the only city of Toronto

14.2%
the decrease in thefts and burglaries

...reported into claims received by home insurance providers in Ontario


Water, fire and theft damages decreasing, domestic accidents increasing

With many Ontario citizens forced to stay home during long months, domestic incidents decreased in a significant proportion since the beginning of 2020. Indeed, whilst being at home - working, on furlough or looking after kids unable to go to school - people avoided much home damages to happen - whether being theft, fire or water damage and other classic domestic damage that often usually occur when the house is empty. This is what say the numbers:

The below graph shows on which extent home insurance claims have dropped:

The savings made by the home insurance industry per city

With regard to the distribution of savings made by home insurers in Ontario, it is not surprising to see that the most populous agglomerations are also those where the amount of the savings made over personal goods and civil liability claims is the highest:

CitiesDecrease in home insurance claims between 2019 and 2020Total amount saved in payouts by the home insurance industry
Toronto11.35%$94,859,718
Ottawa11.22%$32,072,010
Mississauga11.03%$24,352,576
Brampton11.10%$20,161,282
Hamilton10.80%$17,742,074
London10.95%$12,859,304
Markham10.68%$10,749,685
Vaughan10.83%$10,147,380
Kitchener11.00%$7,849,386
Windsor10.77%$7,156,901
Richmond Hill10.86%$6,480,178
Burlington10.54%$5,911,664
Greater Sudbury11.01%$5,441,475
Oshawa9.98%$4,869,118
St. Catharines10.97%$4,467,870
Barrie10.23%$4,426,933
Guelph10.64%$4,290,528
Cambridge10.44%$4,150,018
Kingston10.84%$4,105,976
Thunder Bay11.02%$3,638,419
Waterloo9.86%$3,167,246
Pickering10.39%$2,917,390
Brantford9.71%$2,896,540
Niagara Falls10.57%$2,848,272
Peterborough10.40%$2,578,478
Sault Ste. Marie10.61%$2,381,747
Kawartha Lakes9.98%$2,303,074
Amounts saved in home insurance payouts per city (HelloSafe estimates)

A national perspective : $1.1 billion savings in home insurance payouts over Canada in 2020

Across Canada, the total savings on home insurance payouts for 2020 could amount to more than $ 1.1 billion. As shown in the graph below, which groups together the 4 most populous provinces in Canada:

Note that you can also access :
- A version of this study focused on Canada, click here.
- A version of this study focused on Quebec, click here (in French)
- To access the HelloSafe media room, click here.


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Antoine Fruchard, CEO & expert at Hellosafe.ca

« While many Ontarians found themselves spending the majority of their time at home in 2020, domestic claims have significantly decreased. However, Ontario home insurers have not yet initiated a response to this situation, which also exists for auto and health insurance products. However, it seems to me that the policyholders could be entitled to expect a reduction on their premiums, if only in the face of the economic difficulties which await Ontario in the months to come. In addition, the changes induced by Covid-19 have brought major trends - such as teleworking for example, which risk lastingly transforming the relationship of people to their housing. Here too, insurance companies are expected to change and adapt their policies, in a fast-changing world.»

Our methodology

This study was built upon public (in particular from the IBC) and private sources. In addition, several of our insurance partners were able to provide us with anonymous statistics over the period studied. Under the term 'home insurance', we analyze here the ongoing trends in personal property and civil liability insurance. At this stage, these figures are still estimates, pending final results after the end of 2020. For more information on our editorial line, please click here.

About Hellosafe.ca

Hellosafe.ca is a comparison platform which is shaking up the insurance market – giving you access to the best Canada insurance deals in less than 30 seconds. Hellosafe.ca is supported and financed by Blue, an Insurtech Venture Capital firm. Blue already owns two leaders in the French insurance comparison market. These platforms help more than 10 million people with their insurance every year. We have developed a unique comparison technology that gives access to cover details and quotes without customers having to give their phone number or email address. This engine is the result of four years of hard work.

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