A new report from the Insurance Bureau of Canada (IBC) reveals that regulatory compliance costs within the country’s property and casualty (P&C) insurance industry have risen by 81% since 2022. The increase far exceeds both inflation and the sector’s revenue growth, highlighting growing financial and operational pressures amid Canada’s wider productivity concerns.

The 2024 Regulatory Compliance Cost Survey, which compiled responses from 24 IBC member companies representing 61% of the national P&C market, examined costs over the 2022–2024 period. According to the findings, total compliance expenses reached $753 million in 2024, up from $416 million in 2022. Respondents indicated expectations of continued cost escalation into 2025.

Internal labour constituted nearly three-quarters of tot

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