Canadian Mortgage Default Insurance Monitor
Direct written premiums, market share, and profitability for CMHC, Sagen, and Canada Guaranty.
Mortgage Insurance
Mortgage Default Insurance Monitor
Premiums, market share, losses and profitability for CMHC, Sagen and Canada Guaranty, from 1996 to the latest quarter. CMHC is split into residential (homeowner and portfolio) and commercial (multi-unit rental), so its residential book can be compared like-for-like with Sagen and Canada Guaranty, which do not insure commercial multi-unit loans.
Market share
Premiums by insurer
Losses and profitability
CMHC residential vs commercial
Residential = transactional homeowner and portfolio insurance, the products Sagen and Canada Guaranty also sell. Commercial = multi-unit residential (rental apartment) insurance, which only CMHC offers. Premiums by product are reported from 2012; 2009–2011 (lighter bars) are split using CMHC's reported homeowner percentage. Insured volumes from 2019 to 2021 exclude portfolio substitutions, so product totals differ slightly from CMHC's headline volumes.
Quarterly premiums
Sources: OSFI financial filings for property and casualty insurers, Open Government Portal (Sagen includes GE Capital, Genworth and the MICC run-off book; Canada Guaranty includes AIG United Guaranty). CMHC is outside OSFI's open data; its figures come from CMHC annual and quarterly financial reports . Accounting changed to IFRS 17 in 2023, so ratios before and after are not strictly comparable. Not investment, legal or financial advice. © 2026 Pivot Point Advisory
