TD plans launch of insurance solution

TD Insurance, a leading provider of home and auto insurance in Canada, has announced plans to enter the business insurance market in 2023. The company has begun hiring commercial-focused staff, including positions for commercial auto and commercial property claims supervisors, commercial insurance advisors, and a senior commercial underwriter.

This move is in line with TD’s recent changes, which suggest that the company views its insurance and wealth business as an important area for growth. According to the company’s latest annual report, small business insurance is a “natural extension” for TD to pursue in order to achieve significant growth.

The company currently offers personal and auto insurance through direct channels and to members of various affinity groups, and has seen over 20% of its direct-to-consumer new sales in Q4 being done digitally.

TD Insurance also offers other products such as life, health and travel coverage, with insurance contributing revenue of $5.2 billion in 2022, a near 7% increase year-on-year. In Q4, TD established a wealth management and insurance reporting segment serving approximately six million customers across Canada, which is described as a “significant and growing contribution to TD’s success”.