Canada Life And Non-Life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 99.41 Billion |
| Market Size (2029) | USD 140.61 Billion |
| CAGR (2024 - 2029) | 7.18 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Life And Non-Life Insurance Market Analysis
The Canada Life And Non-Life Insurance Market size in terms of direct written premiums value is expected to grow from USD 99.41 billion in 2024 to USD 140.61 billion by 2029, at a CAGR of 7.18% during the forecast period (2024-2029).
The insurance sector is made up of companies offering risk management in the form of insurance contracts. Life insurance companies focus on legacy planning and replacing the value of human capital, while property or casualty insurance aims to replace the values of homes, cars, or valuables. Canada's population is steadily increasing, with an estimated 38.23 million people in 2021, creating a favorable environment for the insurance industry.
With the introduction of COVID-19 in Canada, the death rate per 100,000 of the population reached a new high compared to previous years, with total deaths of 808.5 in a million of the population. Due to the high costs of hospitalization, the focus shifted to life insurance. The annual median income in Canada had observed continuous growth even during the pandemic, leading people to invest in different properties and creating a market for non-life insurance.
Liability insurance, property and casualty insurance, and auto insurance each sector had observed continuous growth in net premiums written, creating a positive market for other businesses to invest in Canada's life and non-life insurance market. The net written premium for liability, property and casualty, and auto insurance will be approximately 5.9, 49.52, and 20.06 billion USD in 2021, respectively.
Canada Life And Non-Life Insurance Market Trends
Increase in GDP Per Capita is Boosting the Demand for Insurance
The GDP is divided by the nation's total population to calculate GDP per capita, a metric frequently used to gauge economic growth and potential productivity increases. The GDP of the nation increased by 20.1% from the previous year to USD 52,015 in 2021. A positive change is a sign of economic growth, and GDP per capita is a crucial indicator of a nation's economic strength. The nation's per capita income has risen recently and is forecast to keep rising. The Canadian insurance industry will grow strongly on the back of robust GDP growth and evolving regulations.
Understand The Key Trends Shaping This Market
Private Technology Investments are Anticipated to Surge the Market
The US-based BriteCore cloud-based, fully managed policy administration system, the US-based Risk Genius, and the Canada-based ProNavigator are the InsurTech companies profiled in the previous quarter. Both of these companies offer services related to managing policies, acquiring or populating data, and facilitating intelligent navigation through insurance company systems. Rising People, a tool for HR, payroll, and benefits administration, and Sun Life have strategically partnered.
By Canada's Budget Plan 2021, the Strategic Innovation Fund will get USD 7.2 billion over the next seven years to encourage investment in the life sciences, automotive, aerospace, and agricultural sectors. Part of this money will go to the Net Zero Accelerator. The Pan-Canadian Artificial Intelligence Strategy will get USD 443.8 million over the next ten years to support the commercialization of AI, encourage research, and help develop standards.
Canada Life And Non-Life Insurance Industry Overview
The report covers the major players operating in the life and non-life insurance markets in Canada. The market is fragmented, and it is expected to grow during the forecast period due to the increasing adoption of insurtech in the sector, along with several merger and acquisition activities and other factors. Major players such as The Manufacturers Life Insurance Company, Fédération des caisses Desjardins du Québec, Great-West Lifeco Inc., Sun Life Assurance Company of Canada, The Canada Life Assurance Company, and others have a significant share of the life and non-life insurance market in Canada.
Canada Life And Non-Life Insurance Market Leaders
The Manufacturers Life Insurance Company
Fédération des caisses Desjardins du Québec
Great-West Lifeco Inc.
Sun Life Assurance Company of Canada.
The Canada Life Assurance Company
*Disclaimer: Major Players sorted in no particular order
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Canada Life And Non-Life Insurance Market News
- December 2022: Westland Insurance acquired Gateway Insurance Group, Hutcheson, Reynolds, and Caswell Insurance. With this acquisition, Westland has expanded its already robust Property and Casualty (P&C) practice and grown its presence in the strategically important Ontario and Atlantic Canada region.
- November 2022: StoneRidge Insurance Brokers acquired Safeway Insurance. StoneRidge Insurance Brokers is a leading provider of insurance and consulting services whose platforms include an insurance brokerage, group benefits, and Safeway, which provides the consumer with a large selection of property and casualty insurance products along with a variety of financial products such as life insurance and investment options.
Canada Life & Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of Government Regulations on the Market
4.6 Impact of Technological Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance type
5.1.1 Life Insurance
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non-Life Insurance
5.1.2.1 Home
5.1.2.2 Motor
5.1.2.3 Health
5.1.2.4 Rest of Non-Life Insurance
5.2 By Channel of Distribution
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Online
5.2.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Manulife Financial Corporation
6.2.2 Desjardins Group
6.2.3 Great-West Lifeco Inc.
6.2.4 Sun Life Assurance Company Of Canada
6.2.5 Canada Life Assurance Company
6.2.6 Co-Operators Group Limited
6.2.7 Intact Financial Corporation
6.2.8 Northbridge Financial Corporation
6.2.9 RBC Insurance Holdings Inc.
6.2.10 Industrial Alliance insurance*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Canada Life And Non-Life Insurance Industry Segmentation
Life insurance provides a lump sum amount of the sum assured at the time of maturity or in case of the death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. This report aims to provide a detailed analysis of Canada's life and non-life insurance markets. It focuses on market dynamics, emerging trends in the segments and regional markets, and insights into various product and application types. Also, it analyzes the key players and competitive landscape in Canada's life and non-life insurance markets. The life and non-life insurance market in Canada is segmented by insurance type (individual, group) and non-life insurance (home, motor, health, and the rest of non-life insurance) and by distribution channel (direct, agency, banks, and other distribution channels). The report offers market size and forecasts for Canada's life and non-life insurance markets in terms of dollar value (USD billion) for all the above segments.
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| Other Distribution Channels |
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Canada Life & Non-Life Insurance Market Research FAQs
How big is the Canada Life and Non-Life Insurance Market?
The Canada Life and Non-Life Insurance Market size is expected to reach USD 99.41 billion in 2024 and grow at a CAGR of 7.18% to reach USD 140.61 billion by 2029.
What is the current Canada Life and Non-Life Insurance Market size?
In 2024, the Canada Life and Non-Life Insurance Market size is expected to reach USD 99.41 billion.
Who are the key players in Canada Life and Non-Life Insurance Market?
The Manufacturers Life Insurance Company, Fédération des caisses Desjardins du Québec, Great-West Lifeco Inc., Sun Life Assurance Company of Canada. and The Canada Life Assurance Company are the major companies operating in the Canada Life and Non-Life Insurance Market.
What years does this Canada Life and Non-Life Insurance Market cover, and what was the market size in 2023?
In 2023, the Canada Life and Non-Life Insurance Market size was estimated at USD 92.75 billion. The report covers the Canada Life and Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Canada Life and Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Life and Non-Life Insurance in Canada Industry Report
Statistics for the 2024 Canada Life And Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Life And Non-Life Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Canada Life And Non-Life Insurance Market Report Snapshots
