Life and Non-Life insurance market in Canada - Growth, Trends, and Forecasts (2020 - 2025)

The Life and Non-Life insurance market in Canada is segmented by Insurance type (Life and Non-Life) and by Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels)

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

CAGR:

3 %

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Market Overview

  • Life and non-life insurance market in Canada is estimated to register a CAGR of approximately 3% during the forecast period.
  • Insurers provide life insurance, extended health coverage, and retirement solutions through group and individual plans. In 2018, life and health insurers paid out CAD 98 billion in benefits while working to provide a high degree of customer satisfaction. Canadians own CAD 4.8 trillion in life insurance coverage, total premiums in Canada rose to CAD 117 billion in 2018. Year-over-year growth was led by health insurance, up 7.8%, followed by annuities (including segregated funds), up by 4% and life insurance, up 3.8%.
  • The average life insurance protection per household in Canada is CAD 423,000 up from CAD 417,000 in 2017, approximately five times household income. In 2018 life insurance premium CAD 22.2 billion,individual life insurance in-force has grown faster than a group in the past decade, accounting for 62% of the total, up from 55% in 2008. This is mostly driven by growth in individual term life insurance.
  • In 2018, Canadian insurers wrote CAD 59.6 trillion in total paid insurance premiums on homes, cars, and businesses for consumers. In 2018, Canadian P&C (property and casualty) insurers paid out CAD 39.1 trillion in claims. In 2018, 42.0 percent of the direct written premiums were for car insurance.

Scope of the Report

This report aims to provide a detailed analysis of the life and non-life insurance market in Canada. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the life and non-life insurance market in Canada.

By Insurance type
Life Insurance
Individual
Group
Non-Life Insurance
Home
Motor
Others
By Channel of Distribution
Direct
Agency
Banks
Other Distribution Channels

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Key Market Trends

Increase in GDP Per Capita:

GDP per capita is a measurement often used to determine economic growth and potential increases in productivity and is calculated by taking the GDP and dividing it by the total population in the country. In 2014, Canada had one of the largest GDP per capita values in the world, a value that has grown continuously since 2010 after experiencing a slight downturn due to the financial crisis of 2008. GDP per capita is a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. Per capita income of the country has increased in recent years and expected to continue.

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Private technology investments by insurers:

The InsurTech businesses featured the previous quarter are US-based BriteCore, a cloud-based fully-managed policy administration system, US-based Risk Genius, and Canada-based ProNavigator, both of which provide services around managing policies, acquiring or populating data, and supporting intelligent navigation through insurance company systems. Sun Life has formed a strategic partnership with rising People, an HR, payroll, and benefits administration solution tool. The integrated solution, which will offer consumers a single health and wellness platform, will be rolled out to small to mid-sized employers across Canada in early 2019.

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Competitive Landscape

The report covers the major players operating in the life and non-life insurance market in Canada. The market is consolidated, the market is expected to grow in the forecast period due to private technology investments by insurers and recover in the GDP per capita and other few factors.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-Life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Others

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Manulife Financial Corporation

      2. 6.3.2 Desjardins Group

      3. 6.3.3 Great-West Lifeco Inc.

      4. 6.3.4 Sun Life Assurance Company Of Canada

      5. 6.3.5 Canada Life Assurance Company

      6. 6.3.6 Co-Operators Group Limited

      7. 6.3.7 Intact Financial Corporation

      8. 6.3.8 Northbridge Financial Corporation

      9. 6.3.9 RBC Insurance Holdings Inc.

      10. 6.3.10 Industrial Alliance insurance

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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