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Life Insurance in Canada, Key Trends and Opportunities to 2020

  • ID: 4022570
  • Report
  • December 2016
  • Region: Canada
  • 133 pages
  • Timetric
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The 'Life Insurance in Canada Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Canadian life insurance segment, and a comparison of the Canadian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Canadian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together The research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary:

The 'Life Insurance in Canada Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Canadian life insurance segment, including:

- An overview of the Canadian life insurance segment

- The Canadian life insurance segment’s growth prospects by category

- A comprehensive overview of the Canadian economy and demographics

- A comparison of the Canadian life insurance segment with its regional counterparts

- The various distribution channels in the Canadian life insurance segment

- Details of the competitive landscape in the life insurance segment in Canada

- Details of regulatory policy applicable to the Canadian insurance industry

Scope:

This report provides a comprehensive analysis of the life insurance segment in Canada:

- It provides historical values for the Canadian life insurance segment for the report’s 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

- It offers a detailed analysis of the key categories in the Canadian life insurance segment, and market forecasts to 2020.

- It provides a comparison of the Canadian life insurance segment with its regional counterparts

- It analyzes the various distribution channels for life insurance products in Canada.

- It profiles the top life insurance companies in Canada and outlines the key regulations affecting them.

Reasons To Buy:

- Make strategic business decisions using in-depth historic and forecast market data related to the Canadian life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Canadian life insurance segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Canadian insurance industry, and their impact on companies and the industry's future.

Key Highlights:

- In January 2015, the Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation, acquired Standard Life Financial Inc. and Standard Life Investments Inc.

- Life companies in Canada are exposed to persistent low interest rates, which are expected to reduce returns on new investments, including the reinvestment of maturing assets.

- According to a survey by Great-West Life Assurance Company in July 2015, 46% of the total Canadian population did not plan for retirement; this offers opportunities for Canadian life insurers.

- The life segment is sufficiently capitalized, with the three largest life insurers ranking among the world’s top 15 in terms of stock market capitalization.

- In July 2015, the Bank of Canada cut its benchmark interest rate to 0.5%, to stimulate economic recovery.
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Note: Product cover images may vary from those shown
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1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 SEGMENT OUTLOOK
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Assets and investments
5 OUTLOOK BY SUB-SEGMENT
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Penetration
6 DISTRIBUTION CHANNEL OUTLOOK
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Manulife Financial Corporation - company overview
7.1.2 The Great-West Life Assurance Company - company overview
7.1.3 Sun Life Financial Inc. - company overview
7.1.4 RBC Life Insurance Company - company overview
7.1.5 Co-operators Life Insurance Company - company overview
7.1.6 Ivari Insurance Company - company overview
7.1.7 The Empire Life Insurance Company - company overview
7.1.8 BMO Life Insurance Company - company overview
7.1.9 The Equitable Life Insurance Company of Canada - company overview
7.1.10 Blue Cross Life Insurance Company of Canada - company overview
8 GOVERNANCE, RISK AND COMPLIANCE
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Marine liability insurance
8.4.3 Workmen's compensation
8.4.4 Aviation liability insurance
8.4.5 Liability insurance for ships with respect to oil pollution
8.4.6 Professional indemnity insurance for insurance brokers
8.4.7 Liability insurance for medical malpractice
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Office of the Superintendent of Financial Institutions Canada
8.5.3 Canadian Council of Insurance Regulators
8.5.4 Canadian Life and Health Insurance Association Inc
8.5.5 Insurance Bureau of Canada
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 DATABOOK
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Product
9.6 Group Life Insurance
9.7 Group Life Insurance by Product
9.8 Individual Life - Single vs. Non-Single Premium
9.9 Group Life - Single vs. Non-Single Premium
10 DEFINITIONS AND METHODOLOGY
10.1 Definitions
10.2 Methodology
11 ABOUT
11.1 Contact
11.2 About
11.3 Services
11.4 Disclaimer

List of Tables
Table 1: Canadian Life Insurance - Key Facts, 2015
Table 2: Canadian Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Canadian Government Credit Ratings
Table 4: Canadian Life Insurance - Gross Written Premium (CAD Billion and US$ Billion), 2011-2015
Table 5: Canadian Life Insurance - Penetration (%), 2011-2015
Table 6: Canadian Life Insurance - Gross Written Premium (CAD Billion and US$ Billion), 2015-2020
Table 7: Canadian Life Insurance - Penetration (%), 2015-2020
Table 8: Canadian Life Insurance - Premium per Capita (CAD and US$), 2011-2015
Table 9: Canadian Life Insurance - Premium per Capita (CAD and US$), 2015-2020
Table 10: Canadian Life Insurance - Paid Claims (CAD Billion and US$ Billion), 2011-2015
Table 11: Canadian Life Insurance - Paid Claims (CAD Billion and US$ Billion), 2015-2020
Table 12: Canadian Life Insurance - Total Assets (CAD Billion and US$ Billion), 2011-2015
Table 13: Canadian Life Insurance - Total Assets (CAD Billion and US$ Billion), 2015-2020
Table 14: Canadian Life Insurance - Total Investment Income (CAD Billion and US$ Billion), 2011-2015
Table 15: Canadian Life Insurance - Total Investment Income (CAD Billion and US$ Billion), 2015-2020
Table 16: Canadian Life Insurance - Investment Portfolio (CAD Billion), 2011-2015
Table 17: Canadian Life Insurance - Investment Portfolio (CAD Billion), 2015-2020
Table 18: Canadian Life Insurance - Direct Written Premium by Sub-Segment (CAD Billion), 2011-2015
Table 19: Canadian Life Insurance - Direct Written Premium by Sub-Segment (CAD Billion), 2015-2020
Table 20: Canadian Individual Life Insurance - Direct Written Premium by Category (CAD Billion), 2011-2015
Table 21: Canadian Individual Life Insurance - Direct Written Premium by Category (CAD Billion), 2015-2020
Table 22: Canadian Group Life Insurance - Direct Written Premium by Category (CAD Billion), 2011-2015
Table 23: Canadian Group Life Insurance - Direct Written Premium by Category (CAD Billion), 2015-2020
Table 24: Canadian Insurance - Shares of the Leading Insurers (%), 2015
Table 25: Manulife Financial Corporation - Key Facts
Table 26: Manulife Financial Corporation - Key Financials (CAD Billion), 2011-2015
Table 27: The Great-West Life Assurance Company - Key Facts
Table 28: State Farm Mutual Automobile Insurance Company - Key Financials (CAD Billion), 2011-2015
Table 29: Sun Life Financial Inc. Company - Key Facts
Table 30: Sun Life Financial Inc. - Key Financials (CAD Billion), 2011-2015
Table 31: RBC Life Insurance Company - Key Facts
Table 32: RBC Life Insurance Company - Key Financials (CAD Billion), 2011-2015
Table 33: Co-operators Life Insurance Company - Key Facts
Table 34: Co-operators Life Insurance Company - Key Financials (CAD Million), 2011-2015
Table 35: Ivari Insurance Company - Key Facts
Table 36: Ivari Insurance Company - Key Financials (CAD Million), 2011-2015
Table 37: The Empire Life Insurance Company - Key Facts
Table 38: The Empire Life Insurance Company - Key Financials (CAD Million), 2011-2015
Table 39: BMO Life Insurance Company - Key Facts
Table 40: BMO Life Insurance Company - Key Financials (CAD Million), 2011-2015
Table 41: The Equitable Life Insurance Company of Canada - Key Facts
Table 42: The Equitable Life Insurance Company of Canada - Key Financials (CAD Million), 2011-2015
Table 43: Blue Cross Life Insurance Company of Canada - Key Facts
Table 44: Blue Cross Life Insurance Company of Canada - Key Financials (CAD Million), 2011-2015
Table 45: Canada - Insurance Regulatory Framework Key Features
Table 46: Canada - Life Insurance Regulatory Framework
Table 47: Canada - Property Insurance Regulatory Framework
Table 48: Canada - Motor Insurance Regulatory Framework
Table 49: Canada - Liability Insurance Regulatory Framework
Table 50: Canada - Legislations Governing Automobile Insurance in Each Province and Territory
Table 51: Canada - Workmen's Compensation
Table 52: Canada - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 53: Canada - - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 54: Canada - Non-Admitted Insurance Regulatory Framework
Table 55: Canada - Capital Requirement for Insurers in Each Province and Territory
Table 56: Canada - Solvency Margin Requirements for Federally Regulated Insurance Companies
Table 57: Canada - Insurance Premium Taxation
Table 58: Canada - Corporate Tax Rates for the Financial Year 2016
Table 59: Canadian Life Insurance - Policies and Premium, 2011-2015
Table 60: Canadian Life Insurance - Policies and Premium, 2015-2020
Table 61: Canadian Life Insurance - Claims and Expenses, 2011-2015
Table 62: Canadian Life Insurance - Claims and Expenses, 2015-2020
Table 63: Canadian Life Insurance - Assets and Investments, 2011-2015
Table 64: Canadian Life Insurance - Assets and Investments, 2015-2020
Table 65: Canadian Life Insurance - Individual Life Insurance, 2011-2015
Table 66: Canadian Life Insurance - Individual Life Insurance, 2015-2020
Table 67: Canadian Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 68: Canadian Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 69: Canadian Life Insurance - Group Life Insurance, 2011-2015
Table 70: Canadian Life Insurance - Group Life Insurance, 2015-2020
Table 71: Canadian Life Insurance - Group Life Insurance by Product, 2011-2015
Table 72: Canadian Life Insurance - Group Life Insurance by Product, 2015-2020
Table 73: Canadian Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 74: Canadian Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 75: Canadian Life Insurance - Group Life Insurance by Premium, 2011-2015
Table 76: Canadian Life Insurance - Group Life Insurance by Premium, 2015-2020
Table 77: Insurance Industry Definitions

List of Figures
Figure 1: Canadian Real GDP (US$ Billion), 2011-2020
Figure 2: Canadian Consumer Price Inflation (%), 2011-2020
Figure 3: Canadian Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 4: CAD-US$ Exchange Rate, 2011-2020
Figure 5: Canadian Unemployment Rate, 2011-2020
Figure 6: Canadian Population by Age Group, 1991-2025
Figure 7: Canadian Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Canadian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Canadian Life Insurance - Gross Written Premium (CAD Billion), 2011-2020
Figure 10: Canadian Life Insurance - Penetration (%), 2011-2020
Figure 11: Canadian Life Insurance - Premium per Capita (CAD), 2011-2020
Figure 12: Canadian Life Insurance - Paid Claims (CAD Billion), 2011-2020
Figure 13: Canadian Life Insurance - Total Assets (CAD Billion), 2011-2020
Figure 14: Canadian Life Insurance - Total Investment Income (CAD Billion), 2011-2020
Figure 15: Canadian Life Insurance - Investment Portfolio (CAD Billion), 2011-2020
Figure 16: Canadian Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 17: Canadian Life Insurance - Direct Written Premium by Sub-Segment (CAD Billion), 2011-2020
Figure 18: Canadian Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 19: Canadian Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 20: Canadian Individual Life Insurance - Direct Written Premium by Category (CAD Billion), 2011-2020
Figure 21: Canadian Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 22: Canadian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 23: Canadian Individual Life Insurance - Penetration (%), 2011-2015
Figure 24: Canadian Individual Life Insurance - Penetration (%), 2015-2020
Figure 25: Canadian Group Life Insurance - Direct Written Premium by Category (CAD Billion), 2011-2020
Figure 26: Canadian Group Life Insurance - Direct Written Premium Share by Category (CAD Billion), 2011-2020
Figure 27: Canadian Group Life Insurance - Direct Written Premium Dynamics by Category (CAD Billion), 2011-2020
Figure 28: Canadian Group Life Insurance - Penetration (%), 2011-2015
Figure 29: Canadian Group Life Insurance - Penetration (%), 2015-2020
Figure 30: Canadian Insurance - Shares of the Leading Insurers (%), 2015
Figure 31: Canada - Insurance Supervision and Control at Various Levels
Figure 32: Canada - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 33: Canada - Solvency Framework in Different Provinces and Territories
Figure 34: Canada - Judiciary System
Note: Product cover images may vary from those shown
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  • Manulife Financial Corporation
  • The Great-West Life Assurance Company
  • Sun Life Assurance Company of Canada
  • RBC Life Insurance Company
  • Co-operators Life Insurance Company
  • Ivari Insurance Company
  • The Empire Life Insurance Company
  • BMO Life Insurance Company
  • The Equitable Life Insurance Company of Canada
  • Blue Cross Life Insurance Company of Canada
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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