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The North America Insurance Sectors : A Company and Industry Analysis (December 2006)


Description: This report looks at the insurance industry in the United States and Canada
Current Environment - Key Points
- The fast recovery from the devastating hurricane season in 2005 placed the US insurance industry in a sounder position, once again benefiting from the bulk of business especially from annuities, higher investment results and declining claims
- The US property and casualty insurance sector registered a 14.4% decline in net income after taxes to US$11.6 billion in the second quarter of 2006 due to higher catastrophic losses
However, according to Insurance Service Office Ltd (ISO) and the Property Casualty Insurers Association of America (PCI), net gains on underwriting grew 15.8% to US$6.6 billion during the period
- Canada's insurance industry had a solid run in 2006
However, the pressure on insurers to protect their business turf intensified in 2006 as other financial institutions became keener to penetrate the insurance business segment
- Easy monetary conditions, especially low interest rates in the US, put pressure on Canada's equity market, also prompting insurance stocks to perform poorly over the six months to September 2006
The share price of Canada's largest insurer, Manulife Financial Corp, fell 51% to C$36 (US$31.61) over the period

Industry Profile - Key Points
- The US insurance industry is the largest in the world, accounting for about 33.36%, or US$1.14 trillion, of the total world premiums in 2005 according to global reinsurer, Swiss Re
This includes US$626 billion worth of non-life premiums, and US$517 billion in life premiums
- Variable annuities have been rapidly growing over the past two decades
According to the National Association for Variable Annuities (NAVA), sales of variable annuities were US$41.6 billion in the second quarter of 2006, up 24% from the corresponding period a year ago
- The number of uninsured Americans has grown by 2.9% to 46.6 million over a period of one year from 2004 to 2005 due to a persistent hike in the cost of health insurance premiums, according to a survey by the US Census Bureau
- The insurance industry in Canada comprises 284 active insurance companies
According to the nation's online site for insurance information, Insurance Canada, the property and casualty insurance sector held assets of C$98.3 billion (US$86.31 billion), while the life insurance sector held C$311.1 billion (US$273.16 billion) in total assets in the second quarter of 2006
- Canada's finance and insurance sector represent the largest proportion among all Canada's industrial sectors in terms of foreign direct investment
At the end of 2005, the sector held 44% share of the country's direct investment abroad
Market Trends and Outlook - Key Points
- The US insurance industry has seen a substantial increase in legal disputes
According to a survey by an international law firm Fullbright and Jaworski Llp US insurers face five times the number involving US companies in other sectors
- Hikes in health insurance premiums over the past several years have led to harder times for American families, with affordable coverage increasingly difficult to find
- The US insurance industry is struggling to maintain its reputation, with the public seeing it as having neglected its role for social responsibility and being unethical in its pursuit of profitability
- Canada's auto insurance market has been underperforming over the past ten years, with falling loss ratios
- Auto theft is growing in Canada and costs Canadians C$1.2 billion (US$1.05 billion) every year
According to the Insurance Bureau of Canada, about 160,000 vehicles were stolen in 2005
- A softening market over the next three years is expected to start a big wave of consolidation in the Canadian insurance industry
This could open up the opportunity for bigger insurers to acquire smaller players


Contents: Current Environment - US
- Overview
- Sector Performance
- Leading Insurers
- Mergers and Acquisitions
Current Environment - Canada

- Overview
- Sector Performance
- Leading Insurers
- Mergers and Acquisitions
Industry Profile - US
- Industry Size and Value
- Areas of Business Focus
- Policy and Regulatory
Environment
- Key Issues
Industry Profile - Canada
- Industry Size and Value
- Foreign Direct Investment
- Key Issues
- Policy and Regulatory
Environment
Market Trends and Outlook - US
- Growing Litigation Trend Costly
to the Insurance Industry
- The Cost of Health Premiums
Outpace Wages and Inflation
- The Industry Struggles to Maintain
its Reputation
- Market Outlook
Market Trends and Outlook -
Canada
- Auto Insurance Industry Takes a
Turn for the Worse
- Auto Crimes - A Growing
Problem
- Consolidation Activities Expected
to Pick up Soon
- Market Outlook
Currency Conversion Table
The Scope of this Report
Key References
Comparative Data
Reports Coverage




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