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The North America Insurance Sectors : A Company and Industry Analysis (June 2004)


Description: Current Environment - Key Points
- The US insurance industry is gradually recovering from the 9/11 terrorist attacks, with earnings rising to $10.6 billion in 2003 compared with $3.4 billion during the same period of 2002
- The industry has performed sluggishly, however, with a 4.1% fall in activity in 2003 compared with a decline of 1.1% in 2002
- Since the beginning of 2004 there have been 46 mergers and acquisitions in the US insurance sector, with a combined value of $1.09 billion
- Canada's property and casualty insurers posted weaker financial results in the third quarter of 2003 with net income dropping by 20%
- In a landmark case, the Manhattan Federal Court jury found that nine of World Trade Center leaseholder Larry Silverstein's insurers could consider the destruction of the Twin Towers as a single event, not two

Industry Profile - Key Points
- The ageing US population holds significant opportunities for the insurance industry, with the Census Bureau forecasting that the number of people aged above 65 years is likely to increase by 20% in 2030
- The US sector is tightly regulated
New laws are regularly enacted to protect consumers and to adjust to new circumstances
A solid regulatory framework is vital for efficient, safe, fair and stable insurance markets
- In Canada, most of the population pays thousands of dollars each year on insurance, which is the fifth-largest family expenditure item
Insurance bureau of Canada and the Canadian Life and Health Insurance Association stated that Canadians spent almost C$50 billion (US$36.48 billion) on insurance annually
- Automobile insurance is the largest class of general insurance, generating more than C$9.3 billion (US$6.79 billion) annually in premiums
- Canada's property and casualty market, another big sector, has attracted considerable interest from foreign companies
Six of the ten largest insurers are now foreign-owned, and foreign insurers account for about 66% of net premiums earned
Market Trends and Outlook - Key Points
- The lack of health coverage is a growing problem for millions of Americans and the number of uninsured is likely to climb to about 53 million by 2007
- In the US, the growing epidemic of obesity is receiving increasing attention
It contributes to as many as 300,000 deaths a year
- Since 2001, most insurers have reported a decline in investment income and insurers are charging higher premiums making terrorism coverage difficult to obtain
- In Canada, insurance fraud is a major problem costing C$1.3 billion (US$948.56 million) a year
- The Canadian insurance sector is likely to benefit from the strength in the economy, which will lead to improvements in the labor market and a higher level of disposable income among consumers


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

- Sector Overview
- Sector Performance
- Leading Companies
- Mergers and Acquisitions
Industry Profile - US
- Industry Size and Value
- Policy and Regulatory
Environment
- Sector Investment
Industry Profile - Canada
- Industry Size and Value
- Policy and Regulatory
Environment
Market Trends & Outlook -
US
- Rise in Numbers of Uninsured
- Auto Insurance Rates
- Obesity Erodes Life Insurance
Profits
- Terrorist Attacks Raise
Potential for Future Claims
- Market Outlook
Market Trends & Outlook -
Canada
- Insurance Fraud
- Health and Life Insurance
Uptake Increases
- Market Outlook
Currency Conversion Table
The Scope of this Report
Key References
Comparative Data
Sales Contacts




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