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


Description: This report examines the insurance industry in the United States and Canada, focusing on the non-life (property and casualty, industrial business) and life (health, pensions and bancassurance) segments
Current Environment - Key Points
- Despite a number of major traumas and losses in 2001, the US insurance industry has been growing steadily ever since and returned to stability in 2004
- Most leading insurance companies reported substantial increases in earnings and profitability in the first half of 2004
- The US property and casualty segment recorded a substantial gain in underwriting profits in the first half of 2004
- Merger and acquisition activities in the US insurance industry have fallen in number in the past few years as a result of rising competition, new accounting regulations and capital requirements
- In Canada, the insurance industry continued to enjoy steady growth in 2004, with the federal property and casualty insurers reporting solid improvements in net income in the first quarter of 2004
- In the first half of 2004, the insurance industry continued its strong rebound, with the stocks of most insurers enjoying rapid upward movement due to industry improvements that led to substantial increases in earnings and profitability

Industry Profile - Key Points
- The ageing population in the US is a key driver of the growth potential in the US insurance industry
The Census Bureau projects that the population aged over 65 is likely to increase by 20% in 2030
- The insurance sector in the US is tightly regulated, with new laws regularly enacted to protect consumers and to adjust to new circumstance, as a solid regulatory framework is vital for efficient, safe, fair and stable insurance markets
- In Canada, most people pay thousands of dollars each year on insurance, representing the fifth- largest family expenditure item
The Insurance Bureau of Canada and the Canadian Life and Health Insurance Association stated that Canadians spent almost CAD$50 billion (US$41.84 billion) on insurance annually
- Like the US, automobiles continue to be the largest single class of P&C insurance in Canada, with private-sector insurers generating about CAD$13.6 billion (US$11.38 billion) annually in auto insurance net premiums
Market Trends and Outlook - Key Points
- Health insurance is playing an increasingly important role in the US insurance industry as demand for it increases and tremendous growth is expected in the next few years
The healthcare insurance market is forecast to grow about 9.6% from $65.5 billion in 2003 and to $71.8 billion in 2007
- The numbers of uninsured in the US are on the rise
This is mainly attributable to job cuts, scaled back benefits provided by employers and huge increases in premiums charged by insurance companies
- Higher vehicle repair costs and soaring jury awards in vehicular liability have brought higher auto insurance rates, with auto insurance costs increasing by 7.8% in 2003
- In Canada, online insurance is a burgeoning market, with approximately 7% of consumers using the internet to check on or update their auto insurance policies and reporting higher satisfaction than those who use an automated phone system
- Insurance fraud is becoming a major problem in Canada which costs honest policyholders CAD$1.3 billion (US$948.56 million) a year


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
- Size and Value
- Policy and Regulatory
Environment
- Sector Investment
Industry Profile - Canada
- Size and Value
- Policy and Regulatory
- Environment
Market Trends & Outlook -
US
- Health Insurance Area Getting
Hot
- Auto Insurance Rates
Escalating
- Numbers of Uninsured on the
Rise
- Market Outlook

Market Trends & Outlook -
Canada
- A New Medium for Insurance
Consumers - The Internet
- Insurance Fraud
- Skyrocketing Rates Lead to
Auto Insurance Reforms
- Market Outlook
Currency Conversion Table
The Scope of this Report
Key References
Comparative Data
Sales Contacts




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