Canada Insurance Report Q3 2014

Business Monitor International
May 21, 2014
69 Pages - SKU: BMI5248296
Countries covered: Canada

Canada Insurance Report Q3 2014

BMI View: The recently published results of the leading players, in both of the main segments, highlight thekey trends that are likely to continue through the forecast period. In Canada's non-life segment, the largestcompanies are extremely disciplined in terms of the risks that they underwrite and enjoy pricing power inmost lines. In challenging market places, such as the auto insurance sub-sector in Ontario, they arecurtailing costs in order to boost profitability. However, it is not obvious that there is a catalyst for a rise innon-life penetration (premiums per capita).

For most of the non-life companies, growth in premiums will be pedestrian most of the time: the process ofconsolidation will continue. In the life segment, the leading companies are growing income and profits fromorganised savings, if not actually from the provision of traditional insurance products. They are also lookingat the very substantial opportunities in the United States, (South) East Asia and elsewhere in the world.

Thanks in part to competition from wealth management products (e.g. mutual funds) which the leadinginsurers are themselves heavily involved, and from Canada's generous social security system, growth inpremiums is also likely to be slow. In both segments, the leading players benefit from economies of scaleand have access to the capital that they need.



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