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Canada Insurance Report Q3 2015

65 Pages BMI Research April 22, 2015 SKU: BMI5535928

Canada Insurance Report Q3 2015

BMI View: Currency movements will constrain the development of premiums in USD terms in 2015. Thereare factors which will boost premiums (in CAD terms at least) in both major segments through 2015 andthe remainder of the forecast period. These include the continuing expansion of the economy and the abilityof Canada's world class insurers to develop and distribute innovative solutions. Nevertheless, there arefactors (such as the financial preparedness of the vast majority of households for retirement) anddemographics which make it unlikely that life premiums will rise faster than at mid-single digit rates. In thenon-life segment, growth is being held back by the downwards pressure on prices (and claims costs) inOntario's motor vehicle insurance market. It is also being held back by competition in the market forgeneral liability insurance and some other lines.

Whether they be focused mainly on life insurance (including a broad range of wealth and savings solutionssuch as mutual funds) or non-life insurance, Canada's leading companies have enormous strengths. Thesestrengths include: brands; scale; multi-channel distribution; ability to execute large scale acquisitions athome and abroad; and access to capital and reinsurance markets. These strengths, along with the ability toproduce innovative products that are attractive to current and potential clients, will contribute to the growth(in local currency terms) in premiums through the forecast periodRecent research by McKinsey andCompany found that over 80% of Canadian households are/will be financially prepared their retirement. Inaddition, the percentage of older (65+ years of age) people is lower in Canada than in other developedcountries. These factors will limit the rate at which life insurance premiums will grow, both in the comingyear and over the forecast period (to 2019).

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Canada Insurance Report Q3 2015

BMI Research
April 22, 2015

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