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Life Insurance in Canada, Key Trends and Opportunities to 2020

Life Insurance in Canada, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in Canada Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Canadian life insurance segment, and a comparison of the Canadian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Canadian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in Canada Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Canadian life insurance segment, including:

  • An overview of the Canadian life insurance segment
  • The Canadian life insurance segment’s growth prospects by category
  • A comprehensive overview of the Canadian economy and demographics
  • A comparison of the Canadian life insurance segment with its regional counterparts
  • The various distribution channels in the Canadian life insurance segment
  • Details of the competitive landscape in the life insurance segment in Canada
  • Details of regulatory policy applicable to the Canadian insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Canada:
  • It provides historical values for the Canadian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Canadian life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Canadian life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Canada.
  • It profiles the top life insurance companies in Canada and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Canadian life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Canadian life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Canadian insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • In January 2015, the Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation, acquired Standard Life Financial Inc. and Standard Life Investments Inc.
  • Life companies in Canada are exposed to persistent low interest rates, which are expected to reduce returns on new investments, including the reinvestment of maturing assets.
  • According to a survey by Great-West Life Assurance Company in July 2015, 46% of the total Canadian population did not plan for retirement; this offers opportunities for Canadian life insurers.
  • The life segment is sufficiently capitalized, with the three largest life insurers ranking among the world’s top 15 in terms of stock market capitalization.
  • In July 2015, the Bank of Canada cut its benchmark interest rate to 0.5%, to stimulate economic recovery.


  • Key Facts and Highlights
    • Table Canadian Life Insurance - Key Facts, 2015
    • Table Canadian Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Canadian Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Canadian Life Insurance - Gross Written Premium (CAD Billion and US$ Billion), 2011-2015
        • Table Canadian Life Insurance - Penetration (%), 2011-2015
        • Table Canadian Life Insurance - Gross Written Premium (CAD Billion and US$ Billion), 2015-2020
        • Table Canadian Life Insurance - Penetration (%), 2015-2020
        • Table Canadian Life Insurance - Premium per Capita (CAD and US$), 2011-2015
        • Table Canadian Life Insurance - Premium per Capita (CAD and US$), 2015-2020
      • Claims
        • Table Canadian Life Insurance - Paid Claims (CAD Billion and US$ Billion), 2011-2015
        • Table Canadian Life Insurance - Paid Claims (CAD Billion and US$ Billion), 2015-2020
      • Assets and investments
        • Table Canadian Life Insurance - Total Assets (CAD Billion and US$ Billion), 2011-2015
        • Table Canadian Life Insurance - Total Assets (CAD Billion and US$ Billion), 2015-2020
        • Table Canadian Life Insurance - Total Investment Income (CAD Billion and US$ Billion), 2011-2015
        • Table Canadian Life Insurance - Total Investment Income (CAD Billion and US$ Billion), 2015-2020
        • Table Canadian Life Insurance - Investment Portfolio (CAD Billion), 2011-2015
        • Table Canadian Life Insurance - Investment Portfolio (CAD Billion), 2015-2020
  • Outlook by Sub-Segment
    • Table Canadian Life Insurance - Direct Written Premium by Sub-Segment (CAD Billion), 2011-2015
    • Table Canadian Life Insurance - Direct Written Premium by Sub-Segment (CAD Billion), 2015-2020
    • Individual Life Insurance
      • Premium
        • Table Canadian Individual Life Insurance - Direct Written Premium by Category (CAD Billion), 2011-2015
        • Table Canadian Individual Life Insurance - Direct Written Premium by Category (CAD Billion), 2015-2020
      • Penetration
    • Group Life Insurance
      • Premium
        • Table Canadian Group Life Insurance - Direct Written Premium by Category (CAD Billion), 2011-2015
        • Table Canadian Group Life Insurance - Direct Written Premium by Category (CAD Billion), 2015-2020
      • Penetration
  • Distribution Channel Outlook
  • Competitive Landscape
    • Table Canadian Insurance - Shares of the Leading Insurers (%), 2015
    • Company Profiles
      • Manulife Financial Corporation - company overview
        • Table Manulife Financial Corporation - Key Facts
        • Table Manulife Financial Corporation - Key Financials (CAD Billion), 2011-2015
      • The Great-West Life Assurance Company - company overview
        • Table The Great-West Life Assurance Company - Key Facts
        • Table State Farm Mutual Automobile Insurance Company - Key Financials (CAD Billion), 2011-2015
      • Sun Life Financial Inc. - company overview
        • Table Sun Life Financial Inc. Company - Key Facts
        • Table Sun Life Financial Inc. - Key Financials (CAD Billion), 2011-2015
      • RBC Life Insurance Company - company overview
        • Table RBC Life Insurance Company - Key Facts
        • Table RBC Life Insurance Company - Key Financials (CAD Billion), 2011-2015
      • Co-operators Life Insurance Company - company overview
        • Table Co-operators Life Insurance Company - Key Facts
        • Table Co-operators Life Insurance Company - Key Financials (CAD Million), 2011-2015
      • Ivari Insurance Company - company overview
        • Table Ivari Insurance Company - Key Facts
        • Table Ivari Insurance Company - Key Financials (CAD Million), 2011-2015
      • The Empire Life Insurance Company - company overview
        • Table The Empire Life Insurance Company - Key Facts
        • Table The Empire Life Insurance Company - Key Financials (CAD Million), 2011-2015
      • BMO Life Insurance Company - company overview
        • Table BMO Life Insurance Company - Key Facts
        • Table BMO Life Insurance Company - Key Financials (CAD Million), 2011-2015
      • The Equitable Life Insurance Company of Canada - company overview
        • Table The Equitable Life Insurance Company of Canada - Key Facts
        • Table The Equitable Life Insurance Company of Canada - Key Financials (CAD Million), 2011-2015
      • Blue Cross Life Insurance Company of Canada - company overview
        • Table Blue Cross Life Insurance Company of Canada - Key Facts
        • Table Blue Cross Life Insurance Company of Canada - Key Financials (CAD Million), 2011-2015
  • Governance, Risk and Compliance
    • Table Canada - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Canada - Life Insurance Regulatory Framework
      • Property insurance
        • Table Canada - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Canada - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Canada - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
        • Table Canada - Legislations Governing Automobile Insurance in Each Province and Territory
      • Marine liability insurance
      • Workmen's compensation
        • Table Canada - Workmen's Compensation
      • Aviation liability insurance
        • Table Canada - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
        • Table Canada - - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
      • Liability insurance for ships with respect to oil pollution
      • Professional indemnity insurance for insurance brokers
      • Liability insurance for medical malpractice
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Office of the Superintendent of Financial Institutions Canada
      • Canadian Council of Insurance Regulators
      • Canadian Life and Health Insurance Association Inc
      • Insurance Bureau of Canada
    • Non-Admitted Insurance Regulations
      • Overview
        • Table Canada - Non-Admitted Insurance Regulatory Framework
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table Canada - Capital Requirement for Insurers in Each Province and Territory
      • Solvency margins
        • Table Canada - Solvency Margin Requirements for Federally Regulated Insurance Companies
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
        • Table Canada - Insurance Premium Taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Canada - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Policies and Premium
      • Table Canadian Life Insurance - Policies and Premium, 2011-2015
      • Table Canadian Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Canadian Life Insurance - Claims and Expenses, 2011-2015
      • Table Canadian Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Canadian Life Insurance - Assets and Investments, 2011-2015
      • Table Canadian Life Insurance - Assets and Investments, 2015-2020
    • Individual Life Insurance
      • Table Canadian Life Insurance - Individual Life Insurance, 2011-2015
      • Table Canadian Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table Canadian Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table Canadian Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Group Life Insurance
      • Table Canadian Life Insurance - Group Life Insurance, 2011-2015
      • Table Canadian Life Insurance - Group Life Insurance, 2015-2020
    • Group Life Insurance by Product
      • Table Canadian Life Insurance - Group Life Insurance by Product, 2011-2015
      • Table Canadian Life Insurance - Group Life Insurance by Product, 2015-2020
    • Individual Life - Single vs Non-Single Premium
      • Table Canadian Life Insurance - Individual Life Insurance by Premium, 2011-2015
      • Table Canadian Life Insurance - Individual Life Insurance by Premium, 2015-2020
    • Group Life - Single vs Non-Single Premium
      • Table Canadian Life Insurance - Group Life Insurance by Premium, 2011-2015
      • Table Canadian Life Insurance - Group Life Insurance by Premium, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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