Life Insurance in Canada, Key Trends and Opportunities to 2020

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Published: December 23, 2016 Report Code: GD-IS1354MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’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, as well as 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 (2011–2015) and forecast (2015–2020) periods.

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

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 segment, and market forecasts to 2020.

• It provides a comparison of the 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.

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.

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 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.

Manulife Financial Corporation,The Great-West Life Assurance Company,Sun Life Assurance Company of Canada,RBC Life Insurance Company,Co-operators Life Insurance Company,Ivari Insurance Company,The Empire Life Insurance Company,BMO Life Insurance Company,The Equitable Life Insurance Company of Canada,Blue Cross Life Insurance Company of Canada
,

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Assets and investments

5 OUTLOOK BY SUB-SEGMENT

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Manulife Financial Corporation – company overview

7.1.2 The Great-West Life Assurance Company – company overview

7.1.3 Sun Life Financial Inc. – company overview

7.1.4 RBC Life Insurance Company – company overview

7.1.5 Co-operators Life Insurance Company – company overview

7.1.6 Ivari Insurance Company – company overview

7.1.7 The Empire Life Insurance Company – company overview

7.1.8 BMO Life Insurance Company – company overview

7.1.9 The Equitable Life Insurance Company of Canada – company overview

7.1.10 Blue Cross Life Insurance Company of Canada – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Marine liability insurance

8.4.3 Workmen's compensation

8.4.4 Aviation liability insurance

8.4.5 Liability insurance for ships with respect to oil pollution

8.4.6 Professional indemnity insurance for insurance brokers

8.4.7 Liability insurance for medical malpractice

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Office of the Superintendent of Financial Institutions Canada

8.5.3 Canadian Council of Insurance Regulators

8.5.4 Canadian Life and Health Insurance Association Inc

8.5.5 Insurance Bureau of Canada

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 DATABOOK

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Product

9.6 Group Life Insurance

9.7 Group Life Insurance by Product

9.8 Individual Life – Single vs Non-Single Premium

9.9 Group Life – Single vs Non-Single Premium

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions

10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Canadian Life Insurance – Key Facts, 2015

Table 2: Canadian Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Canadian Government Credit Ratings

Table 4: Canadian Life Insurance – Gross Written Premium (CAD Billion and US$ Billion), 2011–2015

Table 5: Canadian Life Insurance – Penetration (%), 2011–2015

Table 6: Canadian Life Insurance – Gross Written Premium (CAD Billion and US$ Billion), 2015–2020

Table 7: Canadian Life Insurance – Penetration (%), 2015–2020

Table 8: Canadian Life Insurance – Premium per Capita (CAD and US$), 2011–2015

Table 9: Canadian Life Insurance – Premium per Capita (CAD and US$), 2015–2020

Table 10: Canadian Life Insurance – Paid Claims (CAD Billion and US$ Billion), 2011–2015

Table 11: Canadian Life Insurance – Paid Claims (CAD Billion and US$ Billion), 2015–2020

Table 12: Canadian Life Insurance – Total Assets (CAD Billion and US$ Billion), 2011–2015

Table 13: Canadian Life Insurance – Total Assets (CAD Billion and US$ Billion), 2015–2020

Table 14: Canadian Life Insurance – Total Investment Income (CAD Billion and US$ Billion), 2011–2015

Table 15: Canadian Life Insurance – Total Investment Income (CAD Billion and US$ Billion), 2015–2020

Table 16: Canadian Life Insurance – Investment Portfolio (CAD Billion), 2011–2015

Table 17: Canadian Life Insurance – Investment Portfolio (CAD Billion), 2015–2020

Table 18: Canadian Life Insurance – Direct Written Premium by Sub-Segment (CAD Billion), 2011–2015

Table 19: Canadian Life Insurance – Direct Written Premium by Sub-Segment (CAD Billion), 2015–2020

Table 20: Canadian Individual Life Insurance – Direct Written Premium by Category (CAD Billion), 2011–2015

Table 21: Canadian Individual Life Insurance – Direct Written Premium by Category (CAD Billion), 2015–2020

Table 22: Canadian Group Life Insurance – Direct Written Premium by Category (CAD Billion), 2011–2015

Table 23: Canadian Group Life Insurance – Direct Written Premium by Category (CAD Billion), 2015–2020

Table 24: Canadian Insurance – Shares of the Leading Insurers (%), 2015

Table 25: Manulife Financial Corporation – Key Facts

Table 26: Manulife Financial Corporation – Key Financials (CAD Billion), 2011–2015

Table 27: The Great-West Life Assurance Company – Key Facts

Table 28: State Farm Mutual Automobile Insurance Company – Key Financials (CAD Billion), 2011–2015

Table 29: Sun Life Financial Inc. Company – Key Facts

Table 30: Sun Life Financial Inc. – Key Financials (CAD Billion), 2011–2015

Table 31: RBC Life Insurance Company – Key Facts

Table 32: RBC Life Insurance Company – Key Financials (CAD Billion), 2011–2015

Table 33: Co-operators Life Insurance Company – Key Facts

Table 34: Co-operators Life Insurance Company – Key Financials (CAD Million), 2011–2015

Table 35: Ivari Insurance Company – Key Facts

Table 36: Ivari Insurance Company – Key Financials (CAD Million), 2011–2015

Table 37: The Empire Life Insurance Company – Key Facts

Table 38: The Empire Life Insurance Company – Key Financials (CAD Million), 2011–2015

Table 39: BMO Life Insurance Company – Key Facts

Table 40: BMO Life Insurance Company – Key Financials (CAD Million), 2011–2015

Table 41: The Equitable Life Insurance Company of Canada – Key Facts

Table 42: The Equitable Life Insurance Company of Canada – Key Financials (CAD Million), 2011–2015

Table 43: Blue Cross Life Insurance Company of Canada – Key Facts

Table 44: Blue Cross Life Insurance Company of Canada – Key Financials (CAD Million), 2011–2015

Table 45: Canada – Insurance Regulatory Framework Key Features

Table 46: Canada – Life Insurance Regulatory Framework

Table 47: Canada – Property Insurance Regulatory Framework

Table 48: Canada – Motor Insurance Regulatory Framework

Table 49: Canada – Liability Insurance Regulatory Framework

Table 50: Canada – Legislations Governing Automobile Insurance in Each Province and Territory

Table 51: Canada – Workmen's Compensation

Table 52: Canada – Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Table 53: Canada – – Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Table 54: Canada – Non-Admitted Insurance Regulatory Framework

Table 55: Canada – Capital Requirement for Insurers in Each Province and Territory

Table 56: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies

Table 57: Canada – Insurance Premium Taxation

Table 58: Canada – Corporate Tax Rates for the Financial Year 2016

Table 59: Canadian Life Insurance – Policies and Premium, 2011–2015

Table 60: Canadian Life Insurance – Policies and Premium, 2015–2020

Table 61: Canadian Life Insurance – Claims and Expenses, 2011–2015

Table 62: Canadian Life Insurance – Claims and Expenses, 2015–2020

Table 63: Canadian Life Insurance – Assets and Investments, 2011–2015

Table 64: Canadian Life Insurance – Assets and Investments, 2015–2020

Table 65: Canadian Life Insurance – Individual Life Insurance, 2011–2015

Table 66: Canadian Life Insurance – Individual Life Insurance, 2015–2020

Table 67: Canadian Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 68: Canadian Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 69: Canadian Life Insurance – Group Life Insurance, 2011–2015

Table 70: Canadian Life Insurance – Group Life Insurance, 2015–2020

Table 71: Canadian Life Insurance – Group Life Insurance by Product, 2011–2015

Table 72: Canadian Life Insurance – Group Life Insurance by Product, 2015–2020

Table 73: Canadian Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 74: Canadian Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 75: Canadian Life Insurance – Group Life Insurance by Premium, 2011–2015

Table 76: Canadian Life Insurance – Group Life Insurance by Premium, 2015–2020

Table 77: Insurance Industry Definitions

Figures

Figure 1: Canadian Real GDP (US$ Billion), 2011–2020

Figure 2: Canadian Consumer Price Inflation (%), 2011–2020

Figure 3: Canadian Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: CAD–US$ Exchange Rate, 2011–2020

Figure 5: Canadian Unemployment Rate, 2011–2020

Figure 6: Canadian Population by Age Group, 1991–2025

Figure 7: Canadian Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Canadian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Canadian Life Insurance – Gross Written Premium (CAD Billion), 2011–2020

Figure 10: Canadian Life Insurance – Penetration (%), 2011–2020

Figure 11: Canadian Life Insurance – Premium per Capita (CAD), 2011–2020

Figure 12: Canadian Life Insurance – Paid Claims (CAD Billion), 2011–2020

Figure 13: Canadian Life Insurance – Total Assets (CAD Billion), 2011–2020

Figure 14: Canadian Life Insurance – Total Investment Income (CAD Billion), 2011–2020

Figure 15: Canadian Life Insurance – Investment Portfolio (CAD Billion), 2011–2020

Figure 16: Canadian Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 17: Canadian Life Insurance – Direct Written Premium by Sub-Segment (CAD Billion), 2011–2020

Figure 18: Canadian Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020

Figure 19: Canadian Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020

Figure 20: Canadian Individual Life Insurance – Direct Written Premium by Category (CAD Billion), 2011–2020

Figure 21: Canadian Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020

Figure 22: Canadian Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 23: Canadian Individual Life Insurance – Penetration (%), 2011–2015

Figure 24: Canadian Individual Life Insurance – Penetration (%), 2015–2020

Figure 25: Canadian Group Life Insurance – Direct Written Premium by Category (CAD Billion), 2011–2020

Figure 26: Canadian Group Life Insurance – Direct Written Premium Share by Category (CAD Billion), 2011–2020

Figure 27: Canadian Group Life Insurance – Direct Written Premium Dynamics by Category (CAD Billion), 2011–2020

Figure 28: Canadian Group Life Insurance – Penetration (%), 2011–2015

Figure 29: Canadian Group Life Insurance – Penetration (%), 2015–2020

Figure 30: Canadian Insurance – Shares of the Leading Insurers (%), 2015

Figure 31: Canada – Insurance Supervision and Control at Various Levels

Figure 32: Canada – Insurance Regulatory Frameworks for Company Registration and Operation

Figure 33: Canada – Solvency Framework in Different Provinces and Territories

Figure 34: Canada – Judiciary System

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