Personal Accident and Health Insurance in Canada, Key Trends and Opportunities to 2020

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Published: December 23, 2016 Report Code: GD-IS1356MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Canada, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Canadian personal accident and health 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, combined ratio, 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, and 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 personal accident and health insurance segment in Canada:

• It provides historical values for the 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 provides an overview of the various distribution channels for personal accident and health insurance products in Canada.

• It profiles the top personal accident and health insurance companies in Canada, and outlines the key regulations affecting them.

Key Highlights

• Canada witnessed a steady increase in healthcare spending during the review period.

• The leading cost drivers in health spending are drugs, hospitals and physicians, which together accounted for 60.7% of total health expenditure in 2015.

• Rising outbound tourism is expected to drive demand for travel insurance.

• Life expectancy in Canada rose from 81.4 years in 2011 to 81.8 years in 2015, and is projected to increase further over the forecast period.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Canadian personal accident and health 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 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 Financial Inc.
The Standard Life Assurance Company of Canada
RBC Life Insurance Company
Co-operators Life Insurance Company
BMO Life Insurance Company
The Empire Life Insurance Company
Transamerica Life Canada
The Equitable 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 Profitability

4.2.4 Assets and investments

5 DISTRIBUTION CHANNEL OUTLOOK

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Manulife Financial Corporation – company overview

6.1.2 The Great-West Life Assurance Company – company overview

6.1.3 Sun Life Financial Inc – company overview

6.1.4 The Standard Life Assurance Company of Canada – company overview

6.1.5 RBC Life Insurance Company – company overview

6.1.6 Co-operators Life Insurance Company – company overview

6.1.7 BMO Life Insurance Company – company overview

6.1.8 The Empire Life Insurance Company – company overview

6.1.9 Transamerica Life Canada – company overview

6.1.10 The Equitable Life Insurance Company of Canada – company overview

7 GOVERNANCE, RISK AND COMPLIANCE

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulation

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Motor third-party liability insurance

7.4.2 Marine liability insurance

7.4.3 Workmen's compensation

7.4.4 Aviation liability insurance

7.4.5 Liability insurance for ships with respect to oil pollution

7.4.6 Professional indemnity insurance for insurance brokers

7.4.7 Liability insurance for medical malpractice

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 Office of the Superintendent of Financial Institutions Canada

7.5.3 Canadian Council of Insurance Regulators

7.5.4 Canadian Life and Health Insurance Association Inc

7.5.5 Insurance Bureau of Canada

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and penalties

7.7 Company Registration and Operations

7.7.1 Type of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margins

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution (ADR)

8 DATABOOK

8.1 Policies and Premium

8.1.1 Claims and expenses

8.1.2 Assets and investments

9 DEFINITIONS AND METHODOLOGY

9.1 Definitions

9.2 Methodology

10 ABOUT TIMETRIC

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

Table

Table 1: Canadian Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Canadian Leading Companies in Canadian Personal Accident and Health Insurance Segment, 2014

Table 3: Canadian Government Credit Ratings

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

Table 5: Canadian Personal Accident and Health Insurance – Penetration (%), 2011–2015

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

Table 7: Canadian Personal Accident and Health Insurance – Penetration (%), 2015–2020

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

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

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

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

Table 12: Canadian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 13: Canadian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 14: Canadian Personal Accident and Health Insurance – Total Assets (CAD Billion and US$ Billion), 2011–2015

Table 15: Canadian Personal Accident and Health Insurance – Total Assets (CAD Billion and US$ Billion), 2015–2020

Table 16: Canadian Personal Accident and Health Insurance – Total Investment Income (CAD Billion and US$ Billion), 2011–2015

Table 17: Canadian Personal Accident and Health Insurance – Total Investment Income (CAD Billion and US$ Billion), 2015–2020

Table 18: Canadian Personal Accident and Health Insurance – Investment Portfolio (CAD Billion), 2011–2015

Table 19: Canadian Personal Accident and Health Insurance – Investment Portfolio (CAD Billion), 2015–2020

Table 20: Canadian Leading Companies in Canadian Personal Accident and Health Insurance Segment, 2014

Table 21: Manulife Financial Corporation – Key Facts

Table 22: Manulife Financial Corporation – Key Financials (CAD Million), 2010–2014

Table 23: The Great-West Life Assurance Company – Key Facts

Table 24: The Great-West Life Assurance Company – Key Financials (CAD Million), 2010–2014

Table 25: Sun Life Financial Inc. – Key Facts

Table 26: Sun Life Financial Inc. – Key Financials (CAD Million), 2010–2014

Table 27: The Standard Life Assurance Company of Canada – Key Facts

Table 28: The Standard Life Assurance Company of Canada – Key Financials (CAD Million), 2010–2014

Table 29: RBC Life Insurance Company – Key Facts

Table 30: RBC Life Insurance Company – Key Financials (CAD Million), 2010–2014

Table 31: Co-operators Life Insurance Company – Key Facts

Table 32: Co-operators Life Insurance Company – Key Financials (CAD Million), 2010–2014

Table 33: BMO Life Insurance Company – Key Facts

Table 34: BMO Life Insurance Company – Key Financials (CAD Million), 2010–2014

Table 35: The Empire Life Insurance Company – Key Facts

Table 36: BMO Life Insurance Company – Key Financials (CAD Million), 2010–2014

Table 37: Transamerica Life Canada – Key Facts

Table 38: Transamerica Life Canada – Key Financials (CAD Million), 2010–2014

Table 39: The Equitable Life Insurance Company of Canada – Key Facts

Table 40: The Equitable Life Insurance Company of Canada – Key Financials (CAD Million), 2010–2014

Table 41: Canada – Insurance Regulatory Framework Key Features

Table 42: Canada – Life Insurance Regulatory Framework

Table 43: Canada – Property Insurance Regulatory Framework

Table 44: Canada – Motor Insurance Regulatory Framework

Table 45: Canada – Liability Insurance Regulatory Framework

Table 46: Canada – Legislations Governing Automobile Insurance in Each Province and Territory

Table 47: Canada – Workmen's Compensation

Table 48: Canada – Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Table 49: Canada – – Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Table 50: Canada – Non-Admitted Insurance Regulatory Framework

Table 51: Canada – Capital Requirement for Insurers in Each Province and Territory

Table 52: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies

Table 53: Canada – Insurance Premium Taxation

Table 54: Canada – Corporate Tax Rates for the Financial Year 2016

Table 55: Canadian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 56: Canadian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 57: Canadian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 58: Canadian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 59: Canadian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 60: Canadian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 61: Insurance Industry Definitions

Figures

Figure 1: Canadian Real GDP (CAD Trillion), 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 Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

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

Figure 9: Canadian Personal Accident and Health Insurance – Gross Written Premium (CAD Billion), 2011–2020

Figure 10: Canadian Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 11: Canadian Personal Accident and Health Insurance – Premium per Capita (CAD), 2011–2020

Figure 12: Canadian Personal Accident and Health Insurance – Paid Claims (CAD Billion), 2011–2020

Figure 13: Canadian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 14: Canadian Personal Accident and Health Insurance – Total Assets (CAD Billion), 2011–2020

Figure 15: Canadian Personal Accident and Health Insurance – Total Investment Income (CAD Billion), 2011–2020

Figure 16: Canadian Personal Accident and Health Insurance – Investment Portfolio (CAD Billion), 2011–2020

Figure 17: Canadian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Canada – Insurance Supervision and Control at Various Levels

Figure 19: Canada – Insurance Regulatory Frameworks for Company Registration and Operation

Figure 20: Canada – Solvency Framework in Different Provinces and Territories

Figure 21: Canada – Judiciary System

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