Canada Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Published: July 24, 2023 Report Code: GDIS2713MR-ST

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Canada Life Insurance Market Report Overview

The gross written premium of the Canada life insurance market was CAD61.1 billion ($46.9 billion) in 2022 and is expected to achieve a CAGR of more than 5% during 2023-2027. The Canada life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Canada’s life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

Canada Life Insurance Market Outlook, 2022-2027 (CAD Billion)

Canada Life Insurance Market Outlook, 2022-2027 (CAD Billion)

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The report 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. It also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) CAD61.1 billion ($46.9 billion)
CAGR (2023-2027) >5%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       General Annuity

·       Life PA&H

·       Other Life
Key Distribution Channels ·       Direct from Insurer

·       Insurance Broker

·       Financial Advisor

·       Bank

·       Online Aggregator
Leading Companies ·       The Canada Life

·       Sun Life Assurance Canada

·       The Manufacturers Life

·       RBC Life

·       Brookfield Annuity
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Canada Life Insurance Market Trends

ESG, inclusive insurance, and mental health awareness are some of the recurring trends in the Canadian life insurance market. Recently, environmental, social, and governance (ESG) has become a major theme for all large businesses and will continue to be a central part of any leading business’s strategy over the coming years. Moreover, insurers are launching new policies to specifically include minority groups that are underrepresented in the insurance sector. Insurers, such as Canada Protection Plan, Manulife, Sun Life, and Dundas Life, offer multiple life insurance policies for HIV-positive customers.

Canada Life Insurance Market Segmentation by Lines of Business

The key lines of business in the Canadian life insurance industry are general annuity, life PA&H, and other life. Life PA&H was the leading life insurance line of business in 2022. Demographic changes such as an increase in life expectation, along with interest rates and affordability are among the key drivers of general annuity insurance. Packaged plans are gaining popularity in Canada since they include a single plan for medical, death, accident, disability, death, and dismemberment.

Canada Life Insurance Market Analysis by Lines of Business, 2022 (%)

Canada Life Insurance Market Analysis by Lines of Business, 2022 (%)

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Canada Life Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Canadian life insurance industry are direct from insurer, insurance broker, financial advisor, bank, and online aggregator, among others. Customers mostly prefer direct interaction with the direct channel network in the country. Purchasing through face-to-face interaction was the most preferred method for buying all types of insurance, followed by purchasing via telephone.

Canada Life Insurance Market Analysis by Distribution Channels, 2022 (%)

Canada Life Insurance Market Analysis by Distribution Channels, 2022 (%)

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Canada Life Insurance Market - Competitive Landscape

Some of the leading life insurance companies in Canada are The Canada Life, Sun Life Assurance Canada, The Manufacturers Life, RBC Life, and Brookfield Annuity. The Canada Life was the largest life insurer in 2022, followed by Sun Life and Manufacturers Life.

Canada Life Insurance Market Analysis by Companies, 2022 (%)

Canada Life Insurance Market Analysis by Companies, 2022 (%)

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Segments Covered in the Report

Canada Life Insurance Lines of Business Outlook (Value, CAD Billion, 2018-2027)

  • General Annuity
  • Life PA&H
  • Other Life

Canada Life Insurance Distribution Channel Outlook (Value, CAD Billion, 2018-2027)

  • Direct from Insurer
  • Insurance Broker
  • Financial Advisor
  • Bank
  • Online Aggregator

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Canada

  • Historical values for the Canadian life insurance segment for the report’s review period and projected figures for the forecast period

  • Profiles of the top life insurance companies in Canada and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the Canadian life insurance segment.

  • A comprehensive overview of the Canadian economy, government initiatives and investment opportunities.

  • The Canadian insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.

  • The Canadian life insurance segment’s market structure gives details of lines of business.

  • The Canadian life reinsurance business’ market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by the Canadian life insurers.

  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Canadian life insurance segment.

  • 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.

The Canada Life Assurance
Sun Life Assurance Company of Canada (Canada)
The Manufacturers Life Insurance
RBC Life Insurance
BMO Life Insurance
The Equitable Life Insurance Company of Canada
Brookfield Annuity
The Empire Life Insurance

Table of Contents

  • 1. Executive Summary

  • 2. Oil and Gas Sector Strategies for Low Carbon Fuels

    • 2.1. Oil and gas sector challenges

    • 2.2. Oil and gas focus areas in the low carbon fuels market

    • 2.3. Introduction to our focus low carbon fuels

    • 2.4. Sector strategies for transitioning to renewable fuels

    • 2.5. Converted/ coprocessing refineries vs standalone projects

  • 3. Renewable Diesel

    • 3.1. Renewable diesel production outlook

    • 3.2. Current market leaders in renewable diesel

    • 3.3. The largest renewable diesel projects by 2030 capacity

    • 3.4. Company filing trends in oil and gas

    • 3.5. Consumption and deal trends

  • 4. Sustainable Aviation Fuel

    • 4.1. SAF production outlook

    • 4.2. The largest SAF projects by 2030 capacity

    • 4.3. Current and projected market leaders in SAFs

    • 4.4. Company filing trends in oil and gas

    • 4.5. Deal activity

  • 5. Synthetic Fuels

    • 5.1. Production outlook

    • 5.2. Oil and gas synthetic fuel players

    • 5.3. Contact us

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