Canada Life and Non- Life Insurance Market

Canada Life and Non- Life Insurance Market by Insurance Types (Life [Individual and Group], and Non-life [Home, Motor, and Others]), Distribution Channels (Agent, Direct, Banks, and Others) –Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: BFSI-2631
  • Author: Growth Market Reports
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The Canada life and non-life insurance market size is anticipated to register a robust CAGR during the forecast period 2021-2028. Growth of the market is attributed to rapid development in health insurance sector, rapid adaptation of digitalization in insurance sector, and increasing customers buying power.

Canada Life and Non- Life Insurance Market

Non-life insurance is an insurance policy that covers property of person and medical emergencies. A life insurance is agreement between an insurance company and an insurance policyholder. The insurance company promise to pay a sum of amount in exchange for a premium after death of policyholder.

Canada held around CAD4.5 billion in life insurance coverage by the year 2018 its premium escalated to around CAD 115 billion.

In the last few years individual life insurance has risen drastically as compared to the group insurance for almost 62% in total from 55% with a premium amounting to CAD 22.2 billion.

The Covid-19 pandemic affected the Canada life and non-life insurance market. Meanwhile governments are restraining the loss by taking part as insures of last resort. The Canada insurance market estimates have suffered along with broader markets. The covid-19 pandemic is still growing; people are presently attentive to preserving their health instead of filing claims. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing GDP and per capita income of the country is projected to boost the market during the forecast period.
  • Rising awareness about the insurance related benefits among the people is expected to drive the market in the coming years.
  • Rapid development in the financial & insurance sector is projected to boost the market.
  • Increasing confidence of customers in insurance sector is the major factor fueling the market.
  • Lack of awareness about insurance sector possesses a main challenge that can hamper the market expansion during the forecast period.
  • R&D investment and technological advancement such as telematics is estimated to create lucrative opportunities for the key players in the market.

Scope of the market

The report on Canada life and non-life insurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Canada life and non-life insurance Market –  Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Insurance Types (Life [Individual and Group], and Non-life [Home, Motor, and Others]), Distribution Channels (Agent, Direct, Banks, and Others)

Country

Canada

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Great-West Lifeco Inc; Sun Life Assurance Company of Canada; Canada life Assurance Company; Desjardins Groups; and Manulife Financial Corporation.

Market Segment Insights

The non-life insurance segment is expected to grow at a rapid pace

In terms of insurance types, the market is categorized into life  and non-life. The life segment is further segregated into individual and group. The non-life segment is fragmented into home, motor, and others. The non-life insurance segment accounts for key share of the market. Growth of the market is attributed to rapidly growing population and increasing expenditure on healthcare sector. The life insurance segment is anticipated to expand at a rapid pace during the forecast period due to rapid urbanization, rapid adoption of social media in insurance sector, and increased demand for insurance due to initial economic recovery.

Canada Life and Non- Life Insurance Market

The agent segment is anticipated to hold major market share

Based on the distribution channels, the market is segregated into agent, direct, banks, and others. The agency segment accounts for a major share of the market. Growth of the market is attributed to increasing number of small & medium industries and increasing foreign ownership in some key market. The banks segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising disposable income and rapid innovations in life & non-life insurance industry.

Canada Life and Non- Life Insurance Market

Segments

The Canada life and non-life insurance market has been bifurcated on the basis of

Insurance type

  • Life Insurance
    • Individual
    • Group 
  • Non-life insurance
    • Motor
    • Home
    • Others

Distribution Channels

  • Agent
  • Direct
  • Banks
  • Others

Country

  • Canada

Key players

  • Great-West Lifeco Inc.
  • Sun Life Assurance Company of Canada
  • Canada life Assurance Company
  • Desjardins Groups
  • Manulife Financial Corporation.

Competitive Landscape

Key players competing in Canada life and non-life insurance market include Great-West Lifeco Inc.; Sun Life Assurance Company of Canada; Canada life Assurance Company; Desjardins Groups; Manulife Financial Corporation.

Some of these players are using several market strategies such as product launches, acquisitions, capacity expansion, merger, partnerships, and collaborations to enhance their market shares and to generate revenue and raise their production line of the business in the coming years. For instance
In September 2021, Sun Life Assurance Company announced a business unit Sun life stating encouraging their clients to live the life to their fullest no matter which phase of th life they are in.

In October 2021, Forbes announced Sun Life Assurance Company as one of the best and reliable dental insurer of America.

In July 2021, Great-West Lifeco Inc., Irish Life agrees on acquiring ark life from phoenix holding with cash total consideration of 230 million euros.
In September 2021, ClaimSecure Inc. was acquired by Canada life Assurance Company a subsidiary of Great-West Lifeco Inc.

Canada Life and Non- Life Insurance Market

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Life and Non- Life Insurance Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Life and Non- Life Insurance Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Life and Non- Life Insurance Market - Supply Chain
  4.5. Global Life and Non- Life Insurance Market Forecast
     4.5.1. Life and Non- Life Insurance Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Life and Non- Life Insurance Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Life and Non- Life Insurance Market Absolute $ Opportunity
5. Global Life and Non- Life Insurance Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Life and Non- Life Insurance Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Life and Non- Life Insurance Demand Share Forecast, 2019-2026
6. North America Life and Non- Life Insurance Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Life and Non- Life Insurance Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Life and Non- Life Insurance Demand Share Forecast, 2019-2026
7. Latin America Life and Non- Life Insurance Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Life and Non- Life Insurance Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Life and Non- Life Insurance Demand Share Forecast, 2019-2026
8. Europe Life and Non- Life Insurance Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Life and Non- Life Insurance Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Life and Non- Life Insurance Demand Share Forecast, 2019-2026
9. Asia Pacific Life and Non- Life Insurance Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Life and Non- Life Insurance Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Life and Non- Life Insurance Demand Share Forecast, 2019-2026
10. Middle East & Africa Life and Non- Life Insurance Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Life and Non- Life Insurance Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Life and Non- Life Insurance Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Life and Non- Life Insurance Market: Market Share Analysis
  11.2. Life and Non- Life Insurance Distributors and Customers
  11.3. Life and Non- Life Insurance Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

The Canada life and non-life insurance market has been bifurcated on the basis of

Insurance type

  • Life Insurance
    • Individual
    • Group 
  • Non-life insurance
    • Motor
    • Home
    • Others

Distribution Channels

  • Agent
  • Direct
  • Banks
  • Others

Country

  • Canada

Key players

  • Great-West Lifeco Inc.
  • Sun Life Assurance Company of Canada
  • Canada life Assurance Company
  • Desjardins Groups
  • Manulife Financial Corporation.

Key players competing in Canada life and non-life insurance market include Great-West Lifeco Inc.; Sun Life Assurance Company of Canada; Canada life Assurance Company; Desjardins Groups; Manulife Financial Corporation.

Some of these players are using several market strategies such as product launches, acquisitions, capacity expansion, merger, partnerships, and collaborations to enhance their market shares and to generate revenue and raise their production line of the business in the coming years. For instance
In September 2021, Sun Life Assurance Company announced a business unit Sun life stating encouraging their clients to live the life to their fullest no matter which phase of th life they are in.

In October 2021, Forbes announced Sun Life Assurance Company as one of the best and reliable dental insurer of America.

In July 2021, Great-West Lifeco Inc., Irish Life agrees on acquiring ark life from phoenix holding with cash total consideration of 230 million euros.
In September 2021, ClaimSecure Inc. was acquired by Canada life Assurance Company a subsidiary of Great-West Lifeco Inc.

Canada Life and Non- Life Insurance Market

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