Canada Life and Non- Life Insurance Market

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.

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.

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.

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.

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.