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Canada Insurance Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 60 pages

Includes 3 FREE quarterly updates

BMI View: The main events in H116 included the Fort McMurray wildfire disaster and the completion ofreforms to Ontario's motor insurance sector. Natural disasters like the one at Fort McMurray areincreasingly been seen as a consequence of climate change. While insurers will seek to recoup their losses,a bigger effect on property insurance will be a rise in premiums as insurers seek to mitigate risk of furtherdisasters. Meanwhile, Ontario's high motor insurance premiums are declining as a result of reforms,although it is unlikely they will reach the level seen in other states. Reduced basic premiums areaccompanied by a reduction in cover, which could prompt consumers to seek higher value productsanyway. Overall, the industry is stable and improved performance of the Canadian dollar should reduceshort-term declines in premiums measured in US dollars. However, in local currency terms both the life andnon-life sector will see sustained growth in premiums throughout our current forecast period through to2020.

Key Updates And Forecasts

- We expect to see solid growth in both life and non-life premiums in 2016 and over the course of ourforecast period, out to 2020. In 2016, we expect total insurance industry premiums of CAD124.2bn,jumping to CAD140.8bn by end of 2020. In US dollar terms, premiums will see a decline in 2016 due tocurrency fluctuations. We expect total underwritten premiums to amount to USD92bn, posting a -2.7% yo-y decline.

- Life premiums will post a local currency growth of 3.2% in 2016, jumping to CAD77bn. Measured in USdollars, growth will be -2% at USD57bn.

Table Of Contents

Canada Insurance Report Q3 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Canada 2013-2020) 7
SWOT 9
Insurance 9
Industry Forecast 11
Life Premiums Forecast 11
Latest Updates 11
Structural Trends 11
Table: Life Premiums (Canada 2013-2020) 14
Table: Life Insurance Claims, Canada 15
Non-Life Premiums Forecast 16
Latest Updates 16
Structural Trends 16
Table: Non-Life Premiums (Canada 2013-2020) 19
Table: Non-Life Insurance Claims, Canada 21
Non-Life Sub-Sector Forecast 22
Table: Non-Life Insurance Premiums by Product Line (Canada 2013-2020) 31
Industry Risk Reward Index 32
Developed States Insurance Risk/Reward Index 32
Table: Developed States Insurance Risk/Reward Index - Q316 33
Market Overview 34
Life Market Overview 34
The Product Offering 34
The Competitive Landscape 34
Non-Life Market Overview 38
The Product Offering 38
The Competitive Landscape 38
Company Profile 41
Desjardins 41
Great-West Lifeco Inc 43
Intact Financial Corporation 46
Manulife Financial 48
Sun Life Financial 50
Wawanesa Insurance 52
Methodology 54
Industry Forecast Methodology 54
Risk/Reward Index Methodology 57
Table: Indicators 59
Table: Weighting of Indicators 60

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