Life Insurance in Canada, Key Trends and Opportunities to 2019

Publisher Name :
Date: 19-Dec-2015
No. of pages: 159
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Synopsis

Timetric's 'Life Insurance in Canada, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Canadian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

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 Timetric'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.

Summary

Timetric's ' Life Insurance in the Canada, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Canadian life insurance segment, including:

• Canadian life insurance segment's growth prospects by life insurance category

• Key trends, drivers and challenges for the life insurance segment

• A comprehensive overview of the Canadian economy and demographics

• The various distribution channels in the Canadian life insurance segment

• Details of the competitive landscape in the life insurance segment in Canada

• Details of regulatory policy applicable to the Canadian insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Canada:

• It provides historical values for the Canadian life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

• It offers a detailed analysis of the key categories in the Canadian life insurance segment, and market forecasts to 2019.

• It analyzes the various distribution channels for life insurance products in Canada.

• It profiles the top life insurance companies in Canada and outlines the key regulations affecting them.

Reasons To Buy

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

• 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.

• Gain insights into key regulations governing the Canadian insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The Canadian life segment accounted for 41.5% of the overall insurance gross written premium in 2014.

• Life insurance growth is primarily built on demographic factors.

• Canada's total population recorded a review-period CAGR of 1.1%, and the population aged over 65 years grew from 15.5% in 2010 to 17.3% in 2014.

• The segment is open to foreign insurers, and therefore has access to capital from foreign sources.

• Demand for products has changed with the economic environment, with insurers introducing customized policies to suit customers' needs.

Life Insurance in Canada, Key Trends and Opportunities to 2019

Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Individual whole life insurance
5.5.2 Individual general annuity insurance
5.6 Group Life Insurance
5.6.1 Group whole life insurance
5.6.2 Group superannuation insurance
5.7 Life Insurance Growth Prospects by Product Type
5.7.1 Individual single-premium insurance
5.7.2 Individual non-single-premium insurance
5.7.3 Group single-premium insurance
5.7.4 Group non-single-premium insurance
5.7.5 Total non-linked insurance business
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Canadian Life Insurance Segment
7.2.1 Manulife Financial Corporation - company overview
7.2.2 The Great-West Life Assurance Company - company overview
7.2.3 Sun Life Financial Inc. - company overview
7.2.4 The Standard Life Assurance Company of Canada - company overview
7.2.5 RBC Life Insurance Company - company overview
7.2.6 Co-operators Life Insurance Company - company overview
7.2.7 BMO Life Insurance Company - company overview
7.2.8 The Empire Life Insurance Company - company overview
7.2.9 Transamerica Life Canada - company overview
7.2.10 The Equitable Life Insurance Company of Canada - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Marine liability insurance
8.4.3 Workmen's compensation
8.4.4 Aviation liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Office of the Superintendent of Financial Institutions Canada
8.5.3 Canadian Council of Insurance Regulators
8.5.4 Canadian Life and Health Insurance Association Inc.
8.5.5 Insurance Bureau of Canada
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer


List of Tables
Table 1: Canadian Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Canadian Government Credit Ratings
Table 4: Canadian Life Insurance - Gross Written Premium by Category (CAD Billion), 2010-2014
Table 5: Canadian Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 6: Canadian Life Insurance - Gross Written Premium by Category (CAD Billion), 2014-2019
Table 7: Canadian Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 8: Canadian Life Insurance - Net Earned Premium (CAD Billion), 2010-2014
Table 9: Canadian Life Insurance - Net Earned Premium (CAD Billion), 2014-2019
Table 10: Canadian Life Insurance - Sum Assured (CAD Billion), 2010-2014
Table 11: Canadian Life Insurance - Sum Assured (CAD Billion), 2014-2019
Table 12: Canadian Life Insurance - Paid Claims (CAD Billion), 2010-2014
Table 13: Canadian Life Insurance - Paid Claims (CAD Billion), 2014-2019
Table 14: Canadian Life Insurance - Incurred Loss (CAD Billion), 2010-2014
Table 15: Canadian Life Insurance - Incurred Loss (CAD Billion), 2014-2019
Table 16: Canadian Life Insurance - Commissions and Expenses (CAD Billion), 2010-2014
Table 17: Canadian Life Insurance - Commissions and Expenses (CAD Billion), 2014-2019
Table 18: Canadian Life Insurance - Net Written Premium (% of GWP), 2010-2014
Table 19: Canadian Life Insurance - Net Written Premium (% of GWP), 2014-2019
Table 20: Canadian Life Insurance - Total Assets (CAD Billion), 2010-2014
Table 21: Canadian Life Insurance - Total Assets (CAD Billion), 2014-2019
Table 22: Canadian Life Insurance - Total Investment Income (CAD Billion), 2010-2014
Table 23: Canadian Life Insurance - Total Investment Income (CAD Billion), 2014-2019
Table 24: Canadian Life Insurance - Net Written Premium (CAD Billion), 2010-2014
Table 25: Canadian Life Insurance - Net Written Premium (CAD Billion), 2014-2019
Table 26: Canadian Individual Life Insurance - Gross Written Premium by Category (CAD Billion), 2010-2014
Table 27: Canadian Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 28: Canadian Individual Life Insurance - Gross Written Premium by Category (CAD Billion), 2014-2019
Table 29: Canadian Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 30: Canadian Individual Life Insurance - Direct Written Premium by Category (CAD Billion), 2010-2014
Table 31: Canadian Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 32: Canadian Individual Life Insurance - Direct Written Premium by Category (CAD Billion), 2014-2019
Table 33: Canadian Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 34: Canadian Individual Whole Life Insurance - Direct Written Premium (CAD Billion), 2010-2014
Table 35: Canadian Individual Whole Life Insurance - Direct Written Premium (CAD Billion), 2014-2019
Table 36: Canadian Individual General Annuity Insurance - Direct Written Premium (CAD Billion), 2010-2014
Table 37: Canadian Individual General Annuity Insurance - Direct Written Premium (CAD Billion), 2014-2019
Table 38: Canadian Group Life Insurance - Gross Written Premium by Category (CAD Billion), 2010-2014
Table 39: Canadian Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 40: Canadian Group Life Insurance - Gross Written Premium by Category (CAD Billion), 2014-2019
Table 41: Canadian Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 42: Canadian Group Life Insurance - Direct Written Premium by Category (CAD Billion), 2010-2014
Table 43: Canadian Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 44: Canadian Group Life Insurance - Direct Written Premium by Category (CAD Billion), 2014-2019
Table 45: Canadian Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 46: Canadian Group Whole Life Insurance - Direct Written Premium (CAD Billion), 2010-2014
Table 47: Canadian Group Whole Life Insurance - Direct Written Premium (CAD Billion), 2014-2019
Table 48: Canadian Group Superannuation Insurance - Direct Written Premium (CAD Billion), 2010-2014
Table 49: Canadian Group Superannuation Insurance - Direct Written Premium (CAD Billion), 2014-2019
Table 50: Canadian Individual Single-Premium Insurance - Gross Written Premium (CAD Billion), 2010-2014
Table 51: Canadian Individual Single-Premium Insurance - Gross Written Premium (CAD Billion), 2014-2019
Table 52: Canadian Individual Single-Premium Insurance - Direct Written Premium (CAD Billion), 2010-2014
Table 53: Canadian Individual Single-Premium Insurance - Direct Written Premium (CAD Billion), 2014-2019
Table 54: Canadian Individual Non-Single-Premium Insurance - Gross Written Premium (CAD Billion), 2010-2014
Table 55: Canadian Individual Non-Single-Premium Insurance - Gross Written Premium (CAD Billion), 2014-2019
Table 56: Canadian Individual Non-Single-Premium Insurance - Direct Written Premium (CAD Billion), 2010-2014
Table 57: Canadian Individual Non-Single-Premium Insurance - Direct Written Premium (CAD Billion), 2014-2019
Table 58: Canadian Group Single-Premium Insurance - Gross Written Premium (CAD Billion), 2010-2014
Table 59: Canadian Group Single-Premium Insurance - Gross Written Premium (CAD Billion), 2014-2019
Table 60: Canadian Group Single-Premium Insurance - Direct Written Premium (CAD Billion), 2010-2014
Table 61: Canadian Group Single-Premium Insurance - Direct Written Premium (CAD Billion), 2014-2019
Table 62: Canadian Group Non-Single-Premium Insurance - Gross Written Premium (CAD Billion), 2010-2014
Table 63: Canadian Group Non-Single-Premium Insurance - Gross Written Premium (CAD Billion), 2014-2019
Table 64: Canadian Group Non-Single-Premium Insurance - Direct Written Premium (CAD Billion), 2010-2014
Table 65: Canadian Group Non-Single-Premium Insurance - Direct Written Premium (CAD Billion), 2014-2019
Table 66: Canadian Non-Linked Insurance Business - Gross Written Premium (CAD Billion), 2010-2014
Table 67: Canadian Non-Linked Insurance Business - Gross Written Premium (CAD Billion), 2014-2019
Table 68: Canadian Non-Linked Insurance Business - Direct Written Premium (CAD Billion), 2010-2014
Table 69: Canadian Non-Linked Insurance Business - Direct Written Premium (CAD Billion), 2014-2019
Table 70: Canadian Life Insurance - Sales Force, 2010-2014
Table 71: Canadian Life Insurance - Sales Force, 2014-2019
Table 72: Canadian Life Insurance - Number of Banking Entities, 2010-2014
Table 73: Canadian Life Insurance - Number of Banking Entities, 2014-2019
Table 74: Canadian Life Insurance - Number of Insurance Agents, 2010-2014
Table 75: Canadian Life Insurance - Number of Insurance Agents, 2014-2019
Table 76: Canadian Life Insurance - Number of Insurance Brokers, 2010-2014
Table 77: Canadian Life Insurance - Number of Insurance Brokers, 2014-2019
Table 78: Canadian Life Insurance - Segment Shares (%), 2014
Table 79: Manulife Financial Corporation - Key Facts
Table 80: Manulife Financial Corporation - Key Financials (CAD Million), 2010-2014
Table 81: The Great-West Life Assurance Company - Key Facts
Table 82: The Great-West Life Assurance Company - Key Financials (CAD Million), 2010-2014
Table 83: Sun Life Financial Inc. - Key Facts
Table 84: Sun Life Financial Inc. - Key Financials (CAD Million), 2010-2014
Table 85: The Standard Life Assurance Company of Canada - Key Facts
Table 86: The Standard Life Assurance Company of Canada - Key Financials (CAD Million), 2010-2014
Table 87: RBC Life Insurance Company - Key Facts
Table 88: RBC Life Insurance Company - Key Financials (CAD Million), 2010-2014
Table 89: Co-operators Life Insurance Company - Key Facts
Table 90: Co-operators Life Insurance Company - Key Financials (CAD Million), 2010-2014
Table 91: BMO Life Insurance Company - Key Facts
Table 92: BMO Life Insurance Company - Key Financials (CAD Million), 2010-2014
Table 93: The Empire Life Insurance Company - Key Facts
Table 94: The Empire Life Insurance Company - Key Financials (CAD Million), 2010-2014
Table 95: Transamerica Life Canada - Key Facts
Table 96: Transamerica Life Canada - Key Financials (CAD Million), 2010-2014
Table 97: The Equitable Life Insurance Company of Canada - Key Facts
Table 98: The Equitable Life Insurance Company of Canada - Key Financials (CAD Million), 2010-2014
Table 99: Canada - Insurance Regulatory Framework Key Features
Table 100: Canada - Life Insurance Regulatory Framework
Table 101: Canada - Property Insurance Regulatory Framework
Table 102: Canada - Motor Insurance Regulatory Framework
Table 103: Canada - Liability Insurance Regulatory Framework
Table 104: Canada - Legislations Governing Automobile Insurance in Each Province and Territory
Table 105: Canada - Workmen's Compensation
Table 106: Canada - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 107: Canada - Minimum Cover for Single-Limit Aircraft Liability Per Accident Per Aircraft
Table 108: Canada - Non-Admitted Insurance Regulatory Framework
Table 109: Canada - Capital Requirement for Insurers in Each Province and Territory
Table 110: Canada - Solvency Margin Requirements for Federally Regulated Insurance Companies
Table 111: Canada - Insurance Premium Taxation
Table 112: Canada - Corporate Tax Rates for the Financial Year 2015


List of Figures
Figure 1: Canadian Real GDP (CAD Billion), 2010-2019
Figure 2: CAD - US$ Exchange Rate, 2010-2019
Figure 3: Canadian Consumer Price Inflation, 2010-2019
Figure 4: Canadian Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 5: Canadian Unemployment Rate, 2010-2019
Figure 6: Canadian Population by Age Group, 1991-2025
Figure 7: Canadian Life Insurance - Gross Written Premium by Category (CAD Billion), 2010-2019
Figure 8: Canadian Life Insurance - Gross Written Premium by Category (% Share), 2014 and 2019
Figure 9: Canadian Life Insurance - Gross Written Premium Dynamics by Category (2010-2019)
Figure 10: Canadian Life Insurance - Net Earned Premium (CAD Billion), 2010-2014
Figure 11: Canadian Life Insurance - Net Earned Premium (CAD Billion), 2014-2019
Figure 12: Canadian Life Insurance - Sum Assured (CAD Billion), 2010-2014
Figure 13: Canadian Life Insurance - Sum Assured (CAD Billion), 2014-2019
Figure 14: Canadian Life Insurance - Paid Claims (CAD Billion), 2010-2014
Figure 15: Canadian Life Insurance - Paid Claims (CAD Billion), 2014-2019
Figure 16: Canadian Life Insurance - Incurred Loss (CAD Billion), 2010-2014
Figure 17: Canadian Life Insurance - Incurred Loss (CAD Billion), 2014-2019
Figure 18: Canadian Life Insurance - Commissions and Expenses (CAD Billion), 2010-2014
Figure 19: Canadian Life Insurance - Commissions and Expenses (CAD Billion), 2014-2019
Figure 20: Canadian Life Insurance - Net Written Premium (% of GWP), 2010-2014
Figure 21: Canadian Life Insurance - Net Written Premium (% of GWP), 2014-2019
Figure 22: Canadian Life Insurance - Total Assets (CAD Billion), 2010-2014
Figure 23: Canadian Life Insurance - Total Assets (CAD Billion), 2014-2019
Figure 24: Canadian Life Insurance - Total Investment Income (CAD Billion), 2010-2014
Figure 25: Canadian Life Insurance - Total Investment Income (CAD Billion), 2014-2019
Figure 26: Canadian Life Insurance - Net Written Premium (CAD Billion), 2010-2014
Figure 27: Canadian Life Insurance - Net Written Premium (CAD Billion), 2014-2019
Figure 28: Canadian Life Insurance - Investment Portfolio (CAD Billion), 2010-2014
Figure 29: Canadian Life Insurance - Investment Portfolio, 2010 and 2014
Figure 30: Canadian Life Insurance - Penetration (%), 2010-2014
Figure 31: Canadian Life Insurance - Direct Premium per Capita (%), 2010-2014
Figure 32: Canadian Life Insurance - Total Investments (CAD Billion), 2010-2014
Figure 33: Canadian Individual Life Insurance - Gross Written Premium by Category (CAD Billion), 2010-2019
Figure 34: Canadian Individual Life Insurance - Gross Written Premium by Category (% Share), 2014 and 2019
Figure 35: Canadian Individual Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 36: Canadian Individual Life Insurance - Direct Written Premium by Category (CAD Billion), 2010-2019
Figure 37: Canadian Individual Life Insurance - Direct Written Premium by Category (% Share), 2014 and 2019
Figure 38: Canadian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 39: Canadian Individual Whole Life Insurance - Direct Written Premium (CAD Billion), 2010-2014
Figure 40: Canadian Individual Whole Life Insurance - Direct Written Premium (CAD Billion), 2014-2019
Figure 41: Canadian Individual General Annuity Insurance - Direct Written Premium (CAD Billion), 2010-2014
Figure 42: Canadian Individual General Annuity Insurance - Direct Written Premium (CAD Billion), 2014-2019
Figure 43: Canadian Group Life Insurance - Gross Written Premium by Category (CAD Billion), 2010-2019
Figure 44: Canadian Group Life Insurance - Gross Written Premium by Category (% Share), 2014 and 2019
Figure 45: Canadian Group Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 46: Canadian Group Life Insurance - Direct Written Premium by Category (CAD Billion), 2010-2019
Figure 47: Canadian Group Life Insurance - Direct Written Premium by Category (% Share), 2014 and 2019
Figure 48: Canadian Group Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 49: Canadian Group Whole Life Insurance - Direct Written Premium (CAD Billion), 2010-2014
Figure 50: Canadian Group Whole Life Insurance - Direct Written Premium (CAD Billion), 2014-2019
Figure 51: Canadian Group Superannuation Insurance - Direct Written Premium (CAD Billion), 2010-2014
Figure 52: Canadian Group Superannuation Insurance - Direct Written Premium (CAD Billion), 2014-2019
Figure 53: Canadian Individual Single-Premium Insurance - Gross Written Premium (CAD Billion), 2010-2014
Figure 54: Canadian Individual Single-Premium Insurance - Gross Written Premium (CAD Billion), 2014-2019
Figure 55: Canadian Individual Single-Premium Insurance - Direct Written Premium (CAD Billion), 2010-2014
Figure 56: Canadian Individual Single-Premium Insurance - Direct Written Premium (CAD Billion), 2014-2019
Figure 57: Canadian Individual Non-Single-Premium Insurance - Gross Written Premium (CAD Billion), 2010-2014
Figure 58: Canadian Individual Non-Single-Premium Insurance - Gross Written Premium (CAD Billion), 2014-2019
Figure 59: Canadian Individual Non-Single-Premium Insurance - Direct Written Premium (CAD Billion), 2010-2014
Figure 60: Canadian Individual Non-Single-Premium Insurance - Direct Written Premium (CAD Billion), 2014-2019
Figure 61: Canadian Group Single-Premium Insurance - Gross Written Premium (CAD Billion), 2010-2014
Figure 62: Canadian Group Single-Premium Insurance - Gross Written Premium (CAD Billion), 2014-2019
Figure 63: Canadian Group Single-Premium Insurance - Direct Written Premium (CAD Billion), 2010-2014
Figure 64: Canadian Group Single-Premium Insurance - Direct Written Premium (CAD Billion), 2014-2019
Figure 65: Canadian Group Non-Single-Premium Insurance - Gross Written Premium (CAD Billion), 2010-2014
Figure 66: Canadian Group Non-Single-Premium Insurance - Gross Written Premium (CAD Billion), 2014-2019
Figure 67: Canadian Group Non-Single-Premium Insurance - Direct Written Premium (CAD Billion), 2010-2014
Figure 68: Canadian Group Non-Single-Premium Insurance - Direct Written Premium (CAD Billion), 2014-2019
Figure 69: Canadian Non-Linked Insurance Business - Gross Written Premium (CAD Billion), 2010-2014
Figure 70: Canadian Non-Linked Insurance Business - Gross Written Premium (CAD Billion), 2014-2019
Figure 71: Canadian Non-Linked Insurance Business - Direct Written Premium (CAD Billion), 2010-2014
Figure 72: Canadian Non-Linked Insurance Business - Direct Written Premium (CAD Billion), 2014-2019
Figure 73: Canadian Life Insurance - Sales Force, 2010-2014
Figure 74: Canadian Life Insurance - Sales Force, 2014-2019
Figure 75: Canadian Life Insurance - Number of Banking Entities, 2010-2014
Figure 76: Canadian Life Insurance - Number of Banking Entities, 2014-2019
Figure 77: Canadian Life Insurance - Number of Insurance Agents, 2010-2014
Figure 78: Canadian Life Insurance - Number of Insurance Agents, 2014-2019
Figure 79: Canadian Life Insurance - Number of Insurance Brokers, 2010-2014
Figure 80: Canadian Life Insurance - Number of Insurance Brokers, 2014-2019
Figure 81: Canadian Life Insurance - Segment Shares (%), 2014
Figure 82: Canada - Insurance Supervision and Control at Various Levels
Figure 83: Canada - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 84: Canada - Solvency Framework in Different Provinces and Territories
Figure 85: Canada - Judiciary System

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