Canada’s population is ageing, with significant growth in the over-65 population expected in the coming years. Demand for life, travel, funeral, and health insurance products therefore looks set to continue rising, supported by a relatively stable economy and rising net worth of Canadian households. With many Canadians securing health and life insurance policies through their employers, a buoyant employment market should also help to prop up sales.
Auto insurance is mandatory in Canada and although a few of the provinces have government-owned auto insurance providers, the market for auto insurance is expected to be steady. Similarly, a strong housing market should ensure robust demand for products such as homeowners and mortgage insurance. Products such as pet, creditor and funeral insurance continue to be niche products, but insurance companies are likely to continue their efforts to expand product ownership both through traditional and newer channels. Although brokers continue to be the predominant channel for most insurance products, there is plenty of scope for using mobile apps to sell short-term insurance solutions and individualized products.
This report covers the drivers of the insurance market in Canada and contains consumer data relating to ownership, choice of provider, purchase channel, choice factors, renewal behaviour and attitudes towards insurance purchase.
