Table of Contents
Executive Summary
-
- Market drivers
- Canada’s population is aging and will continue to do so in the coming years
-
- Figure 1: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061
- The consumer
- Auto and home insurance ownership are very common
-
- Figure 2: Type of insurance ownership, March 2015
- Intact Insurance leads ownership of auto/motorcycle and homeowners insurance, while regionality greatly affects ownership overall
-
- Figure 3: Name of insurance provider, March 2015
- Consumers are choosing a broker/financial advisor for their insurance needs
-
- Figure 4: How insurance was purchased, March 2015
- Cost is of main concern when considering insurance
-
- Figure 5: Factors considered when choosing insurance, March 2015
- More than three quarters of consumers automatically renew their insurance policies
-
- Figure 6: Insurance renewal behaviour when existing insurance expires or comes up for renewal, March 2015
- Over-45s prove more onerous about their insurance needs
-
- Figure 7: Reasons for shopping around for an insurance policy, March 2015
- Over three quarters of consumers believe it is important to re-evaluate insurance needs after major life events
-
- Figure 8: Attitudes towards insurance, March 2015
- What we think
Issues and Insights
-
- Usage-based insurance transforming the landscape of auto insurance in Canada
- The facts
- The implications
- Reaching the disengaged consumer
- The facts
- The implications
- Gaining trust key to consumer loyalty
- The facts
- The implications
- Increasing ownership of travel insurance
- The facts
- The implications
Trend Application
-
- Return to the Experts
- Prove It
- Nouveau Poor
Market Drivers
-
- Key points
- Economic overview
- Overall negative impact of lower oil prices on the Canadian economy
-
- Figure 9: Canada’s GDP, by quarter, Q4 2008-Q4 2014
-
- Figure 10: Household disposable incomes and savings in Canada, by quarter, Q4 2008-Q4 2014
- Figure 11: Canada’s unemployment rate, by gender, 2008-15
- Impact of interest rates, inflation and exchange rates
-
- Figure 12: Inflation rates in Canada (%), 2004-14
- Bank of Canada keeps interest rate steady at 0.75%
-
- Figure 13: Canada bank rate by month, 2005-15
- Outlook on the real estate and housing market
- Consumer confidence
-
- Figure 14: Consumer Confidence Index, monthly, January 2008-February 2015
- Household debt in Canada
- Demographic overview
- Population count and growth in Canada
-
- Figure 15: Share of population of Canada, by territory/province, 2015 (projected)
- Minority groups account for less than 20% of Canada’s population
-
- Figure 16: Estimated population of Canada, by ethnicity, 2011
- Canada’s population is expected to age in the coming years
-
- Figure 17: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061
- Figure 18: Projected trends in the age structure of the Canada population, 2014-19
Who’s Innovating?
-
- Key points
- Esurance comes to Canada
-
- Figure 19: Esurance, online advertisement, January 2015
- Usage-based auto insurance changing the way consumers drive
-
- Figure 20: The Personal, direct mail, August 2014
-
- Figure 21: Belairdirect – Bumpr app, Quebec, direct mail, July 2014
- Intrepid’s innovative 24/7 Travel Navigator app
Market Size and Forecast
-
- Key points
- Auto insurance
- Homeowners insurance
- Travel insurance
- Auto insurance market to see moderate growth
-
- Figure 22: Auto net written premiums, Canada, 2009-19
- Personal property insurance to grow between 5-7% in the next few years
-
- Figure 23: Personal property net written premiums, Canada, 2009-19
- Figure 24: Forecast of auto net written premiums, by value, 2009-19
- Figure 25: Forecast of personal property net written premiums, by value, 2009-19
- Forecast methodology
Companies and Products
-
- Intact Insurance
- Overview and company information
- Recent activity
- TD Financial Group
- Overview and company information
- Recent activity
- Aviva Canada
- Overview and company information
- Recent activity
- RBC
- Overview and company information
- Recent activity
- CAA
- Overview and company information
- Recent activity
- Desjardins
- Overview and company information
- Recent activity
Social Media – Home, Auto and Travel Insurance
-
- Key points
- Market overview
- Key social media metrics
-
- Figure 26: Key social media metrics, June 2015
- Brand usage and awareness
-
- Figure 27: Brand usage and awareness for selected home, auto and travel insurance brands, March 2015
- Interactions with home, auto and travel insurance brands
-
- Figure 28: Interactions with selected home, auto and travel insurance brands, March 2015
- Social media activity and campaigns
- What we think
- Online conversations
-
- Figure 29: Online conversations for selected home, auto and travel insurance brands, by day, May 20, 2014-May 20, 2015
- Where are people talking about home, auto and travel insurance brands?
-
- Figure 30: Online conversations for selected home, auto and travel insurance brands, by page type, June 20, 2014-June 20, 2015
- What are people talking about?
-
- Figure 31: Topics of conversation around selected home, auto and travel insurance brands, June 20, 2014-June 20, 2015
The Consumer – Insurance Ownership
-
- Key points
- Auto and home insurance ownership are very common
-
- Figure 32: Type of insurance ownership, March 2015
- Age is the principal determinant of insurance ownership
-
- Figure 33: Type of insurance ownership, by age, March 2015
-
- Figure 34: Type of insurance ownership, by household income, March 2015
- Intact Insurance leads ownership of auto/motorcycle and homeowners insurance, while regionality greatly affects ownership overall
-
- Figure 35: Name of insurance provider, March 2015
- Auto/Motorcycle
- Homeowners
- Travel
The Consumer – Insurance Purchase Decision
-
- Key points
- Consumers are choosing a broker/financial advisor for their insurance needs
-
- Figure 36: How insurance was purchased, March 2015
- Canadian women are more likely to use ‘other’ sources of insurance
-
- Figure 37: Insurance purchased via ‘other’ sources, by age and gender, March 2015
The Consumer – Choice Factors
-
- Key points
- Cost is of main concern when considering insurance
-
- Figure 38: Factors considered when choosing insurance, March 2015
- Younger consumers place more credence on insurance recommendations
-
- Figure 39: Factors considered when choosing insurance, by age, March 2015
The Consumer – Insurance Renewal Behaviour
-
- Key points
- More than three quarters of consumers automatically renew their insurance policies
-
- Figure 40: Insurance renewal behaviour when existing insurance expires or comes up for renewal, March 2015
- Over-45s prove more onerous about their insurance needs
-
- Figure 41: Reasons for shopping around for an insurance policy, March 2015
The Consumer – Attitudes towards Insurance
-
- Key points
- Over three quarters of consumers believe it is important to re-evaluate insurance needs after major life events
-
- Figure 42: Attitudes towards insurance, March 2015
- Males 18-34-years-old are more likely to gamble with insurance
-
- Figure 43: Select attitudes towards insurance, March 2015
- Incentives are key for consumers when shopping around for insurance
-
- Figure 44: Cost/incentive related attitudes towards insurance, March 2015
- Consumers are split on how they view insurance brokers
-
- Figure 45: Broker-related attitudes towards insurance, March 2015
- Most insurance holders believe it is better to have all insurance policies with a single company/provider
-
- Figure 46: Company-related attitudes towards insurance, March 2015
The Consumer – Home, auto, travel insurance and Chinese Canadians
-
- Key points
- Chinese Canadians are shopping around to find a better policy
-
- Figure 47: Insurance renewal behaviour when existing insurance expires or comes up for renewal, Chinese Canadians vs overall population, March 2015
- Chinese Canadians are less trusting of insurance brokers
-
- Figure 48: Attitudes towards insurance (any agree), Chinese Canadians vs overall population, March 2015
The Consumer – Target Groups
-
- Key points
- Four target groups
-
- Figure 49: Target groups, March 2015
- Broker Friendly (30%)
- Disengaged (29%)
- Cost Conscious (24%)
- Options Open (17%)
Back to top