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Home, Auto and Travel Insurance - Canada - June 2015
Introduction
 
Canada’s population is aging, with significant growth in the over-65 population expected in the coming years. Demand for homeowners, auto/motorcycle and travel insurance products are set to continue rising, supported by a relatively stable economy, immigration into Canada and the rising net worth of Canadian households. 

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. Although brokers continue to be the predominant channel for most insurance products, there is plenty of scope for using mobile applications to sell short-term insurance solutions and individualized products, especially in the travel insurance category.

This report covers the drivers of the home, auto and travel 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.

Definition
This report covers the ownership of and the factors that influence the purchase of major personal homeowners, auto/motorcycle, and travel insurance products. 

Excluded
Business and commercial insurance products and solutions are excluded. Provincial government run insurance organizations are excluded from the study, as the focus of the report is on personal insurance products and services from the private sector. 

Abbreviations
Auto | Automobile
BC | British Columbia
BCAA | British Columbia Automobile Association
CARP | Canadian Association of Retired Persons
CDI | Canadian Direct Insurance
CPI | Consumer Price Index
GDP | Gross Domestic Product
IBC | Insurance Bureau of Canada
IMF | International Monetary Fund
LGBT | Lesbian-Gay-Bi-Sexual-Transgender
THIA | Travel Health Insurance of Canada
TMV | True Market Value
UK | United Kingdom
US | United States

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