Non-Life Insurance in Canada, Key Trends and Opportunities to 2020

Non-Life Insurance in Canada, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Non-Life Insurance in Canada Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Canadian non-life insurance segment, and a comparison of the Canadian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Canadian economy and demographics, explains the various types of natural hazard and their impact on the Canadian insurance industry, 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 'Non-Life Insurance in Canada Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Canadian non-life insurance segment, including:

The Canadian non-life segment's detailed outlook by product category

A comprehensive overview of the Canadian economy and demographics

A comparison of the Canadian non-life insurance segment with its regional counterparts

The various distribution channels in the Canadian non-life insurance segment

Detailed analysis of natural hazards and their impact on the Canadian insurance industry

Details of the competitive landscape in the non-life insurance segment in Canada

Details of regulatory policy applicable to the Canadian insurance industry

Scope

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

It provides historical values for the Canadian non-life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Canadian non-life insurance segment, and market forecasts to 2020.

It provides a comparison of the Canadian non-life insurance segment with its regional counterparts

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

It analyzes various natural and man-made hazards and their impact on the Canadian insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Canadian non-life insurance segment.

Assess the competitive dynamics in the non-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

In November 2015, RSA Canada launched Waterproof, an insurance policy that covers fresh water flooding.

Property insurance was the largest category in terms of gross written premium, and accounted for 44.6% of the segment's gross written premium in 2015.

Third-party liability insurance for all motor vehicles in respect of bodily injury and property damage is compulsory in all Canadian provinces and territories.

Marine, aviation and transit insurance was the smallest category in the Canadian non-life segment in 2015.



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1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.2 Policies sold

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

6.1.1 Brokers

6.1.2 Agencies

6.1.3 Direct Marketing

6.1.4 Bancassurance

6.1.5 E-commerce

7 NATURAL AND MAN-MADE HAZARDS

7.1 Flooding

7.2 Storm

7.3 Earthquakes

7.4 Wildfires

7.5 Exposure

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

8.1.1 Intact Insurance Company-company overview

8.1.2 Aviva Insurance Company of Canada-company overview

8.1.3 Lloyd's Underwriters-company overview

8.1.4 Security National Insurance Company-company overview

8.1.5 The Wawanesa Mutual Insurance Company-company overview

9 GOVERNANCE, RISK AND COMPLIANCE

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Marine liability insurance

9.4.3 Workmen's compensation

9.4.4 Aviation liability insurance

9.4.5 Liability insurance for ships with respect to oil pollution

9.4.6 Professional indemnity insurance for insurance brokers

9.4.7 Liability insurance for medical malpractice

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Office of the Superintendent of Financial Institutions Canada

9.5.3 Canadian Council of Insurance Regulators

9.5.4 Canadian Life and Health Insurance Association Inc

9.5.5 Insurance Bureau of Canada

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 DATABOOK

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Motor Insurance by Product

10.8 Liability Insurance

10.9 Marine, Aviation and Transit Insurance

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions

11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

Figure 1: Canadian Real GDP (CAD Trillion), 2011-2020

Figure 2: Canadian Consumer Price Inflation (%), 2011-2020

Figure 3: Canadian Current Account Balance as Percentage of GDP (%), 2011-2015

Figure 4: CAD-US$ Exchange Rate, 2011-2020

Figure 5: Canadian Unemployment Rate, 2011-2020

Figure 6: Canadian Population by Age Group, 1991-2025

Figure 7: Canadian Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Canadian Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Canadian Non-Life Insurance-Gross Written Premium (CAD Billion), 2011-2020

Figure 10: Canadian Non-Life Insurance-Penetration (%), 2011-2020

Figure 11: Canadian Non-Life Insurance-Premium per Capita (CAD), 2011-2020

Figure 12: Canadian Non-Life Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 13: Canadian Non-Life Insurance-Paid Claims (CAD Billion), 2011-2020

Figure 14: Canadian Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 15: Canadian Non-Life Insurance-Total Assets (CAD Billion), 2011-2020

Figure 16: Canadian Non-Life Insurance-Total Investment Income (CAD Billion), 2011-2020

Figure 17: Canadian Non-Life Insurance-Investment Portfolio (CAD Billion), 2011-2020

Figure 18: Canadian Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 19: Canadian Non-Life Insurance-Direct Written Premium by Category (CAD Billion), 2011-2020

Figure 20: Canadian Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 21: Canadian Property Insurance-Construction Value Output by Category (CAD Billion), 2011-2020

Figure 22: Canadian Property Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2011-2020

Figure 23: Canadian Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 24: Canadian Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 25: Canadian Property Insurance-Paid Claims (CAD Billion), 2011-2020

Figure 26: Canadian Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (CAD Billion and %), 2011-2020

Figure 27: Canadian Motor Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2011-2020

Figure 28: Canadian Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 29: Canadian Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 30: Canadian Motor Insurance-Paid Claims (CAD Billion), 2011-2020

Figure 31: Canadian Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (CAD Billion and %), 2011-2020

Figure 32: Canadian Liability Insurance-Direct Written Premium (CAD Billion), 2011-2020

Figure 33: Canadian Liability Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 34: Canadian Liability Insurance-Paid Claims (CAD Billion), 2011-2020

Figure 35: Canadian Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (CAD Billion and %), 2011-2020

Figure 36: Canada Marine, Aviation and Transit Insurance-Imports and Exports (CAD Billion), 2011-2015

Figure 37: Canadian Marine, Aviation and Transit Insurance-Direct Written Premium (CAD Billion), 2011-2020

Figure 38: Canadian Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 39: Canadian Marine, Aviation and Transit Insurance-Paid Claims (CAD Billion), 2011-2020

Figure 40: Canadian Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (CAD Billion and %), 2011-2020

Figure 41: Canadian-Frequency of Hazards by Type, 1990-2014

Figure 42: Canadian Mortality by Hazards Type, 1990-2014

Figure 43: Canadian Economic Loss by Hazards Type, 1990-2014

Figure 44: Canadian Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 45: Canada-Insurance Supervision and Control at Various Levels

Figure 46: Canada-Insurance Regulatory Frameworks for Company Registration and Operation

Figure 47: Canada-Solvency Framework in Different Provinces and Territories

Figure 48: Canada-Judiciary System

Table 1: Canadian Non-Life Insurance-Key Facts, 2015

Table 2: Canadian Non-Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Canadian Government Credit Ratings

Table 4: Canadian Non-Life Insurance-Gross Written Premium (CAD Billion and US$ Billion), 2011-2015

Table 5: Canadian Non-Life Insurance-Penetration (%), 2011-2015

Table 6: Canadian Non-Life Insurance-Gross Written Premium (CAD Billion and US$ Billion), 2015-2020

Table 7: Canadian Non-Life Insurance-Penetration (%), 2015-2020

Table 8: Canadian Non-Life Insurance-Premium per Capita (CAD and US$), 2011-2015

Table 9: Canadian Non-Life Insurance-Premium per Capita (CAD and US$), 2015-2020

Table 10: Canadian Non-Life Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 11: Canadian Non-Life Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 12: Canadian Non-Life Insurance-Paid Claims (CAD Billion and US$ Billion), 2011-2015

Table 13: Canadian Non-Life Insurance-Paid Claims (CAD Billion and US$ Billion), 2015-2020

Table 14: Canadian Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 15: Canadian Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 16: Canadian Non-Life Insurance-Total Assets (CAD Billion and US$ Billion), 2011-2015

Table 17: Canadian Non-Life Insurance-Total Assets (CAD Billion and US$ Billion), 2015-2020

Table 18: Canadian Non-Life Insurance-Total Investment Income (CAD Billion and US$ Billion), 2011-2015

Table 19: Canadian Non-Life Insurance-Total Investment Income (CAD Billion and US$ Billion), 2015-2020

Table 20: Canadian Non-Life Insurance-Investment Portfolio (CAD Billion), 2011-2015

Table 21: Canadian Non-Life Insurance-Investment Portfolio (CAD Billion), 2015-2020

Table 22: Canadian Non-Life Insurance-Direct Written Premium by Category (CAD Billion), 2011-2015

Table 23: Canadian Non-Life Insurance-Direct Written Premium by Category (CAD Billion), 2015-2020

Table 24: Canadian Property Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2011-2015

Table 25: Canadian Property Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2015-2020

Table 26: Canadian Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2015

Table 27: Canadian Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2015-2020

Table 28: Canadian Property Insurance-Paid Claims (CAD Billion and US$ Billion), 2011-2015

Table 29: Canadian Property Insurance-Paid Claims (CAD Billion and US$ Billion), 2015-2020

Table 30: Canadian Property Insurance-Loss Ratio (%), 2011-2015

Table 31: Canadian Property Insurance-Loss Ratio (%), 2015-2020

Table 32: Canadian Motor Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2011-2015

Table 33: Canadian Motor Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2015-2020

Table 34: Canadian Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2015

Table 35: Canadian Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2015-2020

Table 36: Canadian Motor Insurance-Paid Claims (CAD Billion and US$ Billion), 2011-2015

Table 37: Canadian Motor Insurance-Paid Claims (CAD Billion and US$ Billion), 2015-2020

Table 38: Canadian Motor Insurance-Loss Ratio (%), 2011-2015

Table 39: Canadian Motor Insurance-Loss Ratio (%), 2015-2020

Table 40: Canadian Liability Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2011-2015

Table 41: Canadian Liability Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2015-2020

Table 42: Canadian Liability Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 43: Canadian Liability Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 44: Canadian Liability Insurance-Paid Claims (CAD Billion and US$ Billion), 2011-2015

Table 45: Canadian Liability Insurance-Paid Claims (CAD Billion and US$ Billion), 2015-2020

Table 46: Canadian Liability Insurance-Loss Ratio (%), 2011-2015

Table 47: Canadian Liability Insurance-Loss Ratio (%), 2015-2020

Table 48: Canada Transport Network-Global Rankings

Table 49: Canadian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2011-2015

Table 50: Canadian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (CAD Billion), 2015-2020

Table 51: Canadian Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 52: Canadian Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 53: Canadian Marine, Aviation and Transit Insurance-Paid Claims (CAD Billion and US$ Billion), 2011-2015

Table 54: Canadian Marine, Aviation and Transit Insurance-Paid Claims (CAD Billion and US$ Billion), 2015-2020

Table 55: Canadian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 56: Canadian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 57: Canadian Insurance Industry-Market Shares of Leading Insurers (%), 2014

Table 58: Insurance Company-Key Facts

Table 59: Intact Insurance Company-Key Financials (US$ Million), 2011-2015

Table 60: Aviva Insurance Company of Canada-Key Facts

Table 61: Aviva Insurance Company of Canada-Key Financials (US$ Million), 2011-2015

Table 62: Lloyd's Underwriters-Key Facts

Table 63: Lloyd's Underwriters-Key Financials (US$ Million), 2011-2015

Table 64: Security National Insurance Company-Key Facts

Table 65: Security National Insurance Company-Key Financials (US$ Million), 2011-2015

Table 66: The Wawanesa Mutual Insurance Company-Key Facts

Table 67: The Wawanesa Mutual Insurance Company-Key Financials (US$ Million), 2011-2015

Table 68: Canada-Insurance Regulatory Framework Key Features

Table 69: Canada-Life Insurance Regulatory Framework

Table 70: Canada-Property Insurance Regulatory Framework

Table 71: Canada-Motor Insurance Regulatory Framework

Table 72: Canada-Liability Insurance Regulatory Framework

Table 73: Canada-Legislations Governing Automobile Insurance in Each Province and Territory

Table 74: Canada-Workmen's Compensation

Table 75: Canada-Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Table76: Canada--Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Table 77: Canada-Non-Admitted Insurance Regulatory Framework

Table 78: Canada-Capital Requirement for Insurers in Each Province and Territory

Table 79: Canada-Solvency Margin Requirements for Federally Regulated Insurance Companies

Table 80: Canada-Insurance Premium Taxation

Table 81: Canada-Corporate Tax Rates for the Financial Year 2016

Table 82: Canadian Insurance Industry-Policies and Premium, 2011-2015

Table 83: Canadian Insurance Industry-Policies and Premium, 2015-2020

Table 84: Canadian Non-Life Insurance-Claims and Expenses, 2011-2015

Table 85: Canadian Non-Life Insurance-Claims and Expenses, 2015-2020

Table 86: Canadian Non-Life Insurance-Assets and Investments, 2011-2015

Table 87: Canadian Non-Life Insurance-Assets and Investments, 2015-2020

Table 88: Canadian Non-Life Insurance-Property Insurance, 2011-2015

Table 89: Canadian Non-Life Insurance-Property Insurance, 2015-2020

Table 90: Canadian Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 91: Canadian Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 92: Canadian Non-Life Insurance-Motor Insurance, 2011-2015

Table 93: Canadian Non-Life Insurance-Motor Insurance, 2015-2020

Table 94: Canadian Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 95: Canadian Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 96: Canadian Non-Life Insurance-Liability Insurance, 2011-2015

Table 97: Canadian Non-Life Insurance-Liability Insurance, 2015-2020

Table 98: Canadian Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 99: Canadian Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 100: Insurance Industry Definitions

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Intact Insurance Company, Aviva Insurance Company of Canada, Lloyd's Underwriters, Security National Insurance Company, The Wawanesa Mutual Insurance Company, Co-operators General Insurance Company, Economical Mutual Insurance Company, Royal & Sun Alliance Insurance Company of Canada, Certas Home and Auto Insurance Company, Allstate Insurance Company of Canada, , ,

Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Agencies, Insurance brokers, Direct marketing, Natural hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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