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Canada Insurance Report Q1 2014 - New Market Study Published

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2013-12-27 06:44:04 - New Financial Services market report from Business Monitor International: "Canada Insurance Report Q1 2014"

As of late 2013, the strength and dynamism of Canada's insurance sector remains obvious. The life companies are world-class, multi-faceted financial services organisations that clearly have the capacity to sustain growth almost regardless of developments in the Canadian life segment. The non-life companies are benefiting from improved profitability, thanks in part to their pricing power and in part to the motor insurance reforms in Ontario.

Key Insights And Key Risks

Although the details vary from quarter to quarter, newsflow from Canada's insurance sector continues, in late 2013, to highlight its strength and dynamism. In both the non-life and the life segment, the main players have scale, access to capital (even if they are mutuals), financial strength, well recognised brands, and clearly enunciated

strategies for growth. In each case, business is developing as a result of at least one of the following factors: increased numbers of policies and policy-holders; firming prices; changes to distribution arrangements; product innovation; acquisition of rival businesses in Canada, and expansion in markets overseas in ways that exploit the competitive advantage of the company in question. As has been the case for a while, a major challenge comes from pervasive low interest rates and, for some companies, the general volatility of equity markets.

Full Report Details at

The comments of the major life companies in relation to their operations through 2013 highlight how demand for long-term savings products continues to grow. In part because of the general shift from defined benefit to defined contribution solutions, in part because of the greying of the population and in part because of the opportunities seen by the distributors of the products, each one of the major players in the segment is reporting good growth in at least part of its business. In many cases, particular lines are (not) growing because of active decisions to focus on areas that are particularly profitable. Virtually all the players are benefiting from not being 'pure' Canadian life insurance companies, in that they have (very) substantial operations outside the country and/or see life insurance as a part of a much wider offering of financial services solutions.

A number of positive trends are also evident in the non-life segment. For instance, the reforms implemented by the Ontario government to limit inflation in claims costs are beginning to bear fruit, with many of the non-life companies that write auto-related business in the province reporting an improvement in profitability. To the extent that non-life companies have been exposed to increased reinsurance costs (with rates rising markedly for earthquake cover in British Columbia, for instance), the non-life companies have generally had sufficient pricing power that they have been able to pass these on to their customers. Particular companies continue to realise benefits from past acquisitions: Intact Financial Corporation's purchase of AXA Canada in mid-2011 is the most obvious example of this. Looking forward, we would expect the non-life companies to benefit from a significant rise in premiums in the event that investment in Canada grows more rapidly through the forecast period than BMI envisages.

Report Table of Contents:

BMI Industry View
- Table: Total Premiums, 2010-2017
- Insurance
- Political
- Economic
Industry Forecast
- Life
- Table: Total Life Premiums, 2010-2017
- Non Life
- Table: Total Non-Life Premiums, 2010-2017
Industry Risk Reward Ratings
- Developed States Insurance Risk/Reward Ratings
- Table: Developed States Insurance Risk/Reward Ratings
- Canada Insurance Risk/Reward Ratings
- Table: Canada's Insurance Risk/Reward Ratings
Market Overview
- Life Sector Update
- Non Life Sector Update
Industry Trends And Developments
- Life Growth Drivers And Risk Management Projections
- Population
- Table: Insurance Key Drivers, Demographics 2010-2017
- Non Life Growth Drivers And Risk Management Projections
- Macroeconomic Outlook
- Political Stability Outlook
- Table: Developed States Regional Security Ratings (scores out of 100, with 100 the best)
- Healthcare Insurance
- Epidemiology
- Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2017
- Autos
- Table: Insurance Key Drivers, Autos, 2010-2017
Competitive Landscape
- Canada Competitive Landscape
Company Profile
- ACE Group
- Catlin Group
- Great-West Lifeco Inc
- Intact Financial Corporation
- Manulife Financial
- PartnerRe
- Sun Life Financial
- Wawanesa Insurance
- XL Group
Regional Overview
- Developed States Life Sector Overview
- Table: Developed States Life Premiums, 2010-2017
- Developed States Non-Life Sector Overview
- Table: Developed States Non-Life Premiums, 2010-2017 (US$mn)
Demographic Forecast
- Demographic Outlook
- Table: Canada's Population By Age Group, 1990-2020 ('000)
- Table: Canada's Population By Age Group, 1990-2020 (% of total)
- Table: Canada's Key Population Ratios, 1990-2020
- Table: Canada's Rural And Urban Population, 1990-2020
- Industry Forecast Methodology
- Risk/Reward Rating Methodology
- Table: Insurance Risk/Reward Ratings Indicators
- Table: Weighting Of Indicators

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Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at

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