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Wednesday, 1 October 2014

Canada Life Insurance Market 2014 - Global Market Size, share, trend , growth and strategy

Greater clarity in their policies, an easy application process, hassle-free payouts to beneficiaries and more disclosure around the compensation model of insurance agents are all steps that the industry could work on to increase trust levels.

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Table of Content

Introduction
Definition
Abbreviations
Glossary

Executive Summary
The market
Figure 1: Forecast of values of premiums in the Canadian life insurance market, 2009-19
Market factors
IMF expects the Canadian economy to pick up speed, but many risks remain
Interest rates, inflation and market volatility
Canada’s population is expected to age in the coming years
Companies, brands and innovation
The consumer
Whole/Permanent Life and Term Life are the most widely owned types of life insurance
Figure 2: Ownership of life insurance, June 2014
Manulife and Sun Life dominate the life insurance market
Figure 3: Choice of provider of life insurance, June 2014
A lifestage change is the most common purchase trigger
Low/affordable premiums and a trusted company are the most important factors
Figure 4: Factors considered when buying life insurance, June 2014
46% of Canadians think that it is important for everyone to have life insurance
Figure 5: Attitudes towards life insurance, June 2014
What we think

Issues and Insights
Using life insurance for tax and estate planning
The facts
The implications
Enhancing consumer trust levels with life insurance providers
The facts
The implications
Simplifying and streamlining the application process
The facts
The implications
Engaging the Sceptics by promoting the value of life insurance
The facts
The implications

Trend Application
Trend: Prove it
Trend: Giving Back
Trend: Let’s Make a Deal

Market Drivers
Key points
Economic overview
IMF expects the Canadian economy to pick up speed, but many risks remain
Figure 6: Canada’s GDP, by quarter, Q1 2008-Q1 2014
Figure 7: Household disposable incomes and savings in Canada, Q1 2008-Q1 2014
Figure 8: Canada’s unemployment rate, by gender, 2008-14
Interest rates, inflation and market volatility
Figure 9: Inflation rates in Canada, 2004-14
Outlook on the real estate and housing market
British Columbia has the highest net worth
Figure 10: Canada median net worth, by province, 2012
Demographic overview
Population count and growth in Canada
Figure 11: Share of population of Canada, by territory/province, 2014
Canada’s population is expected to age in the coming years
Figure 12: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061
Figure 13: Projected trends in the age structure of the Canada population, 2014-19
Living longer but not necessarily healthier
Figure 14: Average life expectancy* and health-adjusted life expectancy (HALE)**, by disease status and gender, 2013
Regulation and the impact of ongoing regulatory Initiatives

Strengths and Weaknesses
Strengths
Weaknesses

Who’s Innovating?
Key point
Manulife UL
Desjardins launches Life LTC Advance
Compassion insurance from SSQ Financial Group
Industrial Alliance’s Child & Health Duo

Market Size and Forecast
Key points
Canada’s life insurance market continues to grow steadily
Figure 15: Value of life insurance premiums, 2009-19
Forecast
Figure 16: Forecast of values of premiums in the Canadian life insurance market, 2009-19
Forecast methodology

Companies and Products
Manulife
Overview and company information
Recent activity and innovation
Sun Life
Overview and company information
Recent activity and innovation
Great-West Life
Overview and company information
Recent activity and innovation
Industrial Alliance
Overview and company information
Recent activity and innovation
RBC Insurance
Overview and company information
Recent activity
Empire Life
Overview and company information
Recent activity and innovation

Brand Communication and Promotion
Key points
BMO Insurance emerges as the most prevalent direct mailer
Figure 17: Life insurance direct mail acquisition volume, September 2013-August 2014
Featured campaigns from Mintel Comperemedia
Empire Life
RBC Simplified Life Insurance
Guaranteed Life Insurance from Manulife

The Consumer – Ownership of Life Insurance


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