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

Published: Dec, 2016 | Pages: 157 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
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.

 Table of Contents
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

List of Tables
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