Boston, MA -- (SBWire) -- 12/05/2012 --The Canadian market for life insurance products is mature and highly concentrated, with three large groups (Manulife, Sun Life and Great-West Life) accounting for the majority of the gross written premium. The Canadian life insurance segment is highly regulated, with regulation divided between the federal government and the governments of Canada's 13 provinces and territories. Presently, life insurers in Canada are facing a challenging operating environment as uncertain economic and market conditions along with low interest rates are prompting companies to re-examine their products and pricing strategies.
Key Highlights
- The Canadian life insurance segment accounted for the largest share of the country's total insurance industry.
- The industry plays a major role in the economy with a huge asset base providing a source of long-term investment capital.
- The Canadian market for life insurance products is mature and highly concentrated, with three large groups (Manulife, Sun Life and Great-West Life) accounting for the majority of the gross written premium.
- The Canadian life insurance segment is highly regulated, with regulation divided between the federal government and the governments of Canada's 13 provinces and territories.
- The country's aging population, reforms in pension law, and insurers' efforts to minimize cost and enhance efficiency in terms of writing new business is expected to drive the Canadian life insurance segment's growth over the forecast period (2012-2016).
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Scope
This report provides a comprehensive analysis of the life insurance market in Canada:
- It provides historical values for Canada's life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in Canada's life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in Canada
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Canada for the life insurance business
- It provides a detailed analysis of the reinsurance market in Canada and its growth prospects
- It profiles the top life insurance companies in Canada and outlines the key regulations affecting them
Reasons to Get this Report
- Make strategic business decisions using historic and forecast market data related to the Canadian life insurance market and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Canadian life insurance market
Companies Mentioned in this Report: Manulife Financial Corporation, Sun Life Assurance Company, The Great-West Life Assurance Company, The Canada Life Assurance Company, London Life Insurance Company
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New Market Study: "Life Insurance in Canada, Key Trends and Opportunities to 2016"
Recently published research from Timetric, "Life Insurance in Canada, Key Trends and Opportunities to 2016", is now available at Fast Market Research