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...