Insurances - Canada

Canada

The Insurances market in Canada is projected to reach a market size (gross written premium) of €105.30bn in 2024.
Among the different segments, Non-Life Insurances dominates with a projected market volume of €74.60bn in 2024.
The average spending per capita in the Insurances market is expected to be €2.69k in 2024.
When compared globally, the United States has the highest nominal value, reaching €3,513.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 3.07%, resulting in a market volume of €122.50bn by 2029.
In global comparison, the United States is projected to generate the highest gross written premium in 2024, reaching €3,513.0bn.
In Canada, the insurance market is witnessing a growing demand for digital platforms to enhance customer experience and streamline operations.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Insurances market in Canada has been experiencing significant growth and transformation in recent years. Customer preferences in the Canadian insurance market have been shifting towards digital platforms, with a growing demand for online insurance services and mobile apps. Customers are increasingly seeking convenience, personalized offerings, and quick response times from insurance providers. This trend aligns with global patterns of digitalization in the insurance industry, as customers look for seamless and efficient ways to purchase and manage their insurance policies. Trends in the Canadian insurance market reflect a focus on innovation and product diversification. Insurers are introducing new types of insurance products to meet evolving customer needs, such as cyber insurance, pet insurance, and usage-based auto insurance. Additionally, there is a growing emphasis on sustainable and socially responsible insurance practices, with more insurers offering green insurance options and supporting environmental causes. These trends are in line with broader market developments in North America, where insurers are adapting their offerings to cater to changing consumer preferences and market dynamics. Local special circumstances in Canada, such as the country's diverse regulatory environment across provinces, have influenced the insurance market. Insurers must navigate varying regulatory requirements in different regions, impacting product offerings and distribution strategies. Additionally, Canada's unique geographic and climatic conditions, such as extreme weather events, have led to changes in risk assessment and pricing for insurance products like property and casualty insurance. Underlying macroeconomic factors, including Canada's stable economic growth, low interest rates, and increasing household wealth, have supported the expansion of the insurance market. As the economy continues to grow, more Canadians are investing in insurance products to protect their assets and secure their financial future. Moreover, demographic trends such as an aging population and changing workforce dynamics are driving demand for retirement planning and health insurance products, shaping the overall landscape of the insurance industry in Canada.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.