Canada Market Health Insurance 2014: Global Region Industry Size, Share, Growth , Research Analysis and Opportunities

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Albany, NY -- (SBWIRE) -- 07/23/2014 -- Leveraging themes of peace of mind and risk avoidance are factors which could boost engagement with the market. The increased use of positive associations such as these could make Canadians think more positively rather than negatively about health insurance.

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Table of Content



Executive Summary

The market

Figure 1: Forecast of values of premiums in the Canadian health insurance market, 2009-19
Market factors
Canadian economy to pick up speed, but many risks remain
Population changes signal greater opportunity for health insurance
Increased longevity does not necessarily equate to better health
The rise of HSAs
Companies, brands and innovation
Brand communication
Brand research and social media
The consumer
Satisfaction with health care is reasonably strong

Figure 2: Satisfaction with components of government health care, May 2014
Prescription drug coverage and dental are the most commonly owned insurance types

Figure 3: Ownership of supplemental health insurance, May 2014
Sun Life and Manulife dominate but the rest of the market is fragmented
Personal life stories and recommendations from friends/family are strong purchase triggers
Peace of mind and risk avoidance are strong reasons why people buy health insurance

Figure 4: Attitudes towards supplemental health insurance, May 2014
What we think

Issues and Insights

Building trust through greater clarity and transparency
The facts
The implications
Winning over the Chinese Canadian consumer
The facts
The implications
Marketing the peace of mind and risk avoidance themes
The facts
The implications
Engaging the disengaged consumer
The facts
The implications

Trend Application

Trend: Help Me Help Myself
Trend: Prepare for the Worst
Trend: Make it Mine

Market Drivers

Key points
Economic overview
IMF expects the Canadian economy to pick up speed, but many risks remain

Figure 5: Canada’s GDP, by quarter, 2008-14

Figure 6: Household disposable incomes and savings in Canada, 2008-14

Figure 7: Canada’s unemployment rate, by gender, 2008-14
British Columbia has the highest net worth

Figure 8: Canada median net worth, by province, 2012
Demographic overview
Population count and growth in Canada

Figure 9: Share of population of Canada, by territory/province, 2014
Canada’s population is expected to age in the coming years

Figure 10: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061

Figure 11: Projected trends in the age structure of the Canada population, 2014-19
Minority groups account for less than 20% of Canada’s population

Figure 12: Estimated share of population of Canada, by ethnicity, 2014
Health overview
Obesity and sedentary lifestyles
Living longer but not necessarily healthier

Figure 13: Average life expectancy* and health-adjusted life expectancy (HALE)**, by disease status and gender, 2013
Overview of the Canadian health care system
Government Health care expenditure

Figure 14: Benchmark performance on wait times for key procedures, 2013
Increasing popularity of Health Spending Accounts

Strengths and Weaknesses

Market Size and Forecast

Key points
Canada’s health insurance market continues to grow steadily

Figure 15: Value of health insurance premiums in Canada, 2009-19

Figure 16: Forecast of values of premiums in the Canadian health insurance market, 2009-19
Forecast methodology

Companies and Products

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