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Market Report, "Non-Life Insurance in Canada, Key Trends and Opportunities to 2017", Published

New Insurance research report from Timetric is now available from Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 02/25/2014 -- The Canadian non-life insurance segment achieved positive growth at a CAGR of 4.9% during the review period, despite a prolonged period of low interest rates, rising household debt, the European debt crisis and weak economic development in the country. The growth in the segment was a result of increased demand for property insurance policies with the robust performance of the Canadian property market, and an increase in the frequency of natural disasters in the country during the review period, which led to substantial losses in the property and casualty lines of business. However, these events increased awareness of the importance of property and earthquake-related insurance, leading to growth in the property insurance category. Reasonable growth in compulsory motor insurance, as a result of healthy car sales, contributed to the overall growth of the non-life segment during the review period.

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Key Highlights

- The Canadian non-life insurance segment achieved positive growth at a CAGR of 4.9% during the review period, despite a prolonged period of low interest rates, rising household debt, the European debt crisis and weak economic development in the country.
- During the review period, adverse weather conditions including tornadoes and hailstorms continued to affect the earnings of non-life insurers in Canada.
- Global events are also having an impact on the Canadian insurance industry, resulting in some foreign insurers selling off or curtailing their Canadian operations to shore up consolidated capital or focus strategies in their core markets.
- Given the maturity of the Canadian market, non-life insurance providers are developing new products to cater to the increasing needs of consumers as economic and environmental regulatory conditions change.
- The main distribution channels for non-life products in Canada are insurance brokers, agencies and direct marketing
- The Canadian non-life insurance segment is highly competitive and fragmented, with the 10-leading operators accounting for around 53.4% of the total written premium in 2012

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Canada:

- It provides historical values for Canada's non-life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key categories in Canada's non-life insurance segment, along with market forecasts until 2017.
- 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 non-life insurance products in Canada.

Companies Mentioned in this Report: Intact Insurance Company, Security National Insurance Company, Aviva Insurance Company of Canada, The Wawanesa Mutual Insurance Company, Co-operators General Insurance Company, Economical Mutual Insurance Company, Lloyd's Underwriters, Royal & Sun Alliance Insurance Company of Canada, State Farm Mutual Automobile Insurance Company, The Dominion of Canada General Insurance Company

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