Recently published research from Timetric, "Non-Life Insurance in Canada, Key Trends and Opportunities to 2016", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 02/18/2013 -- The non-life segment in Canada is fragmented with both domestic and foreign insurers being active in the country. Non-life insurance products in Canada are distributed through a variety of channels, with brokers accounting for the largest market commission in 2011. During the review period, adverse weather conditions affected the performance of non-life companies in Canada, along with uncertain economic conditions and low interest rates.
- During the review period, adverse weather conditions affected the non-life segment in Canada, along with uncertain economic conditions and low interest rates. Evolving regulations covering insurer risk and capital are also posing challenges for most non-life insurers.
- Due to the global financial and Eurozone debt crises, the property and housing market in Canada was affected both in terms of price and output during the review period.
- The Ontario motor reform, which came into effect in September 2010, was intended to provide insurers with more options and flexibility when providing cover in the province. The reforms are expected to reduce claims costs and stabilize premiums, creating a more efficient and stable auto insurance system.
- Global events are also having an impact on the Canadian insurance market, resulting in some foreign insurers selling off or curtailing their Canadian operations to shore up consolidated capital and/or focus strategies in their core markets.
- The non-life insurance segment's growth can be attributed to effective modes of distribution employed by insurers to market their products. The mix of distribution channels used differs between various types of insurer.
- Automobile insurance is compulsory in Canada, unlike home or business insurance. Ontario, the most populous province in Canada, provides almost half the non-life direct written premiums in Canada, and is one of the most important markets for insurers.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the non-life insurance market in Canada:
- It provides historical values for the Canadian non-life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It provides a detailed analysis of the key sub-segments in the Canadian non-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 insurance products in Canada
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in the Canadian non-life insurance business
- It provides a detailed analysis of the reinsurance market in Canada and its growth prospects
Companies Mentioned in this Report: Intact Insurance Company, Aviva Canada, The Wawanesa Mutual Insurance, Co-operators General Insurance, Economical Mutual Insurance
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