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Personal Accident and Health Insurance in Canada, Key Trends and Opportunities to 2020

Published By :

Timetric

Published Date : Dec 2016

Category :

Health Insurance

No. of Pages : 118 Pages

Synopsis
Timetrics 'Personal Accident and Health Insurance in Canada Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Canadian personal accident and health insurance segment, and a comparison of the Canadian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (20112015) and forecast period (20152020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Canadian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetrics 'Personal Accident and Health Insurance in Canada Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Canadian personal accident and health insurance segment, including:

An overview of the Canadian personal accident and health insurance segment

The Canadian personal accident and health insurance segments growth prospects by category

A comprehensive overview of the Canadian economy and demographics

A comparison of the Canadian personal accident and health insurance segment with its regional counterparts

The various distribution channels in the Canadian personal accident and health insurance segment

Details of the competitive landscape in the personal accident and health insurance segment in Canada

Details of regulatory policy applicable to the Canadian insurance industry

Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Canada:

It provides historical values for the Canadian personal accident and health insurance segment for the reports 20112015 review period, and projected figures for the 20152020 forecast period.

It offers a detailed analysis of the key categories in the Canadian personal accident and health insurance segment, and market forecasts to 2020.

It provides a comparison of the Canadian personal accident and health insurance segment with its regional counterparts

It provides an overview of the various distribution channels for personal accident and health insurance products in Canada.

It profiles the top personal accident and health insurance companies in Canada, and outlines the key regulations affecting them.

Reasons To Buy
Make strategic business decisions using in-depth historic and forecast market data related to the Canadian personal accident and health insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Canadian personal accident and health insurance segment.

Assess the competitive dynamics in the personal accident and health insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Canadian insurance industry, and their impact on companies and the industry's future.

Key Highlights
Canada witnessed a steady increase in healthcare spending during the review period.

The leading cost drivers in health spending are drugs, hospitals and physicians, which accounted for 60.7% of the total health expenditures in 2015.

Rising outbound tourism is expected to drive demand for travel insurance.

Life expectancy in Canada rose from 81.4 years in 2011 to 81.8 years in 2015, and is projected to increase further over the forecast period.





Table of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 SEGMENT OUTLOOK
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 DISTRIBUTION CHANNEL OUTLOOK
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Manulife Financial Corporation company overview
6.1.2 The Great-West Life Assurance Company company overview
6.1.3 Sun Life Financial Inc company overview
6.1.4 The Standard Life Assurance Company of Canada company overview
6.1.5 RBC Life Insurance Company company overview
6.1.6 Co-operators Life Insurance Company company overview
6.1.7 BMO Life Insurance Company company overview
6.1.8 The Empire Life Insurance Company company overview
6.1.9 Transamerica Life Canada company overview
6.1.10 The Equitable Life Insurance Company of Canada company overview
7 GOVERNANCE, RISK AND COMPLIANCE
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Marine liability insurance
7.4.3 Workmen's compensation
7.4.4 Aviation liability insurance
7.4.5 Liability insurance for ships with respect to oil pollution
7.4.6 Professional indemnity insurance for insurance brokers
7.4.7 Liability insurance for medical malpractice
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Office of the Superintendent of Financial Institutions Canada
7.5.3 Canadian Council of Insurance Regulators
7.5.4 Canadian Life and Health Insurance Association Inc
7.5.5 Insurance Bureau of Canada
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Type of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution (ADR)
8 DATABOOK
8.1 Policies and Premium
8.1.1 Claims and expenses
8.1.2 Assets and investments
9 DEFINITIONS AND METHODOLOGY
9.1 Definitions
9.2 Methodology
10 ABOUT TIMETRIC
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetrics Services
10.4 Disclaimer


List of Tables
Table 1: Canadian Personal Accident and Health Insurance Key Facts, 2015
Table 2: Canadian Leading Companies in Canadian Personal Accident and Health Insurance Segment, 2014
Table 3: Canadian Government Credit Ratings
Table 4: Canadian Personal Accident and Health Insurance Gross Written Premium (CAD Billion and US$ Billion), 20112015
Table 5: Canadian Personal Accident and Health Insurance Penetration (%), 20112015
Table 6: Canadian Personal Accident and Health Insurance Gross Written Premium (CAD Billion and US$ Billion), 20152020
Table 7: Canadian Personal Accident and Health Insurance Penetration (%), 20152020
Table 8: Canadian Personal Accident and Health Insurance Premium per Capita (CAD and US$), 20112015
Table 9: Canadian Personal Accident and Health Insurance Premium per Capita (CAD and US$), 20152020
Table 10: Canadian Personal Accident and Health Insurance Paid Claims (CAD Billion and US$ Billion), 20112015
Table 11: Canadian Personal Accident and Health Insurance Paid Claims (CAD Billion and US$ Billion), 20152020
Table 12: Canadian Personal Accident and Health Insurance Profitability Ratio (%), 20112015
Table 13: Canadian Personal Accident and Health Insurance Profitability Ratio (%), 20152020
Table 14: Canadian Personal Accident and Health Insurance Total Assets (CAD Billion and US$ Billion), 20112015
Table 15: Canadian Personal Accident and Health Insurance Total Assets (CAD Billion and US$ Billion), 20152020
Table 16: Canadian Personal Accident and Health Insurance Total Investment Income (CAD Billion and US$ Billion), 20112015
Table 17: Canadian Personal Accident and Health Insurance Total Investment Income (CAD Billion and US$ Billion), 20152020
Table 18: Canadian Personal Accident and Health Insurance Investment Portfolio (CAD Billion), 20112015
Table 19: Canadian Personal Accident and Health Insurance Investment Portfolio (CAD Billion), 20152020
Table 20: Canadian Leading Companies in Canadian Personal Accident and Health Insurance Segment, 2014
Table 21: Manulife Financial Corporation Key Facts
Table 22: Manulife Financial Corporation Key Financials (CAD Million), 20102014
Table 23: The Great-West Life Assurance Company Key Facts
Table 24: The Great-West Life Assurance Company Key Financials (CAD Million), 20102014
Table 25: Sun Life Financial Inc. Key Facts
Table 26: Sun Life Financial Inc. Key Financials (CAD Million), 20102014
Table 27: The Standard Life Assurance Company of Canada Key Facts
Table 28: The Standard Life Assurance Company of Canada Key Financials (CAD Million), 20102014
Table 29: RBC Life Insurance Company Key Facts
Table 30: RBC Life Insurance Company Key Financials (CAD Million), 20102014
Table 31: Co-operators Life Insurance Company Key Facts
Table 32: Co-operators Life Insurance Company Key Financials (CAD Million), 20102014
Table 33: BMO Life Insurance Company Key Facts
Table 34: BMO Life Insurance Company Key Financials (CAD Million), 20102014
Table 35: The Empire Life Insurance Company Key Facts
Table 36: BMO Life Insurance Company Key Financials (CAD Million), 20102014
Table 37: Transamerica Life Canada Key Facts
Table 38: Transamerica Life Canada Key Financials (CAD Million), 20102014
Table 39: The Equitable Life Insurance Company of Canada Key Facts
Table 40: The Equitable Life Insurance Company of Canada Key Financials (CAD Million), 20102014
Table 41: Canada Insurance Regulatory Framework Key Features
Table 42: Canada Life Insurance Regulatory Framework
Table 43: Canada Property Insurance Regulatory Framework
Table 44: Canada Motor Insurance Regulatory Framework
Table 45: Canada Liability Insurance Regulatory Framework
Table 46: Canada Legislations Governing Automobile Insurance in Each Province and Territory
Table 47: Canada Workmen's Compensation
Table 48: Canada Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 49: Canada Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 50: Canada Non-Admitted Insurance Regulatory Framework
Table 51: Canada Capital Requirement for Insurers in Each Province and Territory
Table 52: Canada Solvency Margin Requirements for Federally Regulated Insurance Companies
Table 53: Canada Insurance Premium Taxation
Table 54: Canada Corporate Tax Rates for the Financial Year 2016
Table 55: Canadian Personal Accident and Health Insurance Industry Policies and Premium, 20112015
Table 56: Canadian Personal Accident and Health Insurance Industry Policies and Premium, 20152020
Table 57: Canadian Personal Accident and Health Insurance Claims and Expenses, 20112015
Table 58: Canadian Personal Accident and Health Insurance Claims and Expenses, 20152020
Table 59: Canadian Personal Accident and Health Insurance Assets and Investments, 20112015
Table 60: Canadian Personal Accident and Health Insurance Assets and Investments, 20152020
Table 61: Insurance Industry Definitions


List of Figures
Figure 1: Canadian Real GDP (CAD Trillion), 20112020
Figure 2: Canadian Consumer Price Inflation (%), 20112020
Figure 3: Canadian Current Account Balance as Percentage of GDP (%), 20112015
Figure 4: CADUS$ Exchange Rate, 20112020
Figure 5: Canadian Unemployment Rate, 20112020
Figure 6: Canadian Population by Age Group, 19912025
Figure 7: Canadian Personal Accident and Health Insurance Penetration Regional Comparison (%), 2015
Figure 8: Canadian Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 9: Canadian Personal Accident and Health Insurance Gross Written Premium (CAD Billion), 20112020
Figure 10: Canadian Personal Accident and Health Insurance Penetration (%), 20112020
Figure 11: Canadian Personal Accident and Health Insurance Premium per Capita (CAD), 20112020
Figure 12: Canadian Personal Accident and Health Insurance Paid Claims (CAD Billion), 20112020
Figure 13: Canadian Personal Accident and Health Insurance Profitability Ratio (%), 20112020
Figure 14: Canadian Personal Accident and Health Insurance Total Assets (CAD Billion), 20112020
Figure 15: Canadian Personal Accident and Health Insurance Total Investment Income (CAD Billion), 20112020
Figure 16: Canadian Personal Accident and Health Insurance Investment Portfolio (CAD Billion), 20112020
Figure 17: Canadian Personal Accident and Health Insurance Investment Portfolio Dynamics by Category, 20112020
Figure 18: Canada Insurance Supervision and Control at Various Levels
Figure 19: Canada Insurance Regulatory Frameworks for Company Registration and Operation
Figure 20: Canada Solvency Framework in Different Provinces and Territories
Figure 21: Canada Judiciary System

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