Non-life insurances - Canada | Statista Market Forecast

The Non-life insurances market market in Canada is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is expected to reach US$80.45bn by 2024.
This indicates a promising future for the industry in the country.
Furthermore, the average spending per capita in the Non-life insurances market market is estimated to be US$2.06k in 2024.
This figure highlights the importance of insurance coverage for individuals in Canada, as it represents the amount spent by each person on non-life insurance policies.
Looking ahead, the gross written premium is predicted to experience a compound annual growth rate (CAGR) of 2.17% between 2024 and 2029.
This growth rate is expected to drive the market volume to US$89.59bn by 2029, further solidifying Canada's position in the Non-life insurances market sector.
It is worth noting that when comparing the global landscape, the United States is projected to generate the highest gross written premium in 2024, amounting to US$2.5tn.
This demonstrates the dominance of the US market in the Non-life insurances market industry on a global scale.
Overall, the Non-life insurances market market in Canada is poised for growth, with increasing market size, per capita spending, and a positive CAGR.
These factors indicate a promising future for the industry, positioning in Canada as a significant player in the global market.
Canada's non-life insurance market is experiencing a steady growth due to increasing demand for property and casualty coverage.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Canada has been experiencing significant growth and development in recent years. Customer preferences in the Canadian non-life insurance market are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly looking for customizable policies that cater to their specific needs and offer additional benefits such as 24/7 customer support and quick claims processing. Trends in the Canadian non-life insurance market indicate a growing demand for cyber insurance as businesses and individuals become more aware of the risks associated with data breaches and cyber attacks. Additionally, there is a noticeable trend towards sustainable and environmentally friendly insurance products, reflecting the increasing focus on climate change and environmental conservation in the country. Local special circumstances in Canada, such as the diverse regulatory environment across provinces and territories, play a significant role in shaping the non-life insurance market. Each region may have its own set of regulations and requirements, leading to a complex landscape for insurance providers to navigate. Moreover, the extreme weather conditions in certain parts of Canada, such as frequent wildfires and floods, have also influenced the types of insurance products that are in high demand. Underlying macroeconomic factors, such as the overall economic stability and growth in Canada, have contributed to the development of the non-life insurance market. As the economy continues to expand, businesses and individuals are more willing to invest in insurance products to protect their assets and mitigate potential risks. Additionally, the low interest rate environment in the country has pushed insurance companies to innovate and offer new products to maintain profitability in a challenging market.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.