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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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)