New market study, "Canada Insurance Report Q4 2014", has been published

Key trends are emerging with the publication of updated results from leading players in the Canadian insurance sectors, with many companies reporting only limited growth in this already very well established market. Indeed some areas may see declines in 2014 and 2015, though we are forecasting overall growth by 2018 thanks to consolidation of costs and increased efficiencies which will boost profitability.

Growth is expected to be subdued for most of the non-life companies in Canada, though this less than positive outlook is easily offset by the disciplined nature of the major players in terms of the risk they underwrite and the strength of pricing power in most lines. Some areas face particular challenges due to a substantial rise in claims, such as the auto insurance sub-sector in Ontario and we expect to see only pedestrian growth in premiums during the forecast period. Consolidation is likely to continue, such as Intact Financial Corporation finalisation of the integration of AXA Canada and Jevco.

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The prospects for growth are slightly more positive for the life segment, driven in part by the expansion of the wealth management sector, with many leading companies improving income and profits from organised savings in favour of traditional insurance products. While retirement savings are a growth area, Canada's general social security system provides comprehensive coverage across health, disability and retirement benefits meaning there is relatively limited opportunity for growth, as risks that are covered by life insurance companies in other countries are covered by the government in Canada. Savings plans and mutual funds with a life insurance element are growing in popularity.

The largest Canadian insurance companies have pursued ambitious expansion plans outside of Canada, particularly in the United States and parts of the Asia-Pacific. Thanks to domestic economic growth in both Canada and new key operating markets, the companies should...

The Canada Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Canada Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Canadian insurance industry.

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