Insurance offers coverage to individuals or companies in the case of a loss being suffered in the future, e.g. damage after a car crash, items stolen from home etc. There are two main categories of insurance: life insurance and non-life insurance. Life insurance means that a specific beneficiary will receive a lump sum in the event of the policyholder’s death or terminal illness, whereas non-life insurance covers all other branches of insurance, including car insurance, property & casualty insurance and homeowner insurance.
In Canada, the largest insurance company in terms of total assets in 2018 was Manulife Financial with approximately 750 million Canadian dollars. Intact Group held the largest market share of the property and casualty insurance in 2018 with over 14 percent of direct premiums written in the Canadian market. The return on investment of property and casualty insurers has fallen since 1990. In 1993, the return on investments was 10.7 percent, whereas it was only two percent in 2018.
The global rise in technology is also having an impact on the Canadian insurance market.. In 2018, over 60 percent of Canadian Millennials believed in the safety of online insurance information. Telematics is a branch of information technology, which is increasingly being used by auto insurance companies to calculate premiums, track customer behavior and assess risk. In 2017, almost 80 percent of property and casualty insurance executives thought that telematics would have an impact on rating and pricing in the next five years.
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In the following 5 chapters, you will quickly find the 30 most important statistics relating to "Insurance industry in Canada".