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. Written premiums in the insurance industry refers to the total amount that customers are required to pay for insurance coverage on policies issued by an insurer at that time. In 2021, Canada ranked ninth in the world for the value of life and non-life direct premiums written.
Who leads the Canadian insurance market?
North America has the largest insurance market in the world, with the United States and Canada contributing significantly to this industry. In Canada, the largest insurance company in terms of total assets in 2021 was Manulife Financial with nearly 920 million Canadian dollars. In the same year, Manulife’s Canadian division generated revenues of over 12 billion Canadian dollars. As of 2022, Manulife Financial ranked within the top 15 largest life insurance companies with the highest market capitalization globally.
What is the customer perspective of the industry?
In 2020, out of a population of approximately 38 million, only around 26 million people had supplementary health insurance in Canada, with even fewer people having other kinds of insurance. In the Statista Global Consumer Survey conducted in Canada in 2022, individuals were asked to report their attitudes towards insurances – less than 30 percent of respondents stated feeling well informed about their personal insurances.
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