Canada Life and Non-Life Insurance Market Size, Share, and COVID-19 Impact Analysis, By Type (Life and Non-Life), By Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels), and Canada Life and Non-Life Insurance Market Insights Forecasts 2023 - 2033

Canada Life and Non-Life Insurance Market Insights Forecasts to 2033

• The Canada Life and Non-Life Insurance Market Size is Growing at 4.8% CAGR from 2023 to 2033.
• The Canada Life and Non-Life Insurance Market Size is Expected to Reach a Significant Share by 2033.

The Canada Life and Non-Life Insurance Market Size is expected to reach a significant share by 2033, growing at a 4.8% CAGR from 2023 to 2033.     

Market Overview

The Canadian life and non-life insurance sector includes all the insurance products sold in Canada, which either insure financially against death and disability (life insurance) or protect against loss or damage to property and against legal liabilities (non-life insurance). The market is supervised by provincial and federal governments and makes an important contribution to the financial security and management of risks faced by people and businesses nationwide. The Canadian non-life and life insurance market provides good growth opportunities fueled by digitalization, growing health consciousness, and aging populations. Growing demand for tailored life insurance and critical illness covers drives life segment growth. In non-life, growth in cyber insurance, climate-related risks, and auto insurance innovations provides new opportunities. The adoption of insurtech improves customer experience and operational efficiency. Government support and increasing disposable incomes add to market prospects, making Canada a promising environment for insurers and investors alike. Canada's life insurance market hit an all-time high of $2.04 billion in new annualized premiums in 2024, fueled by whole life and universal life products. Policy counts fell for the fourth year in a row, however, indicating gaps in coverage.

Report Coverage

This research report categorizes the market for the Canada life and non-life insurance market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada life and non-life insurance market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada life and non-life insurance market.

Driving Factors

The Canada life and non-life insurance sector is influenced by a number of major drivers. Increased awareness of retirement planning and financial protection drives demand for life insurance products. An aging population and rising chronic diseases also increase demand for health and long-term care coverage. In the non-life sector, increased urbanization and ownership of assets, such as real estate and automobiles, increase demand for property and auto insurance. Natural disasters caused by climate change have further highlighted the importance of extensive coverage. Moreover, regulatory reforms enhancing transparency and consumer protection, as well as digitalization and insurtech innovations, are enhancing access, efficiency, and personalization in policy products. All these trends combined enhance market penetration and competitiveness in both life and non-life insurance markets in Canada.

Restraining Factors

The Canada Life and Non-Life Insurance industry is confronted with limiting factors such as increasing claims expenses, tight regulatory needs, low interest rates, and heightened competition. Economic uncertainty and shifting demographics, such as an aging population, can also hamper growth prospects and affect profitability within both industries.

Market Segment

• The life segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the type, the Canada life and non-life insurance market is divided into life and non-life. Among these, the life segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is attributed to increasing awareness of financial planning, a growing aging population, and rising healthcare costs. Additionally, favorable government policies, innovative product offerings, and increased demand for long-term financial security are expected to drive its growth at a significant CAGR during the forecast period.

• The banks segment accounted for the majority of the share in 2023 and is estimated to grow at a significant CAGR during the projected timeframe.

Based on the distribution channel, the Canada life and non-life insurance market is divided into direct, agency, banks, and other distribution channels. Among these, the banks segment accounted for the majority of the share in 2023 and is estimated to grow at a significant CAGR during the projected timeframe. The segmental growth is attributed to their established infrastructure, trust, and ability to cross-sell insurance products to a large customer base. Enhanced digital services, increasing adoption of bancassurance models, and rising demand for bundled financial products are expected to fuel substantial growth at a significant CAGR.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada life and non-life insurance market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Intact Financial Corporation
• Desjardins General Insurance Group
• Aviva Canada
• The Co-operators
• Wawanesa Mutual Insurance Company
• Beneva (formerly La Capitale and SSQ Insurance)

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Canada life and non-life insurance market based on the below-mentioned segments:

Canada Life and Non-Life Insurance Market, By Type

• Life
• Non-Life

Canada Life and Non-Life Insurance Market, By Distribution Channel

• Direct
• Agency
• Banks
• Other Distribution Channels