Life Insurance & Annuities in Canada - Industry Market Research Report

Life Insurance & Annuities in Canada - Industry Market Research Report

Life Insurance & Annuities in Canada

Insurers in Canada have experienced steady growth amid the COVID-19 pandemic. Industry operators accept liability for annuities and life insurance policies, disability income and accidental death and dismemberment insurance policies, while also investing the premiums received by clients into a variety of financial securities. The industry has mainly suffered from the negative economic effects caused by the coronavirus pandemic, such as volatile interest rates and an increase in the morbidity rate. Despite this, revenue still grew at a CAGR of 2.5% to $114.3 billion, including a 1.9% rise in 2023 alone, when profit reached 0.9%. However, growth was limited due to the decrease in investment income and increase in claim payouts from the pandemic, which forced industry operators to pay consumers more while earning less interest on their invested capital. This has placed a significant strain on industry profit, which has decreased throughout 2023.

The Life Insurance and Annuities industry in Canada accepts liability under annuities and life, disability income and accidental death and dismemberment insurance policies. Enterprises include fraternal organizations, privately held insurers, publicly traded insurers and mutual insurance companies.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.