Life Insurance & Pension in Canada
Summary
Life Insurance & Pension in Canada industry profile provides top-line qualitative and quantitative summary information including: market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
- The Canadian life insurance & pension market recorded gross written premiums of $70.3 billion in 2023, representing a compound annual growth rate (CAGR) of 5.3% between 2018 and 2023.
- The pension/annuity segment accounted for the market's largest proportion in 2023, with total gross written premiums of $55.1 billion, equivalent to 78.4% of the market's overall value.
- In 2023, Canada held 8.7% of the market share in the North American life insurance & pension market.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance & pension market in Canada
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in Canada
- Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Canada life insurance & pension market with five year forecasts
- What was the size of the Canada life insurance & pension market by value in 2023?
- What will be the size of the Canada life insurance & pension market in 2028?
- What factors are affecting the strength of competition in the Canada life insurance & pension market?
- How has the market performed over the last five years?
- What are the main segments that make up Canada's life insurance & pension market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strategies of the leading players?
- 7.4. What are the strengths of the leading players?
- 8 Company Profiles
- 8.1. Knights of Columbus
- 8.2. Globe Life Inc
- 8.3. New York Life Insurance Co
- 8.4. Assurant Inc
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Canada life insurance & pension market value: $ billion, 2018-23
- Table 2: Canada life insurance & pension market category segmentation: % share, by value, 2018-23
- Table 3: Canada life insurance & pension market category segmentation: $ billion, 2018-23
- Table 4: Canada life insurance & pension market geography segmentation: $ billion, 2023
- Table 5: Canada life insurance & pension market value forecast: $ billion, 2023-28
- Table 6: Canada life insurance & pension market share: % share, by value, 2023
- Table 7: Knights of Columbus: Key Facts
- Table 8: Knights of Columbus: Key Employees
- Table 9: Globe Life Inc: Key Facts
- Table 10: Globe Life Inc: Annual Financial Ratios
- Table 11: Globe Life Inc: Key Employees
- Table 12: New York Life Insurance Co: Key Facts
- Table 13: New York Life Insurance Co: Key Employees
- Table 14: New York Life Insurance Co: Key Employees Continued
- Table 15: Assurant Inc: Key Facts
- Table 16: Assurant Inc: Annual Financial Ratios
- Table 17: Assurant Inc: Key Employees
- Table 18: Canada Size of Population (million), 2019-23
- Table 19: Canada Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 20: Canada GDP (Current Prices, $ Billion), 2019-23
- Table 21: Canada Inflation, 2019-23
- Table 22: Canada Consumer Price Index (Absolute), 2019-23
- Table 23: Canada Exchange Rate, 2018-23
- List of Figures
- Figure 1: Canada life insurance & pension market value: $ billion, 2018-23
- Figure 2: Canada life insurance & pension market category segmentation: $ billion, 2018-23
- Figure 3: Canada life insurance & pension market geography segmentation: % share, by value, 2023
- Figure 4: Canada life insurance & pension market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the life insurance & pension market in Canada, 2023
- Figure 6: Drivers of buyer power in the life insurance & pension market in Canada, 2023
- Figure 7: Drivers of supplier power in the life insurance & pension market in Canada, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance & pension market in Canada, 2023
- Figure 9: Factors influencing the threat of substitutes in the life insurance & pension market in Canada, 2023
- Figure 10: Drivers of degree of rivalry in the life insurance & pension market in Canada, 2023
- Figure 11: Canada life insurance & pension market share: % share, by value, 2023
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