The insurance industry of Canada is one of the fastest growing markets of the world with an immense potential to unlock. The insurance industry is segmented as life insurance and non-life insurance in Canada. Life insurance, like in general, pays the beneficiaries a lump sum amount after the demise of the policyholder, while non-life insurance includes coverage on vehicles, property and casualty, and homeowners’ insurance.

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Manulife Financials is the largest insurance company in Canada with the total assets valued at CAD720.68 million in 2017. The largest portion of the property and casualty insurance market share was grabbed by Intact Group in 2016. Almost 16% of the total direct written premiums of the Canadian insurance market are under the name of Intact Group. The return on investment of property and casualty insurance was started declining since1990 and touched the least value of 2.7% in 2016.

Home insurance is not a mandatory in the country according to the government policies, but many house owners prefer to opt for one or other insurance to prevent the expenses for repairs or replacement of objects after the unexpected events like fire, robbery, floods etc. The average monthly insurance cost for homes in Ontario was CAD117 in 2016. In the same year, the net premiums written for the home insurance accounted for approximately CAD10.8 billion.

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Auto insurance is one such insurance in Canada that is compulsory for every driver in the region. It is for this reason auto insurance has become widely famous in all the Canadian provinces. Around 43% of all direct written premiums of Canada in 2016 was accounted by auto insurance. Auto insurance is also among the rapidly growing segments of the Canadian insurance market, and the value of direct auto insurance premiums was valued at CAD22.65 billion.

The customer spending on the big insurance products like recreational vehicles and properties for vacation is relatively decreased due to increasing debts on households, unemployment and monthly wages, which is restricting the insurance market of Canada. The rise in elderly population and the number of death benefit claims along with declining premiums is also impeding the rapid growth in the Canadian insurance industry.

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