Canadian Insurance Companies - October 2010
The Canadian insurance industry has been buffeted by recent economic challenges, but is now on the road to recovery. Although the industry weathered the economic storm better than most, both in terms of financial stability and customer perception, the volatility has brought about some changes in the industry, including increasing consolidation and a consumer-driven emphasis on safer and more conservative products.
Not only is the industry strong financially, it is also reaping the benefits of positive customer perceptions. Unlike banks and brokerage firms, whose reputations suffered dramatically over the course of the recession, insurance companies escaped fairly unscathed. Customers overwhelmingly perceive insurance companies as professional, safe and trustworthy and almost all are satisfied with both the company they use and the products in their portfolio.
These themes are reflected in this report and include:
- Trends in the Canadian economy that have affected and are affecting the Canadian insurance industry
- Preferences exhibited by consumers in the way they wish to learn about and purchase insurance
- How demographic changes in the Canadian population have and will continue to change insurance companies’ product mix
- How changes made by various Canadian regulatory agencies are affecting varying segments of the insurance industry
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