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Home, Auto and Pet Insurance - Canada - October 2017

“The rising cost of vet medicine coupled with market maturity will propel growth in the pet insurance industry in Canada.”
– Sanjay Sharma, Senior Financial Services Analyst

This Report looks at the following areas:

  • Four in five Canadians have auto insurance
  • Men have a higher ownership of pet insurance
  • Intact and TD are the leading providers of auto insurance
  • Intact is the leading home insurance provider
  • British Columbians most likely to find their auto insurance expensive

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Table of contents

  1. Overview

      • Regional classifications
        • Income
          • Definitions
          • Executive Summary

              • The issues
                • Four in five Canadians have auto insurance
                  • Figure 1: Ownership of auto and home insurance, July 2017
                • Men have a higher ownership of pet insurance
                  • Intact and TD are the leading providers of auto insurance
                    • Figure 2: Choice of provider for auto insurance, July 2017
                  • Intact is the leading home insurance provider
                    • Figure 3: Choice of provider for home insurance, July 2017
                  • British Columbians most likely to find their auto insurance expensive
                    • Figure 4: Agreement with attitudinal statements related to satisfaction with auto insurance, July 2017
                  • The opportunities
                    • Increasing pet insurance ownership
                      • Increasing adoption rates of usage based insurance
                        • Deepening the customer relationship with younger insurance consumers
                          • Around a quarter of 18-34s willing to install a smart home device
                            • What it means
                            • Market Perspective – What You Need to Know

                              • Insurers stake claim in start-up scene
                                • Robo insurance advisors
                                  • The evolving world of telematics
                                    • Smart homes and insurance
                                      • Pets and the increasing need for insurance
                                        • Pet activity trackers
                                        • Market Perspective

                                          • Insurers stake claim in start-up scene
                                            • Robo insurance advisors
                                              • Figure 5: Versicherungsexperte – Smart & online: Meet Clark, August 2015
                                              • Figure 6: EchoSage, April 2016
                                            • The evolving world of telematics
                                              • Smart homes and insurance
                                                • Impact of the sharing economy on home insurance
                                                  • Pet ownership
                                                    • Pets and the increasing need for insurance
                                                      • Pet activity trackers
                                                      • Key Players – What You Need to Know

                                                        • Economical Insurance completes acquisition
                                                          • Metromile debuts Ava
                                                            • New InsurTech company Tuque
                                                              • Hyundai unit partners with Bell on vehicle connectivity
                                                                • Smart home innovator Roost partners with Desjardins
                                                                  • Aviva Canada and Sharp Mobile announce agreement to accelerate broker digitization
                                                                    • Cookhouse Lab launches in Toronto
                                                                    • Industry Developments and Innovations

                                                                      • Economical Insurance completes acquisition
                                                                        • Metromile debuts Ava, an automated assistant that uses car sensor data to verify insurance claims
                                                                          • Adrian Flux launches the world’s first driverless car insurance
                                                                            • Ontario approves insurance plan aimed at Uber
                                                                              • Lemonade and other companies bring the sharing economy to insurance
                                                                                • Risk Unit Based Policies
                                                                                  • Slice offers on-demand insurance for home sharing
                                                                                    • Assisto and Claim Di facilitate mobile claims reporting
                                                                                      • New InsurTech company Tuque
                                                                                        • Hyundai unit partners with Bell on vehicle connectivity
                                                                                          • Smart home innovator, Roost, partners with Desjardins
                                                                                            • Aviva Canada and Sharp Mobile announce agreement to accelerate broker digitization
                                                                                              • Cookhouse Lab launches in Toronto
                                                                                                • Manulife launches new Lab of Forward Thinking location in Singapore
                                                                                                  • Economical Insurance completes acquisition of Western Financial
                                                                                                  • Marketing Campaigns

                                                                                                    • Belairdirect celebrates the way we drive
                                                                                                      • Figure 7: Belairdirect – Roadside Stories – Shift Gears – Ep.1, June 2017
                                                                                                    • Select campaigns from Mintel Comperemedia
                                                                                                      • CAA promotes membership benefits
                                                                                                        • Figure 8: CAA south central Ontario customer email, August 2017
                                                                                                      • Belair direct’s bundling discount
                                                                                                        • Figure 9: Belairdirect’s bundling discount direct mail campaign, July 2017
                                                                                                    • The Consumer – What You Need to Know

                                                                                                      • Four in five Canadians have auto insurance
                                                                                                        • Men have a higher ownership of pet insurance
                                                                                                          • Intact is the leading provider of auto/home insurance
                                                                                                            • British Columbians most likely to find their auto insurance expensive
                                                                                                              • Reputation and low premiums are most important choice factors
                                                                                                                • Men are more open to using driving tracking devices
                                                                                                                  • Coverage options are the most important choice factor for pet insurance
                                                                                                                  • Ownership of Auto & Home Insurance

                                                                                                                    • Four in five Canadians have auto insurance
                                                                                                                      • Figure 10: Ownership of auto and home insurance, July 2017
                                                                                                                    • Lower income earners have a lower ownership rate of auto and home insurance
                                                                                                                      • Figure 11: Ownership of auto and home insurance, by income, July 2017
                                                                                                                    • Deepening the customer relationship with younger insurance consumers
                                                                                                                      • Figure 12: Ownership of auto and home insurance, by age, July 2017
                                                                                                                  • Choice Factors for Auto Insurance

                                                                                                                    • Reputation and low premiums are most important
                                                                                                                      • Figure 13: Choice factors for auto insurance, July 2017
                                                                                                                    • Younger consumers more influenced by low premiums
                                                                                                                      • Easing the application process
                                                                                                                        • Figure 14: Choice factors for auto insurance (select), by age, July 2017
                                                                                                                      • Higher income earners more likely to be guided by member organization offerings
                                                                                                                        • Figure 15: Choice factors for auto insurance (select), by income, July 2017
                                                                                                                      • Maximizing the potential for bundling discounts
                                                                                                                      • Choice Factors for Home Insurance

                                                                                                                        • Discount for bundling is important for almost a third of home insurance consumers
                                                                                                                          • Figure 16: Choice factors for home insurance, July 2017
                                                                                                                        • Younger consumers more influenced by recommendations and promotional offers
                                                                                                                          • Figure 17: Choice factors for home insurance (select), by age, July 2017
                                                                                                                        • Discount for bundling more important to higher income households
                                                                                                                          • Figure 18: Choice factors for home insurance, by household income, July 2017
                                                                                                                      • Auto Insurance Companies

                                                                                                                        • Intact and TD are the leading providers of auto insurance
                                                                                                                          • Figure 19: Choice of provider for auto insurance, July 2017
                                                                                                                        • Intact and Allstate do well among Chinese Canadians
                                                                                                                          • Figure 20: Choice of provider for auto insurance (select), Chinese Canadians vs overall, July 2017
                                                                                                                        • Satisfaction with auto insurance
                                                                                                                          • British Columbians most likely to find their auto insurance expensive
                                                                                                                            • Figure 21: Agreement with attitudinal statements related to satisfaction with auto insurance, July 2017
                                                                                                                          • Some insurance companies more likely to get recommended
                                                                                                                            • Figure 22: “I would recommend my auto insurance company to others” (% agree), overall vs select companies, July 2017
                                                                                                                          • Belairdirect customers are most likely to consider switching
                                                                                                                            • Figure 23: “I am considering switching my auto insurance provider at renewal time” (% agree), overall vs select companies, July 2017
                                                                                                                        • Home Insurance Companies

                                                                                                                          • Intact is the leading home insurance provider
                                                                                                                            • Figure 24: Choice of provider for home insurance, July 2017
                                                                                                                            • Figure 25: Choice of provider for home insurance, 18-44s vs over-45s, July 2017
                                                                                                                          • Satisfaction with home insurance
                                                                                                                            • Younger consumers relatively more concerned about receiving claim amount
                                                                                                                              • Figure 26: Attitudes related to satisfaction with home insurance, July 2017
                                                                                                                          • Technology and Auto Insurance

                                                                                                                            • Men are more open to using driving tracking devices
                                                                                                                              • Increasing adoption rates of usage based insurance
                                                                                                                                • Figure 27: Attitudes related to technology and auto insurance, July 2017
                                                                                                                              • Older consumers more likely to prefer using brokers/agents, but less likely to use mobile
                                                                                                                              • Technology and Home Insurance

                                                                                                                                • Around a quarter of 18-34s willing to install a smart home device
                                                                                                                                    • Figure 28: Attitudes related to technology and home insurance, July 2017
                                                                                                                                  • Around half of over-55s prefer to use a broker
                                                                                                                                  • Pet Insurance

                                                                                                                                    • Men have a higher ownership of pet insurance
                                                                                                                                      • Increasing pet insurance ownership
                                                                                                                                        • Petsecure and PetCare are the leading providers
                                                                                                                                          • Figure 29: Provider of pet insurance, July 2017
                                                                                                                                        • Coverage options are the most important choice factor for pet insurance
                                                                                                                                          • Figure 30: Choice factors for choosing pet insurance provider, July 2017
                                                                                                                                      • Appendix – Data Sources and Abbreviations

                                                                                                                                        • Data sources
                                                                                                                                          • Consumer survey data
                                                                                                                                            • Abbreviations and terms

                                                                                                                                            Companies Covered

                                                                                                                                            To learn more about the companies covered in this report please contact us.

                                                                                                                                            Home, Auto and Pet Insurance - Canada - October 2017

                                                                                                                                            US $3,995.00 (Excl.Tax)