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Canada P & C Insurance Market Report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the P & C Insurance market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Key points included

  • Lower usage of new devices
  • Mobile app usage for auto insurance is low
  • Lower level of interest in smart home monitors
  • Around three in four Canadians have auto insurance
  • Generally high willingness to share data for lower premiums
  • Covered in this report

    This report looks at ownership rates for auto and home insurance products, choice of company, usage of and interest in smart home products and driving tracking devices, willingness to share data, mobile app usage and general attitudes towards these auto/home insurance products.

    Expert analysis from a specialist in the field

    Written by Sanjay Sharma, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

    As smart home features become more sophisticated and inter-connected, home insurance companies and consumers benefit though fewer claims and lower prices respectively Sanjay Sharma
    Senior Financial Services Analyst

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Table of contents

  1. Overview

      • Regional classifications
        • Income
          • Definitions
          • Executive Summary

              • The issues
                • Around three in four Canadians have auto insurance
                  • Figure 1: Ownership of auto and home insurance, February 2019
                • Mobile app usage for auto insurance is low
                  • Figure 2: App-related auto insurance behaviours, February 2019
                • Lower level of interest in smart home monitors
                  • Figure 3: Attitudes towards home insurance, February 2019
                • Lower usage of new devices
                  • Figure 4: Usage and interest in devices, February 2019
                • Generally high willingness to share data for lower premiums
                  • Figure 5: Willingness to share data in order to get a discount, February 2019
                • The opportunities
                  • Around a quarter of 18-34s willing to install a smart home device
                    • Figure 6: Attitudes towards home insurance, by age and gender, February 2019
                  • Increasing adoption rates of driving tracking devices
                    • Bundling discounts can be used to build loyalty
                      • Older consumers more willing to share data
                        • Figure 7: Willingness to share data in order to get a discount, 18-54s vs over-55s, February 2019
                      • What it means
                      • Market Factors – What You Need to Know

                        • Autonomous vehicles
                          • Impact on auto insurance industry
                            • Impact of smart homes on home insurance
                              • Millennials are moving into prime home-buying years
                                • Canadian home and car sales fall
                                • Market Factors

                                  • Autonomous vehicles
                                    • Impact on auto insurance industry
                                      • The evolving world of telematics
                                        • Ownership of smart home devices has risen
                                          • Impact of smart homes on home insurance
                                            • Millennials are moving into prime home-buying years
                                              • Canadian home sales fall in February 2019
                                                • Canadian new car sales fall in 2019
                                                • Key Players – What You Need to Know

                                                  • Onlia launches safety movement and digital insurance product in Ontario
                                                    • Ontario government launches public consultations on auto insurance system review
                                                      • UK-based telematics program for new drivers launches in Canada
                                                        • Desjardins giving consumers more options for their auto insurance
                                                          • Root Insurance (US): a new take on pricing
                                                            • Co-Operators expands digitally with Duuo
                                                            • Innovations & Industry Developments

                                                              • Onlia launches safety movement and digital insurance product in Ontario
                                                                • Ontario government launches public consultations on auto insurance system review
                                                                  • UK-based telematics program for new drivers launches in Canada
                                                                    • Desjardins giving consumers more options for their auto insurance
                                                                      • Root Insurance (US): a new take on pricing
                                                                        • Figure 8: Cut your car insurance rate in half with Root Insurance!, February 2019
                                                                      • Trōv launches on-demand P&C Insurance in the US
                                                                      • Marketing Campaigns

                                                                        • Co-Operators expands digitally with Duuo
                                                                          • Intact gives Mitch Marner a promotion
                                                                              • Figure 9: Mitch Marner gets promoted | Intact Insurance, March 2019
                                                                            • Aviva shows link between insurance and goalies
                                                                              • Figure 10: Too hot to handle? Freddie-Level Protection from Maple Leafs Insurance Provided by Aviva can help, November 2018
                                                                            • Johnson Insurance launches rebrand and new campaign
                                                                              • Figure 11: Introducing Johnson the Dog, July 2018
                                                                          • The Consumer – What You Need to Know

                                                                            • Around three in four Canadians have auto insurance
                                                                              • More than a third find their policy too expensive
                                                                                • Mobile app usage for auto insurance is still low
                                                                                  • Lower level of interest in smart home monitors
                                                                                    • Lower usage of new devices
                                                                                      • Generally high willingness to share data for lower premiums
                                                                                      • Ownership of Auto & Home Insurance

                                                                                        • Around three in four Canadians have auto insurance
                                                                                          • Figure 12: Ownership of auto and home insurance, February 2019
                                                                                        • Increasing ownership among younger consumers
                                                                                          • Figure 13: Insurance 101 – Renters Insurance, May 2015
                                                                                        • Home insurance is very age- and income-dependent
                                                                                          • Figure 14: Ownership of homeowners/condo insurance, by age and household income, February 2019
                                                                                        • Auto insurance ownership trends higher with age and income
                                                                                          • Figure 15: Ownership of auto insurance, by age and household income, February 2019
                                                                                        • Asian Canadians have a lower ownership rate of home insurance
                                                                                          • Figure 16: Ownership of auto and home insurance, Asian Canadians vs overall, February 2019
                                                                                      • Auto Insurance Companies

                                                                                        • No company dominates the market
                                                                                          • Figure 17: Choice of provider for auto insurance, February 2019
                                                                                        • Regional differences in company choice
                                                                                          • Aviva, TD and RBC do better among younger consumers
                                                                                            • Figure 18: Choice of provider for auto insurance (select), 18-44s vs over-45s, February 2019
                                                                                          • Satisfaction with auto insurance
                                                                                            • More than a third find their policy too expensive
                                                                                              • Figure 19: Attitudes towards auto insurance, February 2019
                                                                                            • British Columbians least satisfied with their auto insurer
                                                                                              • Figure 20: Agreement with attitudinal statements related to satisfaction with auto insurance, BC and Quebec vs overall, February 2019
                                                                                            • CAA customers are less likely to consider switching
                                                                                              • Figure 21: “I am considering switching my auto insurance provider at renewal time” (% agree), overall vs select companies, February 2019
                                                                                          • Home Insurance Companies

                                                                                            • No company dominates the home insurance market
                                                                                              • Figure 22: Choice of provider for home insurance, February 2019
                                                                                            • Regional differences in popularity for homeowners/condo insurance
                                                                                              • Regional differences for renters insurance
                                                                                                • RBC, Aviva, TD more popular with younger, Intact with older homeowners
                                                                                                  • Figure 23: Choice of provider for homeowners/condo insurance, 18-44s vs over-45s, February 2019
                                                                                                • Digital insurer Sonnet reliant on younger renters
                                                                                                  • Figure 24: Choice of provider for renters insurance, 18-44s vs over-45s, February 2019
                                                                                                • Attitudes towards home insurance
                                                                                                  • Less than half would recommend their home insurance company
                                                                                                    • Figure 25: Attitudes towards home insurance, February 2019
                                                                                                  • Older consumers more likely to recommend company and prefer to use brokers/ agents
                                                                                                    • Figure 26: Attitudes towards home insurance, by age, February 2019
                                                                                                  • Bundling discounts can be used to build loyalty
                                                                                                  • Digital Auto Insurance

                                                                                                    • Mobile app usage is low
                                                                                                      • Figure 27: App-related auto insurance behaviours, February 2019
                                                                                                    • Providing a better digital on-boarding experience to increase app purchases
                                                                                                      • Young men are more digitally active
                                                                                                        • Figure 28: Auto insurance behaviours, February 2019
                                                                                                      • RBC customers more likely to have used mobile app
                                                                                                        • Figure 29: “I have used the mobile app of my auto insurer” (% agree), by company February 2019
                                                                                                      • RBC customers more likely, “other” customers less likely to have purchased via app
                                                                                                        • Figure 30: “I purchased my current auto policy using a mobile device” (% agree), by company, February 2019
                                                                                                    • Technology and Home Insurance

                                                                                                      • Lower level of interest in smart home monitors
                                                                                                        • Figure 31: Attitudes towards home insurance, February 2019
                                                                                                      • Around a quarter of 18-34s willing to install a smart home device
                                                                                                        • Figure 32: Attitudes towards home insurance, by age and gender, February 2019
                                                                                                      • Young men also keener on mobile app usage
                                                                                                        • Figure 33: Home insurance app usage, by age and gender, February 2019
                                                                                                        • Figure 34: “I purchased my current policy using a mobile device” (% agree), by company, February 2019
                                                                                                    • Usage and Interest in Devices

                                                                                                      • Lower usage of new devices
                                                                                                        • Figure 35: Usage and interest in devices, February 2019
                                                                                                      • Men have a higher usage
                                                                                                        • Figure 36: Usage of devices (select), by gender, February 2019
                                                                                                        • Figure 37: Interest in devices (select), by gender, February 2019
                                                                                                      • Increasing adoption rates of driving tracking devices
                                                                                                        • Older consumers have a higher usage of established products
                                                                                                          • Figure 38: Usage of devices (select), 18-44s vs over-45s, February 2019
                                                                                                        • Younger non-users are more interested in all products
                                                                                                          • Figure 39: Interest in using devices among non-users, 18-44s vs over-45s, February 2019
                                                                                                        • Parents have higher usage of smart home devices
                                                                                                          • Figure 40: Usage of devices (select), by parentage, February 2019
                                                                                                      • Willingness to Share Data

                                                                                                        • Generally high willingness to share data for lower premiums
                                                                                                          • Figure 41: Willingness to share data in order to get a discount, February 2019
                                                                                                        • Older consumers more willing to share data
                                                                                                          • Figure 42: Willingness to share data in order to get a discount, 18-54s vs over-55s, February 2019
                                                                                                        • Parents with young children at home are more open to data-sharing
                                                                                                          • Figure 43: Willingness to share data in order to get a discount, by parental status, February 2019
                                                                                                      • Appendix – Data Sources and Abbreviations

                                                                                                        • Data sources
                                                                                                          • Consumer survey data
                                                                                                            • Abbreviations and terms