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Description

Description

“The combination of an aging population, a boom in international travel and soaring health care costs are a confluence of factors that will strongly drive travel insurance sales in Canada.”

- Sanjay Sharma, Senior Financial Services Analyst

This report will look at the following areas:

  • Over a third of Canadians have purchased travel insurance
  • Most believe travel insurance is essential when leaving Canada
  • A quarter of buyers find creditor insurance hard to understand

What's included

What's included

Table of contents

Table of contents

  1. Overview

      • Regional classifications
        • Income
          • Ownership of creditor and travel insurance
          • Executive Summary

              • The issues
                • Over a third of Canadians have purchased travel insurance
                  • Figure 1: Ownership of travel insurance, April 2018
                • Most believe travel insurance is essential when leaving Canada
                  • Figure 2: General attitudes towards travel insurance, April 2018
                • Around one in five Canadians has purchased credit insurance
                  • Figure 3: Ownership of creditor insurance, April 2018
                • A quarter of buyers find creditor insurance hard to understand
                  • Figure 4: General attitudes about creditor insurance, April 2018
                • The opportunities
                  • Increasing travel insurance ownership among younger consumers is an opportunity
                    • Figure 5: Ownership of travel insurance (select), by age, April 2018
                  • Younger consumers and men more open to buying travel insurance through agents and using apps & kiosks
                    • Figure 6: Attitudes relating to purchase preferences for travel insurance, by age, April 2018
                  • Peace of mind is a selling feature to around two in five buyers of creditor insurance
                    • Figure 7: Attitudes relating to benefits of creditor insurance, April 2018
                  • What it means
                  • The Market – What You Need to Know

                    • Canada’s population is aging
                      • A growing population and diversity will boost demand
                        • Women live longer and are more likely to face old age-related diseases
                          • Canadians' household debt ratio declines
                          • Market Factors

                            • Canada’s population is aging
                              • Figure 8: Population aged 0-14 and 65+, as of July 1, 1995-2035*
                            • Opportunities and challenges come with an aging population
                              • Figure 9: Canadian population, by age, 2016
                            • A growing population and diversity will boost demand
                              • Canadians' household debt ratio declines
                              • What’s New

                                • Blockchain and insurance
                                  • Domestic opportunity in Canadian travel insurance market
                                    • Travel Insurance Bill of Rights
                                    • Key Players – What You Need to Know

                                      • OneEleven launches InsurTech growth program with Aviva Canada
                                        • AXA using Ethereum’s blockchain for a new flight insurance product
                                          • Cover-More enters Canada
                                            • Pay-as-you-go travel insurance comes to Canada
                                              • Travel insurer for trip-disruption app
                                                • Sun Life targets Millennials with new Quebecor partnership
                                                • Innovations & Industry Developments

                                                  • Travel insurer for trip-disruption app
                                                    • OneEleven launches InsurTech growth program with Aviva Canada
                                                      • AXA using Ethereum’s blockchain for a new flight insurance product
                                                        • AIG, IBM and Standard Chartered Bank pilot first multinational insurance policy powered by blockchain
                                                          • Cover-More enters Canada
                                                            • Ingle International rolls out travel insurance platform
                                                            • Marketing Campaigns

                                                              • CAA renews push around travel insurance
                                                                • Figure 10: CAA travel’s “Making Bad Days Good. And Good Days Better”, January 2018
                                                              • Maxxlife targets visiting parents with seniors’ products
                                                                • Sun Life targets Millennials with new Quebecor partnership
                                                                • The Consumer – What You Need to Know

                                                                  • Over a third of Canadians have purchased travel insurance
                                                                    • Around one in five Canadians has purchased credit insurance
                                                                      • Online is the preferred channel for travel insurance purchase
                                                                        • Insurance companies and travel agents/suppliers are most used for travel insurance
                                                                          • In-person is the preferred purchase method for most creditor insurance
                                                                            • Almost half have purchased through a bank/credit union
                                                                            • Travel Insurance – Ownership

                                                                              • Over a third of Canadians have purchased travel insurance
                                                                                • Figure 11: Ownership of travel insurance, April 2018
                                                                              • Prolific travellers British Columbians have a higher ownership
                                                                                • Figure 12: Ownership of travel insurance (by region), April 2018
                                                                              • Older Canadians buy more travel insurance
                                                                                • Increasing travel insurance ownership among younger consumers is an opportunity
                                                                                  • Figure 13: Ownership of travel insurance (select), by age, April 2018
                                                                                • Men have a higher ownership
                                                                                  • Figure 14: Ownership of travel insurance (select), by gender, April 2018
                                                                                • Chinese Canadians also have a higher ownership
                                                                                  • Figure 15: Ownership of travel insurance (select), Chinese Canadians* vs overall, April 2018
                                                                              • Creditor Insurance – Ownership

                                                                                • Around one in five Canadians has purchased credit insurance
                                                                                  • Figure 16: Ownership of creditor insurance, April 2018
                                                                                • Younger Canadians are more likely to buy a creditor insurance product
                                                                                  • Figure 17: Ownership of creditor insurance, by age, April 2018
                                                                                • Parents with young children more likely to have bought creditor insurance
                                                                                  • Figure 18: Ownership of creditor insurance, by parental status, April 2018
                                                                                • South Asian Canadians have a higher ownership
                                                                                  • Figure 19: Ownership of creditor insurance, South Asian Canadians* vs overall, April 2018
                                                                              • Travel Insurance – Purchase Intention & Channels

                                                                                • Travel insurance purchase intention is high among Canadians
                                                                                    • Figure 20: Purchase intention, by insurance type (% would purchase), April 2018
                                                                                  • Younger consumers have a higher purchase intention of travel accident and lost baggage
                                                                                    • Figure 21: Purchase intention of travel accident and lost baggage insurance, 18-44s vs over-45s, April 2018
                                                                                  • Online is the preferred channel for travel insurance purchase
                                                                                    • Figure 22: Purchase channel preferences for travel insurance, April 2018
                                                                                  • 35-45s more likely to prefer making purchases online
                                                                                    • Figure 23: Use of channels for purchasing travel insurance, by age, April 2018
                                                                                  • Common distribution channels include insurance companies and travel agents/suppliers
                                                                                    • Figure 24: Distribution channels used for travel insurance, April 2018
                                                                                  • Travel agents, banks and retail outlets more popular with younger consumers
                                                                                    • Associations are more popular with older consumers
                                                                                      • Figure 25: Distribution channels used for travel insurance, 18-44s vs over-45s, April 2018
                                                                                  • Creditor Insurance – Purchase Intention & Channels

                                                                                    • Two-thirds of Canadians would purchase loan/line of credit life or disability insurance
                                                                                      • Figure 26: Purchase intention, by insurance type (% would purchase), April 2018
                                                                                    • Younger Canadians have a higher purchase intention of all creditor insurance products
                                                                                      • Figure 27: Purchase intention by insurance type (% would purchase), 18-44s vs over-45s, April 2018
                                                                                    • Atlantic Canadians have a higher purchase intention
                                                                                      • Figure 28: Purchase intention by insurance type (% would purchase), Atlantic Provinces vs overall, April 2018
                                                                                      • Figure 29: Purchase intention by insurance type (% would purchase), South Asian Canadians* vs overall, April 2018
                                                                                    • In-person is the preferred purchase method for most creditor insurance products
                                                                                      • Figure 30: Purchase channel preferences for creditor insurance, April 2018
                                                                                    • Men more likely to prefer purchasing mortgage creditor insurance online
                                                                                      • Figure 31: Preference for buying mortgage insurance products online, men vs women, April 2018
                                                                                    • Asian Canadians are more like to purchase all products online
                                                                                      • Almost half have purchased through a bank/credit union
                                                                                        • Figure 32: Distribution channels used for creditor insurance, April 2018
                                                                                    • Attitudes towards Travel Insurance

                                                                                      • Most believe travel insurance is essential when leaving Canada
                                                                                          • Figure 33: General attitudes towards travel insurance, April 2018
                                                                                        • Around two in five 18-44-year-old buyers find reviews important
                                                                                          • Around three in ten consumers worried about policy loopholes
                                                                                            • Men are more open to buying through agents, apps and kiosks
                                                                                              • Figure 34: Attitudes relating to purchase preferences for travel insurance, by gender, April 2018
                                                                                            • Younger consumers also more open to buying through apps and kiosks
                                                                                              • Figure 35: Attitudes relating to purchase preferences for travel insurance, by age, April 2018
                                                                                          • Attitudes towards Creditor Insurance

                                                                                            • A quarter of buyers find creditor insurance hard to understand
                                                                                                • Figure 36: General attitudes about creditor insurance, April 2018
                                                                                              • One in four 18-44s prefer to buy creditor insurance online
                                                                                                • One in five credit insurance buyers does not trust providers to pay out
                                                                                                  • Figure 37: Attitudes relating to trust and creditor insurance, April 2018
                                                                                                • Men are less likely to trust credit insurance providers
                                                                                                  • Figure 38: Attitudes relating to trust and creditor insurance, April 2018
                                                                                                • Peace of mind is a selling feature to around two in five buyers
                                                                                                  • Figure 39: Attitudes relating to benefits of creditor insurance, April 2018
                                                                                              • Appendix – Data Sources and Abbreviations

                                                                                                • Data sources
                                                                                                  • Consumer survey data
                                                                                                    • Abbreviations and terms

                                                                                                    About the report

                                                                                                    This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                                    • The Consumer

                                                                                                      What They Want. Why They Want It.

                                                                                                    • The Competitors

                                                                                                      Who’s Winning. How To Stay Ahead.

                                                                                                    • The Market

                                                                                                      Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                                    • The Innovations

                                                                                                      New Ideas. New Products. New Potential.

                                                                                                    • The Opportunities

                                                                                                      Where The White Space Is. How To Make It Yours.

                                                                                                    • The Trends

                                                                                                      What’s Shaping Demand – Today And Tomorrow.

                                                                                                    Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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