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Health Insurance - Canada - November 2018

“As Millennials are less likely to have employer coverage and more likely to buy health insurance directly, insurers may want to enhance their digital offerings and capabilities to increase online sales.”

– Sanjay Sharma, Senior Financial Services Analyst

This report examines the following issues:

  • Drug and dental are the most common health insurance products
  • Sun Life, Manulife and Great-West Life are used more 
  • Major life event is the top purchase trigger
  • Limited interest in buying health insurance through apps

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Table of contents

  1. Overview

      • Regional classifications
        • Income
          • Scope
            • Definition
            • Executive Summary

                • The issues
                  • Drug and dental are the most common health insurance products
                    • Figure 1: Ownership of supplemental health insurance products, September 2018
                  • Sun Life, Manulife and Great-West Life are used more
                    • Figure 2: Choice of provider (all channels), September 2018
                  • Major life event is the top purchase trigger
                    • Figure 3: Purchase triggers for buying additional health insurance (any rank), September 2018
                  • Limited interest in buying health insurance through apps
                    • The opportunities
                      • Opportunities among underserved segments: over-65s
                        • Quebecers have less dental and eye care insurance
                          • Figure 4: Ownership of dental and eye insurance, Quebec vs overall, September 2018
                        • Younger consumers and men are more digitally engaged
                          • Figure 5: Digital behaviours related to health insurance (select), by age, September 2018
                        • Recommendations from friends/family key trigger for younger consumers
                          • Figure 6: Purchase triggers for buying additional health insurance (any rank), 18-44s vs over-45s, September 2018
                        • Linking triggers to purchase decisions
                          • What it means
                          • The Market – What You Need to Know

                            • Canada’s population is aging
                              • Aging population is good news for health insurance companies
                                • OHIP+ changes
                                  • Evolving regulations around cannabis
                                  • Market Factors

                                    • Canada’s population is aging
                                      • Figure 7: Population aged 0-14 and 65+, as of July 1, 1995-2035*
                                    • Aging population is good news for health insurance companies
                                      • Figure 8: Canadian population, by age, 2016
                                    • Health overview and risk factors
                                      • Obesity and sedentary lifestyles
                                        • Alzheimer’s/dementia
                                          • Smoking
                                            • Stroke
                                              • Overview of the Canadian healthcare system
                                                • Healthcare spending in Canada
                                                  • OHIP+ changes
                                                    • Evolving regulations around cannabis
                                                    • Key Players – What You Need to Know

                                                      • Manulife announces plan to transform its Canadian business
                                                        • RBC Insurance creates new digital solution for group benefits clients
                                                          • GroupHEALTH enters into medical cannabis agreement with producer
                                                            • Manulife and others launch medical marijuana programs
                                                              • Sun Life to offer virtual healthcare services
                                                              • Innovations & Industry Developments

                                                                • Manulife announces plan to transform its Canadian business
                                                                  • RBC Insurance creates new digital solution for group benefits clients
                                                                    • GroupHEALTH enters into medical cannabis agreement with producer
                                                                      • Manulife and others launch medical marijuana programs
                                                                        • Sun Life to offer virtual healthcare services
                                                                        • Marketing Campaigns

                                                                          • Manulife quizzes Canadians
                                                                            • RBC still wants to help Canadians “get” insurance
                                                                              • Figure 9: RBC Insurance, Your Paycheque – We’ll Help You Get It, April 2018
                                                                            • Selected campaigns from Mintel Comperemedia
                                                                              • Pacific Blue Cross targets BC residents
                                                                                • Figure 10: Pacific Blue Cross critical illness insurance online advertisement, September 2018
                                                                            • The Consumer – What You Need to Know

                                                                              • Drug and dental are the most common health insurance products
                                                                                • Sun Life, Manulife and Great-West Life are used more often
                                                                                  • Major life event is the top purchase trigger
                                                                                    • Younger consumers are more digitally engaged
                                                                                      • Around one in three have submitted an online claim
                                                                                      • Product Ownership

                                                                                        • Drug and dental are the most common health insurance products
                                                                                          • Figure 11: Ownership of supplemental health insurance products, September 2018
                                                                                        • 35-54s have higher ownership of most products
                                                                                          • Figure 12: Ownership of supplemental health insurance products, by age, September 2018
                                                                                        • Opportunities among underserved segments
                                                                                          • Over-65s
                                                                                            • Figure 13: Ownership of critical illness, long-term care and short-term disability insurance products, over-65s vs overall, September 2018
                                                                                          • Quebecers have less dental and eye care insurance
                                                                                            • Figure 14: Ownership of dental and eye care insurance, Quebec vs overall, September 2018
                                                                                          • Parents with children under 18 at home generally over-index in ownership
                                                                                            • Figure 15: Ownership of supplemental health insurance products (select), by parental status, September 2018
                                                                                          • Repertoire analysis of ownership
                                                                                            • Figure 16: Repertoire analysis of health insurance ownership, September 2018
                                                                                          • Higher income households much more likely to have five or more products
                                                                                            • Figure 17: Ownership of five or more types of health insurance, by household income, September 2018
                                                                                        • Purchase Channels

                                                                                          • Majority of health insurance is through employer coverage
                                                                                            • Figure 18: Purchase channel, by product (most recent purchase), September 2018
                                                                                          • Critical illness relatively more likely to be bought individually
                                                                                            • 18-34s more likely to purchase directly
                                                                                              • Figure 19: Direct purchase of health insurance products (select), 18-34s vs overall, September 2018
                                                                                            • Lower income earners more likely to buy through affinity groups
                                                                                              • Figure 20: purchase of health insurance products through affinity groups (select), by income, September 2018
                                                                                          • Choice of Provider

                                                                                            • Sun Life, Manulife and Great-West Life are the leading providers
                                                                                              • Figure 21: Choice of provider (all channels), September 2018
                                                                                            • Regionality brings out some differences
                                                                                              • Figure 22: Choice of provider, Quebec vs overall, September 2018
                                                                                            • Bank insurance subsidiaries are relatively more popular with small business owners
                                                                                              • Figure 23: Choice of provider (select), small business owners vs overall, September 2018
                                                                                            • Asian Canadians also more likely to use bank insurance subsidiaries
                                                                                              • Figure 24: Choice of provider, Asian Canadians vs overall, September 2018
                                                                                            • Sun Life, Manulife and Blue Cross used more often in the individual market
                                                                                              • Figure 25: Choice of provider (by purchase channel), September 2018
                                                                                            • Manulife Affinity Markets, Blue Cross, TD and Sun Life used most often in the affinity space
                                                                                            • Purchase Triggers

                                                                                              • Major life event is the top purchase trigger
                                                                                                • Figure 26: Purchase triggers for buying additional health insurance (any rank), September 2018
                                                                                              • Recommendations from friends/family key trigger for younger consumers
                                                                                                • Figure 27: Purchase triggers for buying additional health insurance (any rank), 18-44s vs over-45s, September 2018
                                                                                              • Insurance brokers and wearable devices more likely to influence younger consumers and men
                                                                                                • Incentivized health plan a trigger for around one in four men
                                                                                                  • Figure 28: Purchase triggers for buying additional health insurance (any rank), men vs women, September 2018
                                                                                              • Digital Behaviours

                                                                                                • Limited interest in buying health insurance through apps
                                                                                                  • Around one in three have submitted an online claim
                                                                                                    • Figure 29: Digital behaviours related to health insurance, September 2018
                                                                                                  • Younger consumers and men are more digitally engaged
                                                                                                    • Figure 30: Digital behaviours related to health insurance (select), by age, September 2018
                                                                                                  • Around one in six men have obtained a quote online
                                                                                                      • Figure 31: Digital behaviours related to health insurance (select), by gender, September 2018
                                                                                                    • TURF Analysis
                                                                                                      • Methodology
                                                                                                        • More than half are digitally engaged consumers
                                                                                                          • Figure 32: TURF analysis – digital research and purchase, September 2018
                                                                                                          • Figure 33: Table – TURF analysis – digital research and purchase, September 2018
                                                                                                      • General Attitudes towards Health Insurance

                                                                                                        • Around half prefer to bundle products with one provider
                                                                                                          • Figure 34: General attitudes related to health insurance, September 2018
                                                                                                        • Peace of mind is a big factor influencing older consumers
                                                                                                          • Figure 35: General attitudes related to health insurance (select), 18-54s vs over-55s, by age, September 2018
                                                                                                        • Flex plans appeal more to younger consumers
                                                                                                          • Around one in six prefer to buy through associations
                                                                                                            • One in four consider incentivized health insurance fairer
                                                                                                            • Appendix – Data Sources and Abbreviations

                                                                                                              • Data sources
                                                                                                                • Consumer survey data
                                                                                                                  • Abbreviations and terms

                                                                                                                  Health Insurance - Canada - November 2018

                                                                                                                  US $4,395.00 (Excl.Tax)