“The P&C industry is experiencing steady growth and increasingly using technology to connect better with customers, drive customized pricing and enhance efficiency. But satisfaction is not high and switching insurers is fairly common. So, there are plenty of opportunities for digital start-ups and established companies to gain more market share by improving customer service, offering more generous pricing discounts and an enhanced digital experience.”
– Sanjay Sharma, Senior Financial Services Analyst
This Report looks at ownership of auto/home insurance, choice factors for choosing a provider, leading companies, nature of interactions with insurer, switching incidence and reasons, digital behaviours and attitudes surrounding auto, homeowners’ and renters’ insurance.
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Overview
- What you need to know
- Definitions
- Key issues covered in this Report
- What you need to know
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Executive Summary
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- Top takeaways
- Technology is increasing direct customer interaction
- Consumer trends
- Older consumers have higher ownership of auto and homeowners’ insurance
- Figure 1: Ownership of auto and home insurance, by age, 2022
- App usage is still low
- Figure 2: Usage and interest in app activities, 2022
- Competitive strategies
- Prices are the top driver influencing choice and switching
- Figure 3: Switching incidence and reasons, 2022
- Highlighting CSR initiatives
- Email is the preferred channel for additional offers
- Figure 4: Preferred channels for additional offers, 2022
- Market predictions
- Figure 5: Outlook for auto and home insurance, 2023-28
- Opportunities
- Few will recommend insurance company to others
- Renters’ insurance ownership significantly motivated by tenancy agreements
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Market Factors
- New Canadians are a major growth market for P&C insurers
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- Figure 6: Distribution of foreign-born population by region of birth, 1996-2036 (projected)
- Inflation is making consumers more price sensitive
- Figure 7: Changes in Consumer Price Index, 2020-23
- Canada’s population is aging
- Figure 8: Proportion of 0-14s and over-65s in the Canadian population, 1988-2068*
- Home ownership and sales
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- Figure 9: Ownership of a house, condo, apartment or mobile home, 2022
- Car ownership and sales
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- Figure 10: Car ownership, 2022
- New Canadians are a major growth market for P&C insurers
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Competitive Developments
- New Brunswick joins other provinces in allowing electronic liability cards
- Amazon’s Ring launches long-awaited dashboard camera
- Amazon launches home insurance offer (UK)
- New Brunswick joins other provinces in allowing electronic liability cards
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Marketing Campaigns
- Highlighting CSR initiatives
- Desjardins supports youth
- Figure 11: Helping you find your way, 2022
- AMA shows its commitment to the environment
- Figure 12: AMA Facebook post, 2023
- CAA celebrates good
- Figure 13: CAA Facebook post, 2023
- Intact emphasizes trust
- Figure 14: Intact Insurance Facebook post, 2022
- Highlighting CSR initiatives
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Auto & Home Insurance – Fast Facts
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Ownership
- Four in five consumers have auto and home insurance
- Figure 15: Ownership of auto and home insurance, 2022
- Older consumers have higher ownership of auto and homeowners’ insurance
- Figure 16: Ownership of auto and home insurance, by age, 2022
- Types of home insurance
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- Figure 17: “I am confident that my homeowners’ insurance policy would fully replace my home in case of a disaster” (% agree), by age and gender, 2022
- Renters’ insurance ownership significantly motivated by tenancy agreements
- Figure 18: “I purchased renter/tenant insurance only because it was a requirement for my rental agreement” (% agree), 18-44 vs over-45, 2022
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- Figure 19: TD Insurance Facebook ad, 2022
- South Asian and Chinese Canadians have a different ownership profile
- Figure 20: Ownership of auto and home insurance, Chinese and South Asian consumers vs overall, 2022
- Four in five consumers have auto and home insurance
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Interactions with Insurer
- Half of consumers have contacted an agent
- Figure 21: Interactions with insurers, 2022
- Brokers/agents remain relevant and useful
- 18-34s are more digitally engaged
- Figure 22: Interactions with insurers, by age, 2022
- Women are less digitally active
- Figure 23: Interactions with insurers, men vs women, 2022
- Social media engagement higher among young men
- Figure 24: “I have discussed/read about auto/home insurance on social media” (% agree), 2022
- Use of social media platforms in insurance marketing
- Instagram
- Figure 25: Sonnet Instagram post, 2020
- Twitter
- Figure 26: Jake from State Farm Twitter post, 2023
- How can insurers use these platforms?
- Email is the preferred channel for additional offers
- Figure 27: Preferred channels for additional offers, 2022
- Figure 28: Scotia Insurance email bundling offer for auto and home insurance, 2023
- Older consumers are more open to mail offers
- Figure 29: Desjardins direct mail campaign, 2021
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- Figure 30: Preferred channels for additional offers, by age, 2022
- Half of consumers have contacted an agent
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Mobile Apps
- App usage is still low
- Figure 31: Usage and interest in app activities, 2022
- Over-55s have a lower usage
- Figure 32: Usage of app features, by age, 2022
- Telematics is at the forefront of the shift from protection to prevention
- Figure 33: Intact Insurance desktop display ad, 2023
- Figure 34: Desjardin mobile display ad, 2023
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- Figure 35: Nothing’s Perfect – Crash Assist – 15s, 2023
- Men have a higher usage
- Figure 36: Usage of app features, men vs women, 2022
- Interest in apps is more universal
- Figure 37: Interest in app features, by age, 2022
- Mileage-based insurance opportunity to attract occasional drivers
- Figure 38: CAA MyPace Facebook ad, 2023
- App usage is still low
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Choice Factors
- Half of consumers’ rate pricing as the most important factor by far
- Figure 39: “Pricing is by far the most important factor to me in choosing an insurance policy” (% agree), 2022
- Other than price, customer service is key
- Figure 40: Choice factors when choosing an auto/home insurance policy, 2022
- Age impacts most choice factors
- Older consumers are more focused on service
- Figure 41: Service, policy and brand related choice factors, by age, 2022
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- Figure 42: TD Insurance Facebook ad, 2022
- Bundling discounts are powerful
- Figure 43: Incentive related choice factors, by age, 2022
- Digital claims/purchase and call centre purchase process is less important to over-55s
- Figure 44: Claims and purchase related choice factors, by age, 2022
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- Figure 45: TD Insurance Facebook ad, 2022
- Women are more likely to value some choice factors
- Figure 46: Choice factors when choosing an auto/home insurance policy (select), men vs women, 2022
- Half of consumers’ rate pricing as the most important factor by far
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Choice of Company
- Auto insurance
- Figure 47: Choice of company for auto insurance, 2022
- Differences in auto insurance companies
- Homeowners’ and renters’ insurance
- Figure 48: Choice of company for homeowners’ and renters’ insurance, 2022
- Differences in homeowner’s and renters’ insurance companies
- Few would recommend their insurance company to others
- Figure 49: “I would recommend my company to others” (% agree), by company currently using for home or auto insurance, 2022
- Auto insurance
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Switching Incidence & Reasons
- Prices are the top driver for switching
- Figure 50: Switching incidence and reasons, 2022
- Gender difference driven by 35-54s
- Figure 51: Switched auto/home insurance providers in the past three years, by age and gender, 2022
- Consumers unhappy with auto insurance premiums in some provinces
- As expected, 18-34s are most prone to switching
- Figure 52: Belairdirect Facebook ad, 2022
- Figure 53: Switching incidence and reasons, by age, 2022
- Significant number of 18-34s change home/renters’ insurer after moving
- Poor customer service and unsatisfactory claims remain irritants
- One in 10 of 18-34s have changed their driving habits due to COVID-19
- Figure 54: CAA MyPace – Unlock savings as a low-mileage driver, 2021
- Prices are the top driver for switching
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Data sources
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