2022
8
Canada Pet, Auto and Home Insurance Market Report 2022
2022-02-16T03:04:55+00:00
OX1047879
3695
147977
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Report
en_GB
“Technological innovations such as telematics and smart home devices offer insurers the opportunity to assess risk better and offer more targeted prices to consumers. Meanwhile, a pandemic inspired boom in…

Canada Pet, Auto and Home Insurance Market Report 2022

£ 3,695 (Excl.Tax)

Report Summary

“Technological innovations such as telematics and smart home devices offer insurers the opportunity to assess risk better and offer more targeted prices to consumers. Meanwhile, a pandemic inspired boom in pet adoption and a flurry of new entrants foretell strong growth in the pet insurance industry.”
– Sanjay Sharma, Senior Financial Services Analyst

Key issues covered in this Report

  • The impact of COVID-19 on pet, auto and home insurance.
  • This Report also covers consumer attitudes and behaviour related to pet, auto and home insurance. It examines insurance ownership, interest in digital innovations and apps, attitudes towards pet insurance, choice of company for pet insurance and tech attitudes related to home/auto insurance.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
      • Executive Summary

          • Top takeaways
            • Market overview
              • Impact of COVID-19 on pet, auto and home insurance
                • Figure 1: Short-, medium- and longer-term impact of COVID-19 on pet, auto and home insurance, 2021
              • Opportunities
                • Digital trends in pet insurance
                  • Digital surge driving direct purchase of auto/home insurance but a human back-up is also key
                    • Half of consumers are more likely to buy smart home devices if offered an insurance discount
                      • Challenges
                        • Privacy and potential rate increases may slow down driving tracking
                          • Over-55s more likely to agree that pet insurance is too expensive
                          • The Market – Market Perspective

                            • Working from home increases housing demand
                              • Driving tracking is gaining momentum…
                                • …but telematics surcharges may slow down adoption
                                  • Many consumers own at least one smart home device
                                    • Figure 2: ecobee ‘Imagine what home could be’, 2021
                                    • Figure 3: ecobee Instagram post, 2021
                                    • Figure 4: Ownership and interest in owning smart home devices, 2021
                                  • Smart homes and home insurance
                                    • More than half of Canadians have a pet as the pandemic spurs adoption
                                      • Figure 5: Pet ownership, 2021
                                    • Pet insurance growing rapidly
                                    • Competitive Strategies

                                      • CAA pay-as-you-go expands in Ontario
                                        • Figure 6: CAA MyPace Facebook ad, November 2021
                                      • RATESDOTCA acquires LowestRates.ca
                                        • Ratehub launches brokerage
                                          • Coverpay extends ‘buy now, pay later’ to insurance (Australia)
                                            • Pet insurance news
                                              • New pet insurance brand Furkin launches
                                                • Figure 7: Furkin Pet Insurance Instagram post, 2021
                                              • New Canadian pet insurance brand PHI Direct arrives
                                                • Petline partners with Armour Insurance to introduce a new pet insurance product
                                                  • Figure 8: Armour Insurance Twitter post, 2021
                                              • Marketing Campaigns

                                                • TD ushers in online insurance buying
                                                  • Figure 9: TD Insurance Facebook ad, 2021
                                                • RATESDOTCA shakes drivers out of insurance apathy
                                                    • Figure 10: Fresh Jeff, 2021
                                                  • Sonnet pushes digital buying
                                                    • Figure 11: Sonnet Insurance Instagram post, 2021
                                                  • Select pet insurance campaigns
                                                    • Trupanion and Petplan increase Facebook spend
                                                      • Figure 12: Trupanion Facebook ad, 2021
                                                      • Figure 13: Petplan Facebook ad, 2021
                                                  • The Consumer – What You Need to Know

                                                    • Majority have auto/home insurance, while one in 10 has pet insurance
                                                      • More than half of pet owners consider their pet to be a family member
                                                        • Digital trends in pet insurance
                                                          • Digital trends in auto/home insurance
                                                          • Ownership of Auto, Home and Pet Insurance

                                                            • Majority have auto/home insurance while one in 10 has pet insurance
                                                              • Figure 14: Ownership of auto, home and pet insurance, 2021
                                                            • Ownership is highly age dependant
                                                              • Figure 15: Ownership of auto, home and pet insurance, by age, 2021
                                                              • Figure 16: Desktop display ad, 2021
                                                            • Strong interest in digital insurers among younger consumers
                                                              • Figure 17: Attitudes towards auto and home insurance (% agree), by age and gender, 2021
                                                              • Figure 18: Onlia Insurance Facebook post, 2021
                                                            • Accident and illness is the most common type of pet insurance owned
                                                              • Figure 19: Types of pet insurance owned, 2021
                                                            • Increasing pet insurance ownership
                                                            • Attitudes towards Pet Insurance

                                                              • Over-55s more likely to agree that pet insurance is too expensive
                                                                • Figure 20: Pet insurance is too expensive (% agree), by age, 2021
                                                                • Figure 21: Petsecure Instagram post, 2021
                                                              • Pets’ “family” status is driving insurance decisions
                                                                • Figure 22: Petsecure Instagram post, 2021
                                                                • Figure 23: “My pet is like a family member” (% agree), by ownership if pet insurance, 2021
                                                                • Figure 24: Trupanion Facebook ad, 2021
                                                              • A third interested in bundling their pet with auto/home insurance
                                                                • Figure 25: “I am interested in bundling pet insurance with home or auto insurance” (% agree), by ownership if pet insurance, 2021
                                                              • Around one in eight have had a negative experience with their pet insurer
                                                                • Figure 26: “I have had a negative experience with a pet insurer” (% agree), by ownership if pet insurance, 2021
                                                              • Digital trends in pet insurance
                                                                • Figure 27: Online-related attitudes towards pet insurance (% agree), 2021
                                                                • Figure 28: Online-related attitudes towards pet insurance (% agree), by age, 2021
                                                              • A third of pet insurance consumers bought their policy digitally
                                                              • Choice of Pet Insurance Company

                                                                • Trupanion, Petplan and Pets Plus Us are the leading choices
                                                                  • Figure 29: Choice of pet insurance company, 2021
                                                                • No clear market leaders in the pet insurance market
                                                                  • Figure 30: Trupanion Facebook ad, 2021
                                                                  • Figure 31: Petplan Facebook ad, 2021
                                                                • Majority of pet insurance is sold through direct purchase
                                                                  • Figure 32: Distribution channels used for home insurance, 2021
                                                                • Friends/family and vets are most influential
                                                                  • Figure 33: Factors influencing choice of company (any rank), 2021
                                                                • A quarter are influenced by a pet industry organization
                                                                  • A fifth are seeking a specialist pet insurance provider
                                                                    • Fewer prefer member associations and retail outlets
                                                                      • Men more influenced by social media, women by previous experience
                                                                        • Figure 34: Factors influencing choice of company (any rank), men vs women, 2021
                                                                    • Distribution Channels for Auto/Home Insurance

                                                                      • Most auto/home insurance is sold through direct purchase and agents/brokers
                                                                        • Figure 35: Distribution channels used for auto/home insurance, 2021
                                                                      • Digital surge driving direct purchase, but a human back-up is also key
                                                                        • Figure 36: Desjardins Insurance Facebook ad, 2021
                                                                      • Brokers/agents remain relevant and useful
                                                                        • Bundling discounts are powerful
                                                                          • Figure 37: Bundling-related attitudes towards auto & home insurance, 2021
                                                                          • Figure 38: Sonnet Insurance bundling discount Facebook post, 2021
                                                                      • Technology and Auto/Home Insurance

                                                                        • Majority concerned about privacy implications, but a fifth are using driving tracking
                                                                          • Figure 39: Attitudes related to technology and auto insurance, 2021
                                                                          • Figure 40: Allstate Insurance Facebook post, 2021
                                                                          • Figure 41: Attitudes towards driving tracking and data (% agree), by age and gender, 2021
                                                                        • Mileage based insurance opportunity to attract occasional drivers
                                                                          • Figure 42: “I am interested in pay-as-you go auto insurance” (% agree), by age and gender, 2021
                                                                          • Figure 43: CAA Instagram post, 2021
                                                                        • Half of 18-34s have bought their current auto policy through a mobile device
                                                                          • Figure 44: “I purchased my current auto insurance policy using a mobile device” (% agree), by age and gender, 2021
                                                                          • Figure 45: Sonnet Insurance Facebook post, 2021
                                                                        • Half of consumers are more likely to buy smart home devices if offered an insurance discount
                                                                          • Figure 46: “I am more likely to buy a smart home device if offered a discount from my home insurance company” (% agree), by age and gender, 2021
                                                                        • Younger men have the highest smart home usage and mobile purchase rates
                                                                          • Figure 47: “I use one or more smart home devices that I control from my phone” (% agree), by age and gender, 2021
                                                                          • Figure 48: “I purchased my current home insurance policy using a mobile device” (% agree), by age and gender, 2021
                                                                      • Appendix – Data Sources and Abbreviations

                                                                        • Data sources
                                                                          • Consumer survey data
                                                                            • Abbreviations and terms

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