2023
8
Canada Health Insurance Market Report 2023
2023-07-28T04:11:06+01:00
OX1158471
3695
165351
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Report
en_GB
“An aging population and record levels of immigration will ensure strong demand for health insurance in the coming years. Though employer coverage is the dominant channel for acquisition, a significant…

Canada Health Insurance Market Report 2023

£ 3,695 (Excl.Tax)

Report Summary

“An aging population and record levels of immigration will ensure strong demand for health insurance in the coming years. Though employer coverage is the dominant channel for acquisition, a significant minority buy insurance directly or through affinity groups. There is plenty of potential for customized policies based on more sharing of customer health monitoring data with insurers.”
Sanjay Sharma, Senior Financial Services Analyst

This Report looks at the following areas:
This report covers the drivers of the supplemental health insurance market in Canada, consumer data related to ownership, acquisition channels, choice factors influencing choice of company, purchase triggers, emerging trends, health monitoring usage and general attitudes towards health insurance.

Table of Contents

  1. Overview

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

            • Top Takeaways
              • Consumer trends
                • Three in four Canadians have supplemental health insurance
                  • Income influences acquisition channel
                    • Steps, heart rate and sleep are most commonly monitored
                      • Competitive strategies
                        • Affordable prices are the top choice factor…
                          • …and a trusted brand ranks second
                            • Market predictions
                              • Figure 1: Outlook for health insurance, 2023-28
                            • Opportunities
                              • Monitoring and health insurance
                                • Encouraging older consumers to use health technology
                                  • Pockets of under-served ownership segments
                                  • Market Factors

                                    • Canada’s population is aging
                                      • Figure 2: Proportion of 0-14s and over-65s in the Canadian population, 1988-2068*
                                    • Newer Canadians are a major growth market for health insurers
                                        • Figure 3: Distribution of foreign-born population, by region of birth, 1996-2036 (projected)
                                        • Figure 4: Health insurance ownership, newer Canadians vs overall, 2023
                                      • The impact of inflation on health insurance
                                        • Figure 5: Changes in Consumer Price Index, May 2020-May 2023
                                      • Tech devices used for health monitoring
                                        • Figure 6: Ownership or usage of tech-related devices or services, 2023
                                    • Competitive Developments

                                      • Beneva adds pharmacogenomic testing to disability treatment plan
                                        • TELUS Health appointed employee assistance program provider for Beneva
                                          • Publicly funded LTC insurance could address eldercare costs: NIA
                                            • Budget 2023 expands dental-care program
                                            • Marketing Campaigns

                                              • GreenShield rebrands
                                                • CAA Insurance reimagines its brand identity
                                                    • Figure 7: CAA Insurance – The oval of trust, March 2023
                                                • Health Insurance: Fast Facts

                                                  • Ownership

                                                    • Three in four Canadians have supplemental health insurance
                                                      • Figure 8: Ownership of supplemental health insurance products, 2023
                                                    • Canadians have a high prescription drug usage, driving ownership
                                                        • Figure 9: CAA South Central Ontario Facebook ad, March 2023
                                                        • Figure 10: Critical illness insurance – Canada Life, June 2020
                                                      • Higher ownership correlates with peak working years
                                                        • Figure 11: Ownership of supplemental health insurance products, by age, 2023
                                                      • Pockets of under-served ownership segments
                                                        • Figure 12: Canada Life Facebook ad, April 2022
                                                        • Figure 13: Ownership of supplemental health insurance products, self-employed vs overall, 2023
                                                      • Other specific products have lower ownership among newer Canadians and Quebecers
                                                        • Figure 14: Manulife Facebook ad, May 2022
                                                    • Acquisition Channels

                                                      • Majority of health insurance is acquired through employers
                                                        • Figure 15: Acquisition channels of any supplemental health insurance, 2023
                                                        • Figure 16: Acquisition channels, by product, 2023
                                                      • Income influences acquisition channel
                                                        • Figure 17: Health insurance products acquired through employer, by household income, 2023
                                                        • Figure 18: Manulife Facebook ad, January 2023
                                                      • 35-54s over-index in employer coverage for most products
                                                        • Figure 19: Health insurance products acquired through employer, by age, 2023
                                                      • Women have a lower non-employer purchase of a few products
                                                        • Figure 20: Health insurance products acquired through employer and non- employer (select), men vs women, 2023
                                                        • Figure 21: Pacific Blue Cross Facebook ad, March 2023
                                                    • Purchase Triggers

                                                      • Retirement, illness and life events are the top triggers
                                                        • Figure 22: Purchase triggers for supplemental health insurance (any rank), 2023
                                                      • Retirement is a top trigger, though more for over-35s
                                                        • Figure 23: Alberta Blue Cross Facebook ad, March 2023
                                                      • Younger consumers are most influenced by a major life event and recommendations
                                                        • Figure 24: Major life events and recommendations as purchase triggers for supplemental health insurance (any rank), by age, 2023
                                                        • Figure 25: Alberta Blue Cross Facebook ad, May 2023
                                                      • Influence of most other purchase triggers decline at age 55
                                                        • Figure 26: “Other” purchase triggers for supplemental health insurance (any rank), by age, 2023
                                                        • Figure 27: Manulife vitality Facebook ad, November 2022
                                                        • Figure 28: CAA South Central Ontario Facebook ad, March 2023
                                                    • Tech and Health Insurance

                                                      • Many consumers prefer submitting claims online
                                                        • Figure 29: I prefer submitting claims online (% agree), 2023
                                                      • Less interest in digital health care and social media among older consumers
                                                        • Figure 30: I am interested in increasing my use of digital health care services (% agree), by age, 2023
                                                        • Figure 31: CAA South Central Ontario Facebook ad, March 2023
                                                      • Few discuss health insurance on social media
                                                        • Figure 32: I have discussed health insurance on social media (% agree), by age, 2023
                                                      • Fitness apps used more than wellness apps
                                                          • Figure 33: I regularly use a fitness app (% agree), by age, 2023
                                                          • Figure 34: When We Strava – Competitive Dad, June 2023
                                                          • Figure 35: I regularly use a wellness app (% agree), by age, 2023
                                                          • Figure 36: Tips to Stop Stressing About Work on the Weekend, June 2023
                                                        • Low rates of app purchase of health insurance
                                                          • Figure 37: I have purchased health insurance through an app (% agree), by age, 2023
                                                      • Choice Factors

                                                        • Affordable prices are the top choice factor…
                                                          • Figure 38: Choice factors influencing health insurance purchase, 2023
                                                          • Figure 39: Medavie Blue Cross Facebook ad, January 2023
                                                        • …and a trusted brand ranks second
                                                          • Significant interest in premium discounts/bonus incentives
                                                            • Three in ten consumers more likely to choose an incentivized plan
                                                              • Figure 40: Manulife vitality Facebook ad, July 2023
                                                            • Recommendations matter
                                                              • One in four consumers prefer direct purchase
                                                                • Figure 41: SureHealth | Canadian Health and Dental Insurance Plans, December 2021
                                                              • Around a fifth of consumers prefer association plans
                                                                • Few consumers influenced by broker recommendation
                                                                  • The importance of Canadian ownership
                                                                    • Figure 42: Canadian owned as a choice factors influencing health insurance purchase, by age, 2023
                                                                  • 18-54s more likely to prefer a company that offers life insurance as well
                                                                    • Figure 43: Offering life insurance “as well” as a choice factors influencing health insurance purchase, by age, 2023
                                                                    • Figure 44: Blue cross Protection plus mobile link, May 2023
                                                                • General Attitudes towards Health Insurance

                                                                  • Employer coverage is a barrier to direct health insurance sales
                                                                    • Figure 45: General attitudes towards health insurance (% agree), 2023
                                                                  • Younger consumers saw their mental health deteriorate during the COVID-19 pandemic
                                                                    • Figure 46: My mental health has deteriorated during the COVID-19 pandemic (% agree), by age, 2023
                                                                • Health Monitoring

                                                                  • Steps, heart rate and sleep are most commonly monitored
                                                                    • Figure 47: Aspects of health monitored using devices, 2023
                                                                  • Taking steps
                                                                    • Heart rate
                                                                      • Sleep
                                                                        • Figure 48: Whoop Instagram post, July 2023
                                                                      • Over-55s less likely to track health indicators
                                                                        • Figure 49: Aspects of health monitored using devices, by age, 2023
                                                                        • Figure 50: Rocketbook Instagram post, April 2023
                                                                    • Appendix – Data Sources and Abbreviations

                                                                      • Data sources
                                                                        • Consumer survey data
                                                                          • Consumer qualitative research
                                                                            • Abbreviations and terms

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