2021
8
Canada Insurance Trends Market Report 2021
2021-04-15T04:06:02+01:00
OX1044453
3695
136613
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Report
en_GB
“Insurance innovation has been largely spurred by technology and the practical impact can be seen in the form of new products, innovative service delivery, faster underwriting and customized rates based…

Canada Insurance Trends Market Report 2021

£ 3,695 (Excl.Tax)

Report Summary

“Insurance innovation has been largely spurred by technology and the practical impact can be seen in the form of new products, innovative service delivery, faster underwriting and customized rates based on better evaluation of individual risk.”
– Sanjay Sharma, Senior Financial Services Analyst

Key issues covered in this Report

  • The impact of COVID-19 on insurance trends.
  • This Report also covers consumer attitudes and behaviour related to insurance trends. It examines insurance ownership, interest in digital innovations and apps, insurance purchase attitudes, interest in extra insurance features and general attitudes towards insurance. It also touches on recent innovations in the insurance industry related to health care, smart home and driving tracking devices.

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 insurance
                • Figure 1: Short-, medium- and longer-term impact of COVID-19 on insurance trends, December 2020
              • Opportunities
                • Improving perceptions can boost ownership rates of creditor and pet insurance
                  • A third of 18-34s discuss insurance on social media
                    • Changing the conversation about insurance
                      • Challenges
                        • Canadians confront “lockdown inertia”
                          • Perceptions of complexity may be hindering mobile app adoption levels
                            • COVID-19 is making insurers focus more on mental health
                            • The Market – Key Takeaways

                              • Rise of virtual care
                                • Obesity is high
                                  • On-demand insurance
                                    • Driving tracking is gaining momentum
                                      • Smart homes and home insurance
                                      • The Market – Market Factors

                                        • Impact of COVID-19 on the insurance industry
                                          • COVID-19 increases interest in digital insurance and virtual care
                                            • Rise of virtual care
                                                • Figure 2: Babylon by Telus Health direct mail campaign, January 2021
                                              • Obesity is high
                                                • Figure 3: Weight distribution of the Canadian population, Statistics Canada, 2018
                                            • Market Opportunities

                                              • On-demand insurance
                                                • The Internet of Things in insurance
                                                  • Smart homes and home insurance
                                                    • Driving tracking is gaining momentum
                                                      • Figure 4: Canadian auto insurers’ telematics offerings (select), March 2021
                                                    • Telematics surcharges arrive in Ontario and Alberta
                                                      • Travelers Canada Introduces IntelliDrive
                                                        • CAA targets low mileage drivers
                                                          • Figure 5: CAA direct mail campaign, August 2020
                                                      • Companies and Brands – Key Takeaways

                                                        • Health care developments
                                                          • Start-up news
                                                          • Competitive Strategies

                                                            • Loblaw to refer shoppers to health services
                                                              • New Manulife model aims to help group members stay healthy
                                                                • Canada Life now offers Shoppers Drug Mart health coaching program
                                                                  • RATESDOTCA Group raises $51 million
                                                                    • Insurance for the ‘gig economy’
                                                                      • Livelli aims to provide community-based insurance platform
                                                                        • Duuo offers innovative products for the “new economy”
                                                                          • Figure 6: Duuo insurance online ad, January 2021
                                                                        • TD pushes simplified life insurance
                                                                          • Figure 7: TD Insurance Facebook ad for simplified life insurance, October 2020 and January 2021
                                                                      • The Consumer – What You Need to Know

                                                                        • Most Canadians own at least one insurance product
                                                                          • COVID-19 has made Canadians more careful in their everyday life
                                                                            • Strong calls to focus more on preventative and mental health
                                                                              • Majority prefer buying through brokers/agents
                                                                                • More than half willing to use a driving tracking device
                                                                                • Insurance Ownership

                                                                                  • Most Canadians own at least one insurance product
                                                                                    • Figure 8: Insurance ownership, December 2020
                                                                                  • Ownership of home and auto highly age dependant
                                                                                    • Figure 9: Home and auto insurance ownership, by age, December 2020
                                                                                  • Life insurance ownership spikes after 25
                                                                                    • Figure 10: Life insurance ownership, by age, December 2020
                                                                                  • Improving perceptions can boost ownership rates of creditor and pet insurance
                                                                                  • Changing the Conversation about Insurance

                                                                                    • Insurance was born of a need to manage risk
                                                                                      • Interest in insurance features: renewal discounts are of most interest
                                                                                        • Figure 11: Interest in insurance features (any rank), December 2020
                                                                                      • Multi-policy or bundling discounts matter more to younger consumers
                                                                                        • Figure 12: Scotia Home & Auto Insurance direct mail offer, September 2020
                                                                                        • Figure 13: Interest in insurance features (any rank), by age, December 2020
                                                                                        • Figure 14: Tackling road safety with traffic cameras | Aviva Canada, August 2020
                                                                                    • Impact of COVID-19 on Insurance

                                                                                      • COVID-19 has made Canadians more careful in their everyday life
                                                                                        • Figure 15: COVID-19 related behaviours and attitudes, December 2020
                                                                                      • Telehealth and virtual care experience a COVID-19 surge
                                                                                        • Figure 16: Pacific Blue Cross print advertisement, June 2020
                                                                                      • Canadians confront “lockdown inertia”
                                                                                        • Figure 17: COVID-19 related behaviours and attitudes (select), by age, December 2020
                                                                                      • COVID-19 has made most Canadians more careful
                                                                                        • Figure 18: The COVID-19 pandemic has made me more careful in my everyday life, by age and gender, December 2020
                                                                                      • Only 5% have cancelled or suspended their auto insurance
                                                                                        • Few are using health insurer’s app to find COVID-19 testing locations
                                                                                        • Health Care Trends

                                                                                          • Strong calls to focus more on preventative and mental health
                                                                                            • Figure 19: Attitudes towards health care trends, December 2020
                                                                                          • Younger men are more interested in prescription delivery by drone
                                                                                            • Figure 20: Attitudes towards tech-related health care trends (% agree), by age and gender, December 2020
                                                                                          • Half of men aged 18-34 are interested in health monitoring implants
                                                                                            • Health insurers increasing focus on mental health
                                                                                              • Figure 21: Sun Life Canada’s Let’s get you there campaign, October 2020
                                                                                            • COVID-19 has exposed the need for more mental health services
                                                                                              • Preventative care is on almost everyone’s wish-list
                                                                                                • ‘Quarantine 15’ appears due to pandemic lifestyle disruption
                                                                                                  • What else can the health care industry do: the holistic angle to wellness
                                                                                                      • Figure 22: Select attitudes towards health care trends (% agree), by age, December 2020
                                                                                                    • COVID tracing app appeals more to younger consumers
                                                                                                      • Figure 23: Toronto Public Health Instagram post, March 2021
                                                                                                  • Insurance Purchase Trends

                                                                                                    • Half use comparison sites before shopping for insurance
                                                                                                      • Figure 24: Insurance purchase attitudes, December 2020
                                                                                                    • Simplified life is the industry response to a demand for simplicity
                                                                                                      • A third would rather interact with apps than humans
                                                                                                        • Majority prefer buying through brokers/agents
                                                                                                          • Figure 25: Insurance purchase attitudes, December 2020
                                                                                                        • Most think of insurance at renewal but read policies in detail
                                                                                                            • Figure 26: Know Your Policy, September 2017
                                                                                                          • Two thirds of 18-34s interested in on-demand insurance
                                                                                                            • Majority find online rating sites useful
                                                                                                              • Figure 27: Online attitudes towards insurance, December 2020
                                                                                                              • Figure 28: I have posted a review of my insurance company online, by age and gender, December 2020
                                                                                                            • A third of 18-34s discuss insurance on social media
                                                                                                              • Figure 29: I discuss insurance on social media, by age and gender, December 2020
                                                                                                              • Figure 30: Sonnet Instagram post, November 2020
                                                                                                          • Technology Trends

                                                                                                            • More than half willing to use a driving tracking device
                                                                                                                • Figure 31: Attitudes related to technology and insurance, December 2020
                                                                                                              • Half of 18-34s willing to let health insurers track their lifestyle
                                                                                                                • Figure 32: Attitudes related to technology and insurance, by age, December 2020
                                                                                                              • Half of 18-34s also willing to let home insurers use smart home device data
                                                                                                                • Figure 33: CAA member savings on smart home technology, October 2020
                                                                                                              • Smart homes are of most interest to young men
                                                                                                                • Figure 34: I want my house to be a “smart home” that I can control from my phone (% agree), by age and gender, December 2020
                                                                                                            • Mobile Insurance Apps

                                                                                                              • Perceptions of complexity may be hindering adoption levels
                                                                                                                • Figure 35: Attitudes related to mobile apps, December 2020
                                                                                                              • Interest in mobile apps
                                                                                                                • Mobile apps: majority interested in at least one feature
                                                                                                                  • Figure 36: Interest in mobile app features, December 2020
                                                                                                                • Interest is highest among 18-34s
                                                                                                                  • Figure 37: Interest in mobile app features, 18-44s vs over-45s, December 2020
                                                                                                              • Appendix – Data Sources and Abbreviations

                                                                                                                • Data sources
                                                                                                                  • Consumer survey data
                                                                                                                    • Consumer qualitative research
                                                                                                                      • Mintel Trend Drivers
                                                                                                                        • Abbreviations and terms

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