The Canada Creditor and Travel Insurance Market Report 2022 identifies consumers’ attitudes towards creditor and travel insurance Canada, the impact of post-pandemic circumstances on creditor and lifestyle protection insurance in Canada, and the impact of inflation on this industry. This report covers the Canada travel insurance market size, market forecast, market segmentation and industry trends for Creditor and Lifestyle Protection Insurance in Canada.

Current Market Landscape

Our Canada travel insurance market research shows that travel starts making a slow recovery after two years of a pandemic related downturn. Many Canadians are anxious to take international trips again and travel insurance companies are seeing that trend reflected in their sales. Despite the rising cost of living which continues to squeeze many household budgets, consumers are keen to prioritize holidays following two years of pandemic-induced disruption.

Creditor and travel insurance Canada is set to benefit from the wider recovery in international travel with COVID-19 related trip cancellations and disruptions driving more interest in travel insurance, especially trip cancellation and travel health insurance.

Travel Insurance Canada Market Share and Key Industry Trends

According to our Canada travel insurance market research, pent-up demand after the pandemic should aid in boosting traveler numbers, providing a boost for creditor and travel insurance. High inflation and higher rates on debt products mean that consumers are more likely to be stressed about making debt payments, so credit insurance demand is likely to increase as well.

Moreover, travel rewards start making a comeback as travel bounces back in general.

  • 34% of consumers agree they would not purchase creditor insurance products without human interaction.
  • 64% of consumers agree that travel insurance is essential to have when leaving Canada.
  • 55% of consumers agree that COVID-19 has made travel insurance more necessary.
  • 27% of consumers agree that travel insurance has too many loopholes that allow companies to avoid pay-outs.

Future Trends in Creditor and Travel Insurance Canada

Insurers will make more of an effort to pursue a dedicated New Canadian strategy similar to the major banks, and regulatory scrutiny of creditor insurance may increase while travel insurance demand will continue to be robust. Moreover, human channels will remain most important for the distribution of both travel and creditor insurance though online sales will continue to grow.

There are opportunities to market creditor and travel insurance Canada as a practical option that obviates the need for loved ones to worry about the responsibility of making payments by protecting the ability to cover those costs. Other advantages include affordable pricing that is easy to obtain at a financial institution. Furthermore, it provides some forms of protection that are not readily available elsewhere, such as job loss insurance.

Read on to discover more details or take a look at all of our Canadian Insurance Market Research.

Quickly Understand

  • Consumer attitudes and behavior related to travel and creditor insurance.
  • Ownership and purchase interest in travel insurance.
  • Methods of distribution and preferred channels of purchase.
  • General attitudes about travel and creditor insurance.

Covered in this Report

Brands: Zurich Canada, Blink Parametic, Orion Travel Insurance, Hardbacon, Securiglobe, Novacap, Ratehub, and more.

Expert Analysis from a Specialist in the Field

This report, written by Sanjay Sharma, a leading analyst in the Financial Services sector, delivers in-depth commentary and analysis to highlight current trends in the Creditor and Lifestyle Protection Insurance in Canada, and adds expert context to the numbers.

Human channels of distribution remain the most preferred method of purchase for both creditor and travel insurance. While both are considered valuable products to have, they have attracted their share of criticism with respect to payouts and also product suitability in the case of creditor insurance.

Sanjay Sharma, Senior Financial Services Analyst
Sanjay Sharma
Senior Financial Services Analyst

Table of Contents

  1. Overview

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

            • Top takeaways
              • Market overview
                • Outlook on creditor and travel insurance
                  • Figure 1: Outlook for creditor and travel insurance, 2022-27
                • Opportunities
                  • Increasing ownership: what should marketers focus on?
                    • Human interaction is a must for a third of creditor insurance consumers
                      • A strong vote of confidence on the need for travel insurance
                        • More than half agree that COVID-19 has made travel insurance more necessary
                          • Challenges
                            • Boosting creditor insurance perception
                              • Perception of loopholes is slightly higher among 35-54s for travel insurance
                              • Market Factors

                                • Travel numbers pick up
                                  • New Canadians are a major growth market for insurers
                                    • Figure 2: Distribution of foreign-born population by region of birth, 1996-36 (projected)
                                  • Use of social media platforms in insurance marketing
                                    • Instagram
                                      • Twitter
                                        • Inflation is making consumers more price sensitive
                                          • Figure 3: Changes in Consumer Price Index, 2019-22
                                        • Inflation has affected the financial health of three in four Canadians
                                          • Figure 4: Financial health related attitudes, 2022
                                        • A third of Canadians have a mortgage
                                          • Figure 5: Ownership of secured debt, 2021
                                        • Two in five have unsecured debt
                                          • Figure 6: Ownership of unsecured debt, 2021
                                        • Higher interest rates might spur demand for mortgage creditor insurance
                                          • Most Canadians have a credit card
                                            • Figure 7: Credit card ownership, 2022
                                          • Regular card ownership spikes among over-35s
                                          • Competitive Developments

                                            • Zurich Canada teams with Blink Parametric to strengthen its post-pandemic solutions
                                              • Orion Travel Insurance enlists the help of anthropologists to reinvent purchasing travel insurance online
                                                • Hardbacon partners with Securiglobe
                                                  • Novacap completes investment in Ratehub
                                                  • Marketing Campaigns

                                                    • CAFFI promotes creditor insurance
                                                      • Figure 8: CAFII: Credit Protection Insurance, July 2022
                                                      • Figure 9: CAFII: job loss protection, June 2022
                                                    • Paid social has become the channel of choice for many travel insurers
                                                      • Figure 10: Top ten Canadian travel insurance spenders by marketing channel, Q3 2021-Q2 2022
                                                      • Figure 11: CAA North & East Ontario Facebook ad, 2022
                                                      • Figure 12: Pacific Blue Cross Facebook ad, 2022
                                                      • Figure 13: British Columbia automobile association Facebook ad, 2022
                                                  • Creditor and Travel Insurance – Fast Facts

                                                    • Product Ownership

                                                      • Half of Canadians have purchased travel or creditors insurance or both in the past ten years
                                                        • Travel insurance
                                                            • Figure 14: Ownership of travel insurance, 2022
                                                          • Men have a higher ownership of most travel insurance products
                                                            • Figure 15: Ownership of travel insurance, men vs women, 2022
                                                          • 25-34s stand out of the pack
                                                            • Figure 16: Ownership of travel, 25-34s vs overall, 2022
                                                          • South Asian and New Canadians have a higher ownership of some travel products
                                                            • Figure 17: Ownership of travel insurance, South Asians and New Canadians vs overall, 2022
                                                          • Fewer Canadians have purchased creditor insurance
                                                            • Figure 18: Ownership of creditor insurance, 2022
                                                          • Men have a higher ownership of all creditor insurance products
                                                            • Figure 19: Ownership of creditor insurance, men vs women, 2022
                                                          • Over-55s have a lower ownership of creditor insurance
                                                            • Figure 20: Ownership of creditor insurance, by age, 2022
                                                          • South Asian and New Canadians have a higher ownership
                                                            • Figure 21: Ownership of creditor insurance, South Asian and New Canadians vs overall, 2022
                                                          • Increasing ownership: what should marketers focus on?
                                                          • Insurance Purchase Channels

                                                            • Travel insurance sold through multiple channels
                                                              • Figure 22: Channels used for recent travel insurance purchase, 2022
                                                            • Older consumers prefer associations, younger insurance agents
                                                              • Figure 23: Channels used for recent travel insurance purchase (select), by age, 2022
                                                              • Figure 24: Travel Medical Insurance in 60 Seconds – by Goose Insurance App!, 2021
                                                            • Banks/credit unions are the top distributors for loan/line of credit creditor insurance
                                                              • Figure 25: Channels used for recent loan or line of credit life/disability insurance, 2022
                                                              • Figure 26: Protect your loan and line of credit with RBC LoanProtector, 2021
                                                          • Travel Insurance – Purchase Preference

                                                            • A third prefer to purchase travel insurance in person
                                                                • Figure 27: Preferred purchase method for travel insurance, 2022
                                                                • Figure 28: Travel Insurance – Get Completely Covered, 2022
                                                                • Figure 29: Preferred purchase method for travel insurance, by age, 2022
                                                              • Highlighting how travel insurance can be a lifesaver will boost purchase intention
                                                              • Travel Insurance Attitudes

                                                                • A strong vote of confidence on the need for travel insurance
                                                                    • Figure 30: It is essential to have travel insurance when you leave Canada (% agree), by age, 2022
                                                                  • Over-55s are more convinced about the essentiality of travel insurance
                                                                    • More than half agree that COVID-19 has made travel insurance more necessary
                                                                        • Figure 31: COVID-19 has made travel insurance more necessary than before (% agree), by age, 2022
                                                                      • Perception of loopholes is slightly higher among 35-54s
                                                                          • Figure 32: Travel insurance has too many loopholes that allow companies to avoid pay-outs (% agree), by age, 2022
                                                                        • 18-54s are more price conscious and more likely to check online reviews
                                                                          • Figure 33: Value-related attitudes (% agree), by age, 2022
                                                                        • Men and over-35s are more likely to have travel insurance on their credit card
                                                                          • Figure 34: I have travel insurance on my credit card (% agree), by age, 2022
                                                                      • Creditor Insurance – Purchase Preference

                                                                        • Preference for online purchases is relatively low
                                                                          • Figure 35: Preferred purchase method for creditor insurance, 2022
                                                                        • Big banks have a distribution advantage in creditor insurance
                                                                          • Figure 36: Scotia Mortgage Protection 2021, 2021
                                                                        • Online is a close second for travel insurance, less popular for creditor insurance
                                                                          • Figure 37: Online channel preferences for creditor insurance, by age. 2022
                                                                          • Figure 38: Understanding optional Scotia Creditor Insurance Protection, March 2021
                                                                        • Older Canadians are more likely to avoid creditor insurance…
                                                                          • Figure 39: Would not purchase creditor insurance (overall), by age, 2022
                                                                        • …as also Chinese Canadians
                                                                          • Figure 40: Would not purchase creditor insurance (overall), Chinese Canadians, South Asians & New Canadians vs overall, 2022
                                                                      • Creditor Insurance Attitudes

                                                                        • Human interaction is a must for a third of creditor insurance consumers
                                                                          • Figure 41: Attitudes towards creditor insurance, 2022
                                                                        • A third of consumers do not feel the need for credit card balance protection
                                                                          • Few regret purchasing creditor insurance
                                                                              • Figure 42: “I regret having purchased creditor insurance” (% agree), by age, 2022
                                                                            • One in five 18-34s have discussed creditor insurance on social media
                                                                                • Figure 43: “I have discussed creditor insurance on social media” (% agree), by age, 2022
                                                                              • Boosting creditor insurance perception
                                                                                • Figure 44: Mortgage Protection Insurance: Anastasia M. (customer message), 2020
                                                                            • Appendix – Data Sources and Abbreviations

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

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