This report marks the fifth wave of this valuable tracking study, which profiles the life insurance industry in Canada and updates historic trends.
The prior study period showed an industry in contraction, including declines in ownership volume, market penetration and coverage adequacy. Market penetration for individual life fell to 43 percent a historic low. The global financial crisis (2007 – 2009) contributed to that contraction.
The 2019 study illustrates an industry in growth. Since 2013, ownership volume grew 41 percent for individual life and grew 35 percent for group life. Factors contributing to this growth include Canada’s recent population growth and economic expansion.