This table contains 11 series, with data for years 1968 - 2009 (not all combinations necessarily have data for all years), and was last released on 2010-08-30. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...), Type of benefit and policy (11 items: Total; payments; Death and accidental death claims; Total; under life insurance; Disability benefits; income payments ...).

The Life and Non-Life Insurance Market Report in Canada is Segmented by Insurance Type (Life Insurance [Individual, Group] and Non-Life Insurance [Home, Motor, Health, Rest of Non-Life Insurance]) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

This table contains 12 series, with data for years 1946 - 1982 (not all combinations necessarily have data for all years), and was last released on 2007-01-25. This table contains data described by the following dimensions (Not all combinations are available): Geography (11 items: Canada; Nova Scotia; Newfoundland and Labrador; Prince Edward Island ...), Life insurance sales (2 items: Total; life insurance sales; Total; group and wholesale insurance sales ...).

The changes in the distribution of life insurance products in Canada occurred mostly in individual and group term insurance between 2006 and 2022, while individual whole life and universal life insurance remained relatively stable. In 2022, individual term life insurance accounted for ** percent of all life insurance coverage in Canada, an increase from ** percent in 2006. In contrast, the share of group term life insurance declined from ** percent in 2006 to ** percent in 2022.

This table contains 3 series, with data for years 1997 - 2010 (not all combinations necessarily have data for all years), and was last released on 2010-08-30. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...), Type of sales (3 items: Annualized premium sales; total; Number of policies sold; total; Face amount sales; total ...).

Insurers in Canada have experienced steady growth during the current period. Insurers accept liability for annuities and life insurance policies, disability income, accidental death and dismemberment insurance policies while investing the premiums clients receive into various financial securities. The industry has mainly suffered from the adverse economic effects caused by the pandemic, such as volatile interest rates and an increase in the morbidity rate. Revenue dropped at a CAGR of 1.2% to $98.7 billion, including a 1.6% rise in 2024 alone, when profit reached 0.4%. However, growth was limited due to decreased investment income and increased claim payouts stemming from the pandemic, which forced industry operators to pay consumers more while earning less interest on their invested capital. More people are increasingly concerned with retirement planning and preparing for worst-case scenarios. Life insurance and annuities are increasingly demanded to address these risks, whether they are life-altering ailments or the desire to retire earlier than initially planned. These offerings, however, tend to be discretionary purchases. Therefore, demand for life insurance and annuities is also affected by how much money the population has. With the population continuing to age and expand, the industry has great potential to grow as the economy recovers from the pandemic. Throughout 2029, revenue is expected to grow at a CAGR of 1.6% to $106.8 billion. The industry's expansion is expected to be driven by improved macroeconomic conditions, increased per capita disposable income and rising interest rates. Providers are expected to increasingly invest in new cost-cutting technologies that would automate traditional operations and improve the efficiency of analytics, risk management and customer relations. Additionally, operators have been targeting younger consumers via social media platforms to educate them on the importance of insurance. This new way of targeting more clients has made the younger market segment buy more policies than in the past. However, volatility in financial markets threatens revenue and profitability amid global economic growth concerns.

In 2022, Canadian life insurers held 27 billion Canadian dollars worth of bonds in general funds and 277 billion Canadian dollars in segregated funds. General fund investments include amounts for other policyholder benefits, other liabilities and required capital, whereas segregated funds support annuity contracts, and the policyholders retain the investment risk.

An analysis of life insurance coverage in Canada based on a sample of 981,619 individuals. The study reveals Nearly 90% of respondents have life insurance, over 70% of respondents agree high costs prevent them from having life insurance and more.

When asked about "Attitudes towards insurances", most Canadian respondents pick "I trust my insurance provider to take care of my claims" as an answer. 33 percent did so in our online survey in 2025. Looking to gain valuable insights about insurance customers worldwide? Check out our reports about insurance users across the globe. These reports provide readers with a detailed understanding into users of different insurance brands, highlighting their demographics, preferences, opinions, and ways to engage with them effectively.

Life insurance premium volume to GDP (%) in Canada was reported at 3.1948 % in 2019, according to the World Bank collection of development indicators, compiled from officially recognized sources. Canada - Life insurance premium volume to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

The Canadian life and non-life insurance market, valued at $114.41 million in 2025, is projected to experience robust growth, driven by a rising aging population necessitating increased health and long-term care coverage, growing awareness of financial security needs, and increasing penetration of insurance products through diverse distribution channels. The market's Compound Annual Growth Rate (CAGR) of 4.67% from 2025 to 2033 indicates a steady expansion, propelled by the expanding middle class, rising disposable incomes, and government initiatives promoting financial inclusion. Increased adoption of digital platforms for insurance sales and customer service further contributes to market expansion. Segmentation analysis reveals significant market share across life insurance (individual and group) and non-life insurance categories (home, motor, health, and others), with a dynamic distribution landscape involving direct sales, agencies, banks, and online platforms. However, challenges remain. Stringent regulatory frameworks, increasing competition among established players and new fintech entrants, and economic uncertainties could potentially moderate growth. Furthermore, claims management efficiency and fraud prevention remain crucial factors impacting profitability. The competitive landscape is characterized by a mix of both domestic and international insurers, including Intact Financial Corporation, Manulife, Sun Life Financial, and Great-West Lifeco, all vying for market share through product innovation and customer acquisition strategies. Strategic partnerships and technological advancements are expected to play a key role in shaping the market’s future trajectory. The forecast period of 2025-2033 offers significant opportunities for both established and new players, demanding agility, adaptation, and a clear understanding of evolving consumer needs and regulatory changes. Recent developments include: January 2024: Manulife and Aeroplan, an Air Canada-owned loyalty program, launched a new multi-year agreement that will allow Manulife Group Benefits members to accrue Aeroplan points for participating in activities and behaviors that promote health and well-being., December 2023: Westland Insurance acquired Gateway Insurance Group, Hutcheson, Reynolds, and Caswell Insurance. With this acquisition, Westland expanded its already robust Property and Casualty (P&C) practice and grew its presence in the strategically important Ontario and Atlantic Canada region., November 2022: StoneRidge Insurance Brokers acquired Safeway Insurance, which offers consumers a wide variety of financial products, including investment alternatives and life insurance, in addition to a huge selection of property and liability insurance products.. Key drivers for this market are: Mandatory Insurance Requirements for Automobiles and Certain Life Insurance Policies, Increased Consumer Spending Capacity and Willingness to Invest in Insurance Products. Potential restraints include: Mandatory Insurance Requirements for Automobiles and Certain Life Insurance Policies, Increased Consumer Spending Capacity and Willingness to Invest in Insurance Products. Notable trends are: Increasing Demand Motor Insurance Driving the Market.

Life and Non-Life Insurance Market Outlook

According to our latest research, the global Life and Non-Life Insurance market size reached USD 6.5 trillion in 2024, registering a robust performance backed by diversified growth factors. The market is expected to expand at a CAGR of 5.8% from 2025 to 2033, propelling the total market value to an estimated USD 11.1 trillion by 2033. This upward trajectory is primarily driven by increased risk awareness post-pandemic, rapid digital transformation, and evolving customer expectations across both mature and emerging economies. As per the latest research, the market’s growth is underpinned by regulatory reforms, product innovations, and expanding distribution networks, particularly in Asia Pacific and North America.

A primary growth driver for the Life and Non-Life Insurance market is the heightened consumer awareness regarding the importance of financial protection and risk mitigation. The COVID-19 pandemic has fundamentally shifted consumer attitudes, prompting individuals and businesses to prioritize insurance coverage for both life and non-life risks. This shift has spurred demand for comprehensive life insurance products, including term, whole life, and unit-linked policies, as well as non-life offerings like health, property, and casualty insurance. In addition, the rising middle-class population in emerging economies has increased the penetration of insurance products, as more people seek financial security and wealth protection. Governments and regulatory bodies have also played a pivotal role by introducing mandatory insurance schemes and promoting financial literacy, further fueling market expansion.

Another significant factor propelling the Life and Non-Life Insurance market is the rapid adoption of digital technologies across the insurance value chain. Insurtech innovations, such as artificial intelligence, big data analytics, and blockchain, are transforming product development, underwriting, claims processing, and customer engagement. These advancements have enabled insurers to enhance operational efficiency, reduce fraud, and offer personalized products tailored to individual risk profiles. The proliferation of online distribution channels and mobile applications has democratized access to insurance, especially among younger, tech-savvy consumers. This digital shift is not only reducing acquisition costs but also improving customer retention and satisfaction, thereby driving sustained market growth.

Demographic shifts and evolving lifestyle trends are also reshaping the Life and Non-Life Insurance market. The aging global population, particularly in developed regions, is increasing demand for retirement, annuity, and long-term care insurance products. Meanwhile, urbanization and rising disposable incomes are fueling the need for property and motor insurance in rapidly developing markets. The growing gig economy and flexible work arrangements are leading to the emergence of new insurance needs, such as income protection and cyber liability coverage. Insurers are responding with innovative solutions and flexible policies that cater to these changing demands. The convergence of traditional and digital business models is creating a highly competitive landscape, encouraging continuous innovation and customer-centricity.

From a regional perspective, Asia Pacific stands out as the fastest-growing market, driven by economic growth, urbanization, and supportive regulatory frameworks. North America and Europe continue to dominate the Life and Non-Life Insurance market in terms of market share, owing to high insurance penetration and established distribution networks. Latin America and the Middle East & Africa are emerging as lucrative markets, supported by rising awareness, favorable demographics, and government initiatives to increase insurance inclusion. Regional disparities in insurance penetration, regulatory environments, and consumer behavior necessitate tailored strategies for market players to capture growth opportunities and address unique challenges across different geographies.

In 2023, Canadian life insurers held ** billion Canadian dollars worth of bonds in general funds and *** billion Canadian dollars in segregated funds. General fund investments include amounts for other policyholder benefits, other liabilities, and required capital, whereas segregated funds support annuity contracts, and the policyholders retain the investment risk.

Market Size statistics on the Life Insurance & Annuities industry in Canada

This table contains 27 series, with data for years 1966 - 1997 (not all combinations necessarily have data for all years), and was last released on 2008-10-08. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...), Net investments (27 items: Total; net investment; Net investment; total Government of Canada securities; Net investment; Government of Canada Treasury Bills; Net investment; cash ...).

Canada: Non-life insurance premium volume, percent of GDP: The latest value from 2020 is 3.32 percent, an increase from 2.76 percent in 2019. In comparison, the world average is 1.37 percent, based on data from 96 countries. Historically, the average for Canada from 1990 to 2020 is 2.48 percent. The minimum value, 2.1 percent, was reached in 2000 while the maximum of 3.32 percent was recorded in 2020.

In 2022, group life insurance premiums accounted for ** percent of all life insurance premiums in Canada, while individual life insurance premiums made up remaining ** percent. Life insurance premiums are additional benefits that can be added to life insurance products, providing benefits and payment in case of an accidental death, disability, and critical illness.

Number of Businesses statistics on the Life Insurance & Annuities industry in Canada

Canada Life and Non-Life Insurance Market size was valued at USD 110.47 Billion in 2024 and is projected to reach USD 163.22 Billion by 2031, growing at a CAGR of 5.0% from 2024 to 2031.

Key market drivers for Canada's life and non-life insurance market include a growing aging population and increasing awareness of the importance of financial protection. Rising demand for life insurance policies, retirement planning solutions, and investment-linked products reflects evolving consumer needs for long-term security.

In the non-life segment, factors such as increasing urbanization, higher property values, and climate-related risks are boosting demand for property, vehicle, and health insurance. Advancements in digital technology and analytics are also enhancing customer experiences, streamlining claims processing, and driving market growth.

GlobalData’s 'Canada Life Insurance: Key Trends and Opportunities to 2025’ report provides in-depth market analysis, information and insights into Canadian life insurance segment. Read More