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Canadian Life Insurance Ownership Study: Person-Level Report

James T. Scanlon, M.S., HIA; Elizabeth Caswell, ALMI 1/19/2020

This report marks the fifth wave of this valuable tracking study, which profiles the life insurance industry in Canada and updates historic trends.

Summary

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.

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Meet the Project Director

James T. Scanlon, M.S., HIA
Scanlon directs a team of LIMRA researchers focused on insurance product and service marketing. His program includes one-time topical studies, as well as recurring surveys that track consumer behaviors and ownership levels over time. Scanlon conducts projects with a focus on key consumer segments, including the middle market, affluent markets, and small-business owners. He holds an M.S. in resource economics from the University of Massachusetts, where he also earned a B. A. in economics.

Assistant Vice President, Insurance Research — Markets
LIMRA
jscanlon@limra.com


For more information, please contact jscanlon@limra.com.

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