Life Report

Product Insurance Market Reports Life Rev Canada

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Canada's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Canada's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Canada

The Canada life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Canada.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Canada and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Canada’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Canada is available.

Axco’s report describes the regulatory framework that applies to the Canada domestic life insurance sector, including whether non-admitted insurance is permitted in Canada; as well as the legislation necessary to know regarding Canada’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Canada with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Canadian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Canada, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Canadian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Canada report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Canada Life and Benefits Report Extract

Below are brief extracts of information from the Canada Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Canada has a large and mature life insurance market with high penetration. Growth is in the low single digits, 5% higher in 2019 to CAD 23.33bn (USD 18.35bn) over the previous year, slightly ahead of its longer-term 4.1% compound average annual growth rate since 2000.

Individual is the larger segment accounting for 81% of total written premium in 2019 with group the balancing 19%. Leading individual products by in force cover include term life insurance, followed by universal life then whole life. Disability covers are also significant and include individual income protection (disability income) and critical illness.

In the group segment, employer-sponsored protection covers ....


Canada's pensions system is developed and ranks highly in an international context for its adequacy, sustainability and integrity.

At the base of Canada's pension system is universal pillar I provision, comprising two main national programmes:

  • Old Age Security (OAS), a universal state pension funded from government revenues

  • Canada Pension Plan (CPP) (Quebec Pension Plan (QPP) in Quebec) funded by mandatory social insurance contributions on the working population.

Following an agreement between the federal government and the provinces ....


Canada has a universal publicly funded healthcare system known as Medicare, with treatment mostly free at the point of use. There are also specific public health programmes for native Canadians known as First Nations people and the armed forces.

The principles guiding Medicare are contained in the Canada Health Act (RSC 1985, c6) with health administration devolved to a provincial/territorial system of 13 Medicare insurance plans. Public health funding is split between federal and provincial governments.

Medicare provides comprehensive inpatient and outpatient cover, restricting private sector healthcare to ....

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