Canadian Industrial Outlook: Insurance—Winter 2018

The Conference Board of Canada, 13 pages, April 5, 2018
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This report examines the short-and medium-term economic and profitability outlook for Canada’s insurance industry.

Document Highlights

  • Interest Rates—Canadian interest rates will continue to rise until 2020, which will increase investment revenue for insurers. Although higher interest rates will lead to slower consumer spending on big-ticket, insurable goods, they are a net benefit to insurance carriers.
  • Aging Population—Canada’s growing population of aging baby boomers will lead to a rise in death benefit claims in the coming years, sharply increasing costs within the life and health segment. Life insurers will thus be challenged to use the most cutting-edge technology to attract enough new enrollees from younger generations to maintain profits.
  • Claims Processing—Processing of many claims is becoming more automated as insurance start-ups are using artificial intelligence programs to settle claims almost immediately. These small, tech-savvy firms continue to challenge large incumbents that rely primarily on legacy systems.

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