For the first time in three years, all companies participated in the study LIMRA on retail life insurance sales in Canada reported positive gains in overall premiums. These companies represent 93% of the Canadian market.
LIMRA indicates that awareness of the importance of life insurance remains high: “Nearly one in three Canadian adults, or 8.4 million people, say they need life insurance or supplemental coverage”. we can read in their note of September 24, Canadian Life Insurance New Premium Jumps 10% in Second Quarter 2024.
“Total annual premiums for Canadian life insurance reached $522 million (M$) in the second quarter of 2024, an increase of 10%,” the authors said.
“Since the beginning of the year, new annual premiums have increased to $972 million, up 6% from the previous year. In the first half of 2024, the number of policies increased by 2%, compared to the results of the first half of 2023. » In the second quarter of 2024, the number of policies increased by 4%.
Growth in whole life insurance premiums
Breaking down the figures further, LIMRA says that annual total life insurance premiums reached $358 million, an increase of 13% in the second quarter. The growth in whole life insurance premiums is almost entirely due to the increase in participating products, it is specified. “In the first half of 2024, whole life insurance represented 68% of the total life insurance market in Canada. »
Universal life insurance premiums stood at $67 million, after three consecutive quarters of falling premiums. The number of policies has increased by 7% since the beginning of the year. Finally, new term insurance premiums increased 3% in the second quarter to $98 million.
The number of term insurance policies sold in the quarter also increased by 2%. “Since the beginning of the year, temporary insurance premiums represent 19% of the market share,” the authors concluded.
2024-10-03 20:38:27
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