Canada Life Insurance Market Size & Outlook, 2020-2027

The life insurance market in Canada is expected to reach a projected revenue of US$ 69,200.1 million by 2027. A compound annual growth rate of 5.3% is expected of Canada life insurance market from 2021 to 2027.
Revenue, 2020 (US$M)
$48,062.3
Forecast, 2027 (US$M)
$69,200.1
CAGR, 2021 - 2027
5.3%
Report Coverage
Canada

Canada life insurance market highlights

  • The Canada life insurance market generated a revenue of USD 48,062.3 million in 2020 and is expected to reach USD 69,200.1 million by 2027.
  • The Canada market is expected to grow at a CAGR of 5.3% from 2021 to 2027.
  • In terms of segment, whole life insurance was the largest revenue generating product in 2020.
  • Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.


Life insurance market data book summary

Market revenue in 2020USD 48,062.3 million
Market revenue in 2027USD 69,200.1 million
Growth rate5.3% (CAGR from 2020 to 2027)
Largest segmentWhole life insurance
Fastest growing segmentUniversal Life Insurance
Historical data2016 - 2019
Base year2020
Forecast period2021 - 2027
Quantitative unitsRevenue in USD million
Market segmentationWhole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance
Key market players worldwideMetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H


Other key industry trends

  • In terms of revenue, Canada accounted for 4.6% of the global life insurance market in 2020.
  • Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
  • In North America, U.S. life insurance market is projected to lead the regional market in terms of revenue in 2027.
  • U.S. is the fastest growing regional market in North America and is projected to reach USD 848,135.4 million by 2027.

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Life Insurance Market Scope

Life insurance market segmentation & scope
Whole Life Insurance
Term Life Insurance
Universal Life Insurance
Variable Universal Life Insurance
Agency
Broker
Bancassurance
Digital & Direct Channels
Individuals
Corporate houses/Business Units
Others (Govt. agencies and NGOs

Life Insurance Market Companies

Name Profile # Employees HQ Website

Canada life insurance market outlook

The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to life insurance market will help companies and investors design strategic landscapes.


Whole life insurance was the largest segment with a revenue share of 34.09% in 2020. Horizon Databook has segmented the Canada life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.


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Target buyers of Canada life insurance market databook

  • Our clientele includes a mix of life insurance market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada life insurance market, including forecasts for subscribers. This country databook contains high-level insights into Canada life insurance market from 2016 to 2027, including revenue numbers, major trends, and company profiles.

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Canada life insurance market size, by product, 2016-2027 (US$M)

Canada Life Insurance Market Share, 2020 & 2027 (US$M)

Canada life insurance market size, by product, 2016-2027 (US$M)

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