Critical Illness provides new opportunities for growth in Canadian Group Insurance
Munich Reinsurance Company Canada Branch (Life) published its latest Group Critical Illness Insurance survey. The survey validates the recent critical shifts that have led to an exceptionally strong market growth in Canada, approaching $400 million in annual premium in 2013.
“The market is still underpenetrated and the potential for growth in group critical illness insurance is enormous. We see two very important emerging themes coming from the survey: momentum and accelerated growth, and these bode well for the future.” says Faizel Alladina, Vice President, Group Reinsurance.
The market for traditional employer/employee and affinity groups has more than doubled between 2010 and 2013; It now accounts for $137 million in annual premium, or 38% of the total group critical illness insurance market.
Product innovation continues at a swift pace as the industry is gearing up for growth and increased competition. Munich Re is a committed supporter of the group critical illness insurance market, which it has surveyed for more than two decades, and is its leading reinsurer in Canada.
"We truly value our partnership with insurance companies and we would like to thank all the participants for completing the survey. We are very proud to help the industry define the future, and group critical illness insurance is definitely part of that.” adds Richard Letarte, Senior Vice President, Group and Caribbean Market.
Munich Reinsurance Company Canada Life and Health reinsurance team serves clients across Canada and in the Caribbean from offices in Toronto and Montreal. Munich Re is the leading reinsurer in Canada and has a significant market position in all lines of Life and Health reinsurance.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
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