How many CGA's are there in ontario and in canada?

The size of the market for various insurance products in Ontario Canada

• Size of the insurance markets in Ontario. I am interested in determining the size of the market for the following insurance products in Ontario, Canada. - Life insurance policies - an estimate of the number of people between the age of 20-50 who are covered by life insurance that they have purchased themselves. I would also like to have an estimate of the number of people to whom a new or additional policy might be sold. I would like to know the total value of insurance premiums paid for life insurance in Ontario in the last two years. - Home fire insurance - I would like to know the number of dwellings - houses, town houses and condominiums that are covered by fire insurance and the average cost of a policies for each. I would also like to know the total value of premiums paid in the last two years for home insurance policies in Ontario. - Auto insurance - I would like to know how many residents of Ontario are covered by auto insurance vs the number of drivers. I would like to know the total value of premiums paid for auto insurance in Ontario in the last two years.

• Answer:

  <Ontario insurance market. Estimate of the number of people aged 20 to 50 in Ontario with personal life insurance ? 3,345,131 Population - 12,599,364 Approximately 45% aged 20 to 50 59% with personal insurance. ------------------------------------- An estimated 41% or 1,371,503 people could be sold a new or additional policy. A survey has shown that between 37% and 45% of people have inadequate policies. ------------------------------------- The latest figures that the life insurance industry has available are for 2004 and 2003. Life insurance coverage end of 2004. Individual ? $585,382 million Group ? $493,982 Life insurance purchases Individual ? $74,029 million Group ? $30,064 million Premium income Individual $4,116 million Group $1,731 million At the end of 2004, about 6.8 million residents of Ontario owned $1.1 trillion of life insurance. For Ontario residents with life insurance, the average amount of coverage per insured individual was $157,900 at year end compared with the national average of $149,400. During 2004, $104.1 billion of life insurance was purchased in Ontario. This represented 41.65 of the $250 billion of life insurance purchased by all Canadians. 71% of new life insurance protection was bought on an individual basis. Individual life insurance totalled $74 billion for the year. During 2004, about 335,000 individual life insurance policies were purchased in Ontario. The average size of new individual policies was $221,000. Source: The Canadian Health and Life Association. http://www.clhia.ca/prov/fact2004_on.pdf Insurance is a $30.8 billion business in Ontario. In 2004, 43.3 percent of premium dollars went to the life insurance industry and 55.7 percent went to the property and casualty insurers. Of the $13.3 billion spent on life insurance, 22.1 percent went to buy annuities, 40.6 percent to purchase individual and group life coverage and 37.3% to obtain accident and sickness insurance. Individual life policies direct written in Ontario - $3,843 million. In 2004, there was $3,790 million worth of property insurance premiums written in Ontario. Automobile premiums were $9,699 million (56.5 percent of P&C premiums)in 2004. This report also gives a breakdown of the value of premiums written and claims by each insurance company in Ontario. Source: Financial Services Commission of Ontario. http://www.ontarioinsurance.com/english/pubs/annualreports/SupReportEN-2004.pdf In 2003, insurance was a $31 billion business in Ontario. 45 percent of the total preium dollar, went to the life insurance industry and 54.1% went to the property and casualty industry. Property insurance premiums were $4,011 million (23.9%). $14 billion was spent on life insurance: annuities ? 19.8% individual and group life coverage ? 40.5% accident and sickness insurance ? 39.7% Automobile premiums - $9506 million ? 56.8% Property $4,011 million ? 23.9% http://www.ontarioinsurance.com/english/pubs/annualreports/supt_report.pdf ------------------------------------------ Net premiums written for personal property in 2004 - 5,079,000,000, 15.3% of total premiums. This report gives figures from 1984 to 2004. Source: IBC. http://www.ibc.ca/pdffiles/publications/brochures/consumer/FactsBook2005.pdf ---------------------------------------- 70 percent of Canadians have life insurance. 61 percent of those covered review it less than once a year. When asked what they consider to be the most difficult part about buying life insurance, Canadians with coverage offered a variety of responses, but the most prominent relate to difficulty choosing the right coverage and policy terms (34 per cent), which includes deciding on the right kind of coverage (16 per cent), deciding on the amount of coverage (11 per cent) and understanding the policy (7 per cent). LIMRA International research found that 45 per cent of widows and 37 per cent of widowers said that the life insurance coverage their spouse had was inadequate. Half (48 per cent) of Canadians say they purchased life insurance on their own, one quarter (26 per cent) say they have coverage both at work and on their own, and 24 per cent say they only have coverage through work. 71 percent of Ontarians have life insurance. Source: RBC Insurance/Ipsos-Reid survey http://www.insurance-canada.ca/consinfolife/RBC-Insurance-Current-410.php LIMRA research shows that many people procrastinate, even when they know they need more life insurance. In a LIMRA survey of both buyers and nonbuyers of life insurance, 4 in 10 of the nonbuyers said they were afraid of making the wrong decision, half said they couldn't decide how much to buy, and 70 percent said they couldn't afford it. Source: LIMRA http://www.insurance-canada.ca/consinfolife/LIMRA-Survey-Life-Insurace-603.php 52% of retirees have life insurance. Source: Desjardins' SOM survey http://www.camagazine.com/index.cfm?ci_id=14137&la_id=1 In 2004, 59% of canadians had personal life insurance compared to 63% in 2003. Source: Desjardins' SOM survey http://www.dsf-dfs.com/NR/rdonlyres/280DB969-382C-4D03-9346-C733B8617F59/0/Healthsurvey_report_2004.pdf -------------------------------------- A study by the British Columbia government found that 96% of homeowners have fire insurance. http://64.233.183.104/search?q=cache:UIcGliKCgmcJ:grace.wharton.upenn.edu/risk/downloads/01-09-HK.pdf+%22percent+of+homeowners%22+cover+ontario+insurance&hl=nl&ct=clnk&cd=4 ---------------------------------- In 1996, the Ontario Minister responsible for auto insurance told a group of insurance executives that 10% to 20% of Ontario drivers don't have insurance. At the time, an estimated 800,000 drivers out of 4 million did not have proper insurance. Because no solid numbers exist, estimates regarding the number of uninsured drivers vary. Even the Insurance Bureau of Canada estimated that as many as 15% of Ontario drivers were operating without insurance. http://www.saveicbc.com/articles.mandate.cfm Police in Ontario estimate anywhere between eight and thirty percent of motorists drive uninsured. Source: In the Public Interest ? Auto Insurance in BC. By Rudy Lawrence. http://www.bcpolitics.ca/neweco_icbc.htm Ontario drivers pay an average annual automobile insurance rate of $2,383. Source: Consumers Association of Canada. The insurance Bureau of Canada disagrees saying that the average is $1,279. http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/1121777836495_22/?hub=TopStories ------------------------------------ Average expenditure per household in 2002. Personal insurance payments and pension contributions - $3,415 Automobile insurance premiums - $1384, automobile insurance premiums increased 8.4 percent from December 2002 to December 2003. Graph showing household spending on vehicle insurance premiums 1982 to 2002. Source: Canada?s Office of Consumer Affairs. http://strategis.ic.gc.ca/epic/internet/inoca-bc.nsf/en/ca02117e.html#a91 ------------------------------------ Ontario demographics Population, January 1, 2006 ? 12,599,364. Annual growth rate ? 1.1% Age distribution: 15-24 ? 13.5% 25-44 ? 30.3% 45-64 - 25.2% Source: Government of Ontario http://www.fin.gov.on.ca/english/demographics/dhi054.html Ontario population projections. http://www.fin.gov.on.ca/english/demographics/ ----------------------------- 2003, Homeowners insurance premiums index for Ontario ? 176.9 Source: Consumer Price Index December 2003. http://dsp-psd.tpsgc.gc.ca/Collection-R/Statcan/62-001-XIB/0120362-001-XIB.pdf New Brunswick ? average homeowners insurance premium - $340. Homeowner's pricing is looked at in terms of premium per $1,000 of coverage. In 2004, New Brunswick homeowners paid, on average, $2.70 of premium for every $1,000 in coverage. In 2005, they paid, on average, $2.32 per $1,000 worth of coverage, a reduction of 17.7%. This is at about 2001 levels, when the average price was $2.33 per $1,000 of coverage. At the same time, the average size of policy has gone up. Due to increased building costs and content replacement costs, the average amount of coverage has gone from $133,000 in 2004 to $146,000 in 2005. Source: Insurance Bureau of Canada http://www.ibc.ca/story.asp?sindex=213&return=0 Ottawa ? average homeowner pays between $300 and $400 for home insurance. Source: Home insurance made easy. By Kyle Rooks. http://www.carleton.ca/ottawainsight/2003/pfinance/s10.html Homeowners insurance premiums. Source: Statistics canada. http://www.cbc.ca/news/background/insurance/numbers.html <Additional links:> Consumer spending growth in Ontario is expected to rise 2.6 per cent in 2006 and 2007, and rise to 3.1% in 2008. Total Ontario households 2003 ? 4.39 million. Source: Statistics Canada. http://www.2ontario.com/welcome/oomp_502.asp Property & casualty insurance in Canada. In depth report about the industry. 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