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2024 Individual Insurance Survey

State of the Industry

_{August 2024}

Since its inception in 1991, Munich Re’s Individual Insurance Survey has provided the most comprehensive perspective of the Canadian Individual Life and Critical Illness insurance industry. It is the only publication of its kind that captures industry metrics and trends across business areas important to insurers – from sales and marketing all the way to claims. The survey’s pricing section includes wide-ranging topics including interest rates, expenses, mortality, and lapse assumptions. This year, the underwriting section was enhanced to expand its review of accelerated programs in Canada, which have now become firmly established in the life insurance application process.

We are truly grateful and appreciative of all the insurers that participate in our survey every year. It is through their effort and support that we are able to develop these insights. We hope that the publication provides value to all participants and their organizations. Please note that the detailed results of the survey are reserved for participating companies only.

Survey highlights

Bar chart describing the individual life new business premiums

Participants in the 2024 Individual Insurance Survey reported $2.22 billion of Individual Life new business premiums in 2023.
This is a 3% increase compared to 2022 and was driven by a 10% increase in Par / Adjustable Whole Life sales.

Bar graph showing the critical illness new business premiums

Participants reported $150 million of Critical Illness new business premiums in 2023.
This is a 9% increase compared to 2022 and was driven by a 13% increase in Level Pay sales.
It is the highest new business premium for Critical Illness reported for the market since 2017.

Graphic chart showing the 2023 Individual Life and Critical Illness new business placement breakdown

The 2023 Individual Life new business placement rate was 82%, with an average placement days of 20 days for Fully Underwritten and Simplified Issue combined.
For Critical Illness, participants reported a placement rate of 80%, with an average placement days of 19 days.

Please note that all survey respondents participate in the survey voluntarily, and the results are ultimately based on responses that we receive from the respondents. Munich Re, therefore, cannot represent or warrant the accuracy of the survey results. Because survey respondents are being asked to provide information that may be considered confidential and sensitive, we will not disclose the responses of any respondent to another, except on an aggregated and/or anonymous basis where the results of a particular respondent cannot be identified by another respondent.

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