![Insurance Survey A Group of businesspeople sitting in meeting and listening to female colleague](/content/dam/munichre/global/images/royalty-free/GettyImages-1297311790.jpg/_jcr_content/renditions/original.image_file.6000.2000.0,763,6000,2763.file/GettyImages-1297311790.jpg)
2024 Individual Insurance Survey
State of the Industry
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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
![individual-life-new-business-premiums Bar chart describing the individual life new business premiums](/content/dam/munichre/canada/life/images/graphics-2024/individual-life-new-business-premiums.png/_jcr_content/renditions/original./individual-life-new-business-premiums.png)
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.
![critical-illness-new-business-premiums Bar graph showing the critical illness new business premiums](/content/dam/munichre/canada/life/images/graphics-2024/critical-illness-new-business-premiums.png/_jcr_content/renditions/original./critical-illness-new-business-premiums.png)
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.
![New business placement breakdown Graphic chart showing the 2023 Individual Life and Critical Illness new business placement breakdown](/content/dam/munichre/canada/life/images/graphics-2024/revised%20donut-charts-en.jpeg/_jcr_content/renditions/original./revised%20donut-charts-en.jpeg)
- 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.
![Carrie Lam Carrie Lam](/content/dam/munichre/contentlounge/website-pieces/experts/Carrie-Lam.jpg/_jcr_content/renditions/original.image_file.120.120.file/Carrie-Lam.jpg)
![Sophie Provencher Sophie Provencher](/content/dam/munichre/contentlounge/website-pieces/experts/Sophie-Provencher.jpg/_jcr_content/renditions/original./Sophie-Provencher.jpg)