Montréal – The Autorité des marchés financiers (AMF) today released the 2006 report on insurance, which notes that the market share for insurers with a Québec charter (personal insurance and damage insurance) rose from 46.8% in 2005 to 48.3% in the past year.
This report, which was tabled today in the National Assembly by Minister of Finance Monique Jérôme-Forget, specifically reveals that the market share for insurers with a Québec charter in personal insurance grew from 47.1% in 2005 to 48.7% in 2006. This growth is due to the excellent performance posted by insurers in all areas of activity. More specifically, the market share for insurers with a Québec charter jumped from 37.2% to 38.0% in the area of life insurance, from 45.5% to 58.3% in annuities, and from 54.9% to 55.6% in accident and health insurance. With respect to damage insurance, the market share for insurers with a Québec charter stood at 47.8% in 2006, compared with 46.4% in 2005. These solid results are primarily due to automobile insurance, where market share was 58.8%.
Québec-chartered insurers with a dominant position in personal insurance included Desjardins Financial Security Life Insurance Company, which held 18.1% of the market, Industrial Alliance, Insurance and Financial Services, with 11.7% of the market, and SSQ, Life Insurance Company, with a 9.1% share of the market.
With respect to damage insurance, the most representative insurers with a Québec charter were Desjardins General Insurance, which held 9.4% of the market, Axa Assurances, with 8.6%, Promutuel Group, with 7.1%, La Capitale General Insurance, with 5.0% and l’Union Canadienne, compagnie d’assurance, with 3.8%.
The AMF report also reveals that 311 insurers were licensed to operate in Québec in 2006, namely, 124 in personal insurance, 183 in damage insurance and four in personal and damage insurance. This represents two more insurers than in 2005, both in the damage insurance sector. Of these 311 insurers, 82 are Québec-chartered, 22 of them in the personal insurance sector, 59 in damage insurance and one in personal and damage insurance.
The 2006 report on insurance is available (in French only) on the AMF website.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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