Market share for insurers with a Québec charter nears 49% in 2007

Organization Insurance

Montréal – The Autorité des marchés financiers (AMF) has released the 2007 report on insurance following its tabling today in the Québec National Assembly by Minister of Finance Monique Jérôme-Forget. The report notes that the market share for insurers with a Québec charter (personal insurance and damage insurance) was up slightly from 48.3% in 2006 to 48.7% in 2007.

With respect to personal insurance, the market share for insurers with a Québec charter nudged up from 48.7% in 2006 to 48.9% in 2007. This positive growth is reflected in accident and health insurance and life insurance, whose respective market shares inched up from 55.6% to 56.4% and 38% to 38.3%. The market share for annuities, however, fell from 55.6% in 2006 to 52.9% in 2007. The market share for damage insurance companies with a Québec charter rose from 47.8% in 2006 to 48.6% in 2007. Results were primarily driven by automobile insurance, where market share stood at 59.8%.

Québec-chartered insurers with a dominant position in personal insurance included Desjardins Financial Security Life Insurance Company, which held 17.9% of the market, Industrial Alliance, Insurance and Financial Services, with 11.9% of the market, and SSQ, Life Insurance Company, with an 8.5% share of the market.

With respect to damage insurance, the most representative insurers with a Québec charter were Desjardins General Insurance, which held 9.3% of the market, Axa Assurances, with 9.2%, Promutuel Group, with 7.4%, La Capitale General Insurance, with 5.1% and The Personal General Insurance, with 3.2%.

Lastly, the report shows that 314 insurers were licensed to operate in Québec in 2007, namely, 121 in personal insurance, 189 in damage insurance and four in personal and damage insurance.

The 2007 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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