Québec insurers held 44.1% market share in 2003


Québec City – The market share of insurers with a Québec charter (personal insurance and damage insurance) grew from 42.3% in 2002 to 44.1% in 2003. The figures are taken from the annual report of the Agence nationale d'encadrement financier (also known as the "Autorité des marchés financiers" or "AMF") on insurance in 2003, which was tabled in the National Assembly by Finance Minister Yves Séguin.

The market share of Québec personal insurance companies rose from 43.4% in 2002 to 45.6% in 2003. This growth was mainly attributable to annuities, where business by Québec insurers grew more rapidly that of other insurers. In addition, the market share of Québec damage insurers rose from 40.9% in 2002 to 42.2% in 2003, mainly due to their strong performance in automobile insurance.

The Québec insurers that occupied a dominant position in personal insurance included Desjardins Financial Security Life Insurance Company, which held 18% of the market, Industrial Alliance Insurance and Financial Services, with 10.1%, and SSQ, Life Insurance Company, with 8.5%.

With respect to damage insurance, the most representative insurers with a Québec charter were Desjardins General Insurance, which held 9.1% of the market, Axa Insurance, with 8%, Promutuel Group, with 6.1%, La Capitale General Insurance, with 4.1%, and l’Union Canadienne, compagnie d’assurances, with 3.3%.

The AMF report also shows that 311 insurers held a permit to carry on business in Québec in 2003, that is, 130 in personal insurance, 176 in damage insurance and five in personal and damage insurance.

The 2003 report on insurance is available in French only free of charge on the AMF website.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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