Québec City - The market share of insurers with a Québec charter (personal insurance and damage insurance) grew from 44.8% in 2004 to 46.8% in 2005. These figures are taken from the annual report of the Autorité des marchés financiers (AMF) on insurance in Québec in 2005, which was tabled recently in the National Assembly by Finance Minister Michel Audet.
The market share of Québec personal insurance companies rose from 45.2% in 2004 to 47.1% in 2005. This growth was mainly attributable to solid performance in accident and health insurance, where their market share reached 54.9% in 2005. In addition, the market share of Québec damage insurers jumped from 44.2% in 2004 to 46.4% in 2005, on the back in particular of automobile insurance, where their market share stood at 57.7%.
Québec-chartered insurers that occupied a dominant position in personal insurance included Desjardins Financial Security Life Insurance Company, which held 18.7% of the market, Industrial Alliance, Insurance and Financial Services, with 10.0%, and SSQ, Life Insurance Company, with an 8.9% share of the market.
With respect to damage insurance, the most representative insurers with a Québec charter were Desjardins General Insurance, which held 9.2% of the market, Axa Assurances, with 8.9%, Promutuel Group, with 6.8%, La Capitale General Insurance, with 4.7% and l’Union Canadienne, compagnie d’assurance, with 3.6%.
The AMF report also shows that 309 insurers were licensed to transact business in Québec in 2005, namely 124 in personal insurance, 181 in damage insurance and four in personal and damage insurance. There were thus three fewer insurers than in 2004, i.e. two personal insurance companies and one mutual benefit society.
The 2005 report on insurance is available free of charge (in French only) on the AMF website.
The AMF is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers