Canadian Insurance Companies Need to Do More to Attract Younger Clients: Study

The Canadian Press, March 14, 2013 | Go to article overview

Canadian Insurance Companies Need to Do More to Attract Younger Clients: Study


Insurance companies need to diversify: study

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TORONTO - Canadian insurance companies need to refocus their business strategies if they want to stay competitive amid a slow economy and a changing customer base, says a report released Thursday by auditing firm Ernst & Young.

The 2013 Canadian Life Insurance Outlook cautions that insurance providers need to adjust the products that they currently offer, and assess whether they are the most cost effective given current low interest rates.

"They have to change the products that they're selling, stop offering long-term products, reprice the products they have or shift that risk to the policy holder," said Doug McPhie, author of the report and partner at Ernst & Young.

McPhie said low interest rates impact insurance companies because premiums will not yield anticipated returns when invested, thus making it less profitable for the companies to offer large policies.

Last week, the Bank of Canada announced it was leaving its overnight policy rate at one per cent.

The annual study also encouraged insurance companies to offer diverse products, given their size. …

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