Canada Creditor and Travel Insurance Market Report 2024-32

Canada Creditor and Travel Insurance Market Report by Type (Creditor Insurance, Travel Insurance), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112025A24024

Buy Now New Year Sale

Canada Creditor and Travel Insurance Market Overview:

The Canada creditor and travel insurance market size reached US$ 270 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1400 Million by 2032, exhibiting a growth rate (CAGR) of 19.20% during 2024-2032. The rising consumer awareness, increasing travel frequency, stringent financial regulations, the growing demand for financial security, the expansion of digital platforms for insurance services, and enhanced product offerings tailored to diverse customer needs are some of the major factors driving the growth of the market.

Report Attribute	Key Statistics
Base Year	2023
Forecast Years	2024-2032
Historical Years	2018-2023
Market Size in 2023	US$ 270 Million
Market Forecast in 2032	US$ 1400 Million
Market Growth Rate (2024-2032)	19.20%

Canada Creditor and Travel Insurance Market Trends:

Rising Consumer Awareness and Financial Security Demand

Canadians are increasingly recognizing the importance of protecting their financial health and assets which is fueling the market growth. This heightened awareness drives the demand for creditor and travel insurance policies, as individuals seek to safeguard their finances against unexpected events and emergencies. For instance, in January 2024, InsureMyTrip, Canada's rapidly growing travel insurance comparison website announced the addition of Travelex Insurance Services Canada Inc. to its portfolio of travel insurance providers. InsureMyTrip's Canadian travelers now can select travel protection plans provided by Travelex, part of the Zurich family of global brands. This new partnership further enhances InsureMyTrip.ca's commitment to delivering a comprehensive range of insurance options catering to the diverse needs of Canadian travelers. The newly launched InsureMyTrip.ca is set to become the premier destination for travel insurance comparisons in Canada. The website caters to both Canadian-based travelers and visitors to Canada, offering an extensive selection of plans. These include all-inclusive plans for both domestic and international travel, emergency medical plans, trip cancellation options, and Visitor-to-Canada (VTC) plans.

Increasing Household Debts

The rising household debt is a major concern in Canada, prompting individuals to seek financial safeguards against the risk of loan defaults which is contributing to the growth of the market. As Canadians take on more mortgages, car loans, and personal loans, creditor insurance becomes an essential tool for managing financial risk. This insurance helps borrowers ensure that their debt obligations will be covered in the event of unforeseen circumstances like job loss, disability, or death, providing peace of mind and financial security. According to Canada Statistics, Canada has the highest household debt to disposable income ratio in the G7, at 185% compared with an average of 125% for all G7 countries. In 2023, the disposable income of young households rose by 2.5%, reflecting broad-based wage increases, while their average net saving rose by 9.2%. The household debt-to-income ratio of young households fell to 165.2% in the third quarter of 2023, about 10 percentage points below its level during the same quarter in 2022. Among those less than 35 years of age, the ratio of interest costs to disposable income rose 2.4 percentage points to 9.7% in 2023. Essentially, young households spent 10 cents of every dollar earned towards servicing their debt, up from around 7 cents in 2022.

Canada Creditor and Travel Insurance Market News:

In January 2024, Securian Canada partnered with the Canadian Automobile Association (CAA) to introduce a range of new life, health, and dental insurance solutions. The partnership brings these new products plus a digital-first customer experience to CAA’s expansive membership base, totalling over seven million nationwide. They will gain access to insurance offerings at preferred prices through a user-friendly platform.
In January 2024, Blue Cross, a renowned insurance provider trusted across Canada, and Blink Parametric, an innovative Ireland-based InsurTech company, announced an extension of their partnership for another three years. The reason behind this enduring partnership is the shared goal of providing stress-free travel experiences to Canadian travelers. With the increasing need for risk management during travel, as highlighted in the latest Blue Cross Travel Study, this collaboration aims to offer real-time solutions for flight disruptions.

Canada Creditor and Travel Insurance Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type.

Type Insights:

Creditor Insurance
- Product Type
  - Life Insurance
  - Disability Insurance
  - Job Loss Insurance
  - Critical Illness Insurance
- Customer Type
  - Individual Borrowers
    - Personal Loans
    - Mortgages
    - Credit Card Balances
  - Small and Medium Enterprises
    - Business Loans
    - Lines of Credit
- Distribution Channels
  - Banks and Financial Institutions
  - Insurance Companies
  - Credit Unions
  - Mortgage Brokers and Financial Advisors
  - Online Platforms
Travel Insurance
- Product Type
  - Trip Cancellation/Interruption Insurance
  - Emergency Medical Insurance
  - Baggage Insurance
  - Accidental Death and Dismemberment Insurance
  - Comprehensive Travel Insurance
- Customer Type
  - Leisure Travelers
  - Business Travelers
  - Students
  - Senior Citizens
  - Adventure Travelers
- Distribution Channels
  - Insurance Companies
  - Travel Agencies
  - Banks and Credit Card Companies
  - Online Platforms

The report has provided a detailed breakup and analysis of the market based on the type. This includes creditor insurance [product type (life insurance, disability insurance, job loss insurance, and critical illness insurance), customer type (individual borrowers {personal loans, mortgages, and credit card balance} and small and medium enterprises {business loans and lines of credit}), and distribution channels (banks and financial institutions, insurance companies, credit unions, mortgage brokers and financial advisors, and online platforms)] and travel insurance [product type (trip cancellation/interruption insurance, emergency medical insurance, baggage insurance, accidental death and dismemberment insurance, and comprehensive travel insurance), customer type (leisure travelers, business travelers, students, senior citizens, and adventure travelers), and distribution channels (insurance companies, travel agencies, banks and credit card companies, and online platforms)].

Regional Insights:

Ontario
Quebec
Alberta
British Columbia
Others

The report has also provided a comprehensive analysis of all the major regional markets, which include Ontario, Quebec, Alberta, British Columbia, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Canada Creditor and Travel Insurance Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Region
Types Covered	Creditor Insurance: Product Type (Life Insurance, Disability Insurance, Job Loss Insurance, Critical Illness Insurance), Customer Type (Individual Borrowers {Personal Loans, Mortgages, Credit Card Balance}, Small and Medium Enterprises {Business Loans, Lines Of Credit}), Distribution Channels (Banks and Financial Institutions, Insurance Companies, Credit Unions, Mortgage Brokers and Financial Advisors, Online Platforms) Travel Insurance: Product Type (Trip Cancellation/Interruption Insurance, Emergency Medical Insurance, Baggage Insurance, Accidental Death and Dismemberment Insurance, Comprehensive Travel Insurance), Customer Type (Leisure Travelers, Business Travelers, Students, Senior Citizens, Adventure Travelers), Distribution Channels (Insurance Companies, Travel Agencies, Banks and Credit Card Companies, Online Platforms).
Regions Covered	Ontario, Quebec, Alberta, British Columbia, Others
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request

Key Questions Answered in This Report:

How has the Canada creditor and travel insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Canada creditor and travel insurance market?
What is the breakup of the Canada creditor and travel insurance market on the basis of type?
What are the various stages in the value chain of the Canada creditor and travel insurance market?
What are the key driving factors and challenges in the Canada creditor and travel insurance?
What is the structure of the Canada creditor and travel insurance market and who are the key players?
What is the degree of competition in the Canada creditor and travel insurance market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Canada creditor and travel insurance market from 2018-2032.
The research report provides the latest information on the market drivers, challenges, and opportunities in the Canada creditor and travel insurance market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Canada creditor and travel insurance industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Purchase Options New Year Sale

Inquire Before Buying

Speak to an Analyst

Request Brochure

Request Customization

Benefits of Customization

Personalize this research
Triangulate with your data
Get data as per your format and definition
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.