A recent Bain & Company report highlights a growing global protection gap in insurance — the difference between the coverage people need and what they actually have. While the demand for protection is rising, many individuals remain underinsured due to affordability issues, lack of trust, and confusing products.
For Canadian insurers, this presents both a challenge and an opportunity. Bain recommends a more personalized, accessible approach: offering simple, modular policies, using digital tools to streamline the customer journey, and building long-term trust through proactive engagement. As climate risks, economic pressures, and demographic shifts reshape consumer expectations, insurance providers must rethink how they deliver value. Bridging the protection gap isn’t just good business — it’s key to helping more Canadians feel financially secure. Now is the time for insurers to evolve from policy providers into true protection partners.
Read more on: Bain & Company