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7/25/2019 Canada - Insurance Trade-market
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CandaInsurance market. Report
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Why CANADA ?
Canada has the 1th (nominal) or 15th-larest (!!!) economy in the"orl# (measure# in $% #ollars at market e&chane rates)' is one o the
"orl#s "ealthiest nations' an# is a mem*er o the +ranisation or
,conomic Co-operation an# Deelopment (+,CD) an# roup o
%een (/). As "ith other #eelope# nations' the Cana#ian economy is
#ominate# *y the serice in#ustry' "hich employs a*out three 0uarterso Cana#ians. Cana#a is unusual amon #eelope# countries in the
importance o the primary sector' "ith the loin an# oil in#ustries *ein
t"o o Cana#as most important. Cana#a also has a sia*le manuacturin
sector' *ase# in Central Cana#a' "ith the automo*ile in#ustry an# aircrat
in#ustry *ein especially important. With a lon coastline' Cana#a has the2th larest commercial ishin an# seaoo# in#ustry in the "orl#.3Cana#a
is one o the lo*al lea#ers o the entertainment sot"are in#ustry.
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Purpose of InsuranceWhat is insurance and why is it important?
4he maor unction o !6C insurance... is simply to restore your property an#possessions or *usiness to the point it "as *eore the insura*le inci#ent occurre#' to re-
esta*lish normalcy in your lie. 4he economic structure o the insurance in#ustry is *uilt
aroun# a system in "hich the cost o the losses o the e" is share# amon the many.
Insurance can *e ie"e# as a lare pot into "hich all premiums are place#. 4he pot has to
proi#e or payment o the losses o those "ho hae claims' the cost o runnin the
*usiness' plus a reasona*le proit or the proi#er.
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Insuranceis all a*out manain risk an# proi#in inancial
compensation in the eent o a loss. enerally' the risks people
ace all into the ollo"in cateories7
Personal risk!eople are their o"n reatest asset. 8inancial loss "ill almost al"ays accompany the loss
o one9s health or lie.
Property risk!eople "ill incur a inancial loss "hen o"ne# property is #estroye# or #amae#.
Liability riskWhen people9s action result in inury or #amae to others' the la" enerally proi#es that
they *e hel# inancially responsi*le.
In Cana#a' an insurance policy can *e purchase# #irectly rom a
company' rom an insurance aent o a company' or rom an
insurance *roker "ho a#ises you on your appropriate coerae
an# shops on your *ehal amon a choice o recommen#e#
proi#ers.
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Types of InsuranceWhat is property & casualty insurance?!roperty an# casualty (!6C) or eneral insurance inoles all types o insurance other
than lie an# health insurance. It inclu#es7
Automobile insuranceAutomo*ile insurance premiums represent more than ity percent (5:;) o all
property an# casualty premiums in Cana#a.
All ehicles *y la" hae to *e insure# or thir# party lia*ility at a minimum.
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Property insurance
!ersonal an# *usiness properties represent the secon# larest source o premiums toinsurers.
>ome o"ners "ith mortaes are leally re0uire# to insure their property aainst loss or
inury to others. omeo"ner9s insurance
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Business InsuranceCommercial property insurance reers to insurance policies proi#e# or property hain a
*usiness use. In a##ition to proi#in coerae or loss' #amae an# lia*ility issues' on
*oth the premises an# contents' *usiness o"ners *uy protection or the in#irect loss o*usiness costs associate# "ith hain to suspen# operations "hile recoerin rom an
inci#ent.
Liability insurance@ia*ility insurance proi#es protection "hen the policy hol#er is inancially responsi*le
or inury or #amae they cause to others. !remiums rom lia*ility insurance represent the
thir# maor source o income to insurers.
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In Cana#a are 7main cateories o
@ie Insurance - T!"
P!"A##T
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T!"
N+ CA%> BA@$,
,AR% =,8+R,
R,N,WA@
(1:' :' :)
,E!IR,% A4A, +8 2: +R 25
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ou can also choose 7
T!" $%%@,B,@ !R, BA@$,N,B,R ,ND%
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P!"A##T@ie Insurance>as aain main cateories 7W>+@, @I8,
$NIB,R%A@ @I8,
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P!"A##Tni'ersal Life=roken !olicy
@ie insurance an# inestments are separate# into
#ierent parts.
Returns are i&e# to the stock an# *on# markets
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P!"A##TWhole Life
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4he Cana#ian oernment reulate the Insurance Companies an# the Insurance policy
is reulate# also *y the oernment contract ' calle# Assuris .
Insurance Companies in Cana#a . >ae *een aroun# since 12/: . 4here is @onestRunnin an# @arest Companies in Cana#a . 4here are @i0ui# an# %ecure an# there
pay Claims "hen you nee#.
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4he 5 =iest Canadian Insurance Companies
1.
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