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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