An Overview
Summary: Although many in the U.S. view Canada as merely an extension of this country, it is not. Canada has its own rich history, culture, and tradition. This history extends into the business world and into the business of insurance.
While the Canadian insurance industry operates in a similar fashion to that in the U.S. , there are many differences. This treatment gives an overview of insurance in Canada .
Within Canada , insurance practice varies from province to province. And where Quebec is concerned, there are many differences.
Topics Covered: Introduction Regulation Types of insurance available Financial results Items of interest Top ten Canadian insurers
Introduction
Property and casualty insurance in Canada is often referred to as general insurance. This treatment uses those terms interchangeably.
The Canadian general insurance industry consists of over 230 private companies, with annual premiums of more than $18 billion. The premiums are well dispersed, with no company having a market share of greater than 8 percent. The general insurance industry in Canada employs over 100,000 people. Of that 100,000 employees, about 60 percent work for stand-alone intermediaries and 40 percent for companies.
In addition, the governments of Manitoba and Saskatchewan operate monopolies selling auto insurance. In Quebec the government provides the bodily injury portion of auto insurance and in British Columbia, the Insurance Corporation of British Columbia has a government sanctioned monopoly on auto coverage. Automobile insurance accounts for more written premium in Canada than all other lines combined.
Almost 68 percent of the written premiums are with foreign owned insurers.
The only other mandatory line of insurance in Canada is workers compensation.
This premium content is locked for FC&S Coverage Interpretation Subscribers
Enjoy unlimited access to the trusted solution for successful interpretation and analyses of complex insurance policies.
- Quality content from industry experts with over 60 years insurance experience, combined
- Customizable alerts of changes in relevant policies and trends
- Search and navigate Q&As to find answers to your specific questions
- Filter by article, discussion, analysis and more to find the exact information you’re looking for
- Continually updated to bring you the latest reports, trending topics, and coverage analysis
Already have an account? Sign In Now
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected]