Insurance In Canada

The Insurance industry in Canada is very mature and growing and like many other developed nations it is an important part of the financial system to protect the economy against risk of financial loss. Both life and health insurance play a significant role in Canadian insurance. But now there are wide varieties of insurance policies are available. Banks and other financial institutions have actively participated in the insurance business in the country, with the Office of the Superintendent of Financial Institutions acting as the regulatory body.

Canada has a public funded universal healthcare insurance system “Medicare” which provide healthcare services to citizens of Canada by providing the financial help for basic medical treatment.

Unemployment insurance is available in Canada through the Canada Employemt Insurance Financing Board which provides payments depending on the status of the person.
There are mainly 3 types of life insurance available in Canada , they are – Term life insurance , Permanent life insurance, Universal Life insurance.
Special types of Property and casualty insurance in Canada includes Fidelity Insurance or fidelity bonds which are purchased by organizations to protect them against the dishonest acts of their employees.
Marine and aircraft insurance includes protection for losses to vessels, cargo, and Liability to passengers.

Insurance Companies In Canada:
Leading insurance Companies in Canada including both life insurance and non-life insurance on the basis of their gross written premiums are as follows:

Major Life Insurance Companies:

Sun Life Insurance Canada
London Life Insurance
Great-West Life Insurance
Industrial Alliance
AIG Life Insurance
RBC Life Insurance

Major Non-Life Insurance Companies:

ING Insurance
Aviva Canada Insurance
Economical Ins Group
Royal & SunAlliance
Wawanesa Mutual
Meloche Monnex Group

 

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Last Updated on : 6th June 2013