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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 availableFinancial resultsItems of interestTop 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.

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