18. How Does the Insurance Industry Work?
A) Providing insurance policies to consumers and businesses for the premiums, paid by the policy holders.
B) The insurance companies' profit is the difference between the premiums collected (plus investment returns) and the claims paid to policy holders.
C) Insurance companies employ underwriting operations to evaluate the risks and insurability of applicants. If the risks are acceptable, policies are approved and contracted with the policy holders.
19. Insurance Products:
Property and Casualty (P&C) Insurance: Provides protection against loss of property (e.g., Home, Auto, Commercial property, Liability)
Life and Health Insurance: Term, Whole life, and Universal life policies * Plus Group life, Medical, and Dental care plans
Investment Vehicles: Segregated funds * Annuities
20. The Insurance Industry's Players:
1. Manufacturers are the insurance companies who create the insurance products and underwrite the insurance policies.
2. Distributors are the companies and individuals who act as agents.
21. The Insurance Industry in Canada:
198 property and casualty insurance companies
156 Life and health insurance companies
56 of the largest insurance companies in Canada have evolved into sophisticated financial services beyond traditional insurance.
Some of the largest insurance companies offer banking and investment products.
22. Largest Insurance Companies in Canada:
* Manulife Financial * Canada Life Assurance Co. * Sun Life Financial * Power Financial * Fairfax Financial * Industrial Alliance Insurance * Desjardins Group * Intact Financial
23. Canadian Insurance Industry:
* Manulife, Great-West, and Sun Life are among the 15 world’s largest life and health insurance companies.
* Served in 2018: 29 million Canadians.
* P&C insurers wrote direct premiums for home, auto, and business in 2017: $54.7 billion.
* The life and health insurance industry in 2018: 155,200 employees
* The P&C insurance industry in 2017: 126,200 employees
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