The importance of Insurance in Canada
In Canada, they have developed systems in place for the benefit of their people. These systems include access to cheap healthcare and education. Despite the sustainable systems, Canadian people tend to get different kinds of insurance coverage. These include health insurance, life insurance, & even home insurance.
Getting insurance adds an extra layer of protection by helping the policyholder pay for damages sustained by sudden accidents. These could include property damaged by fire or even the death of the policyholder themselves.
Different types of Insurance that are common in Canada
There are many different types of insurance that are common in Canada. Some of the more popular ones include
1. Property Insurance
One of the most common types of insurance in Canada is property. Due to extreme weather conditions, citizens tend to get their properties insured so that they can cover the damage that occurs due to bad weather.
This could include damage sustained by the house during extreme snowfall or a hailstorm. Furthermore, people who have mortgages are required by the law to get property insurance.
Property insurance policies usually don’t include the policyholder’s assets inside the house. However, people also tend to pay an extra premium to get their assets insured. There are different types of property insurance.
Personal property insurance includes Home Insurance and Tenant’s Insurance, etc. Since these are personal property and are not used for business.
2. Corporate Insurance
Corporate or Business Insurance secures the policyholder’s business. There are different types of coverage that business insurance provides. Some policies specifically cover the policyholder’s property. This refers to the property that is being used for the business.
Other policies provide coverage for possible damage or bankruptcy that the business could face. Thus, becoming a form of protection for the business itself and helping it recover in case of damage or loss.
3. Life Insurance
Life insurance is also a fairly common type of insurance in Canada. People tend to live longer, healthier lives in Canada because they have an excellent healthcare system. Despite this, people still tend to get Life insurance coverage.
Life Insurance essentially protects the policyholder’s family from financial strain after the death of the policyholder. There are many insurance companies that offer excellent life insurance policies with acceptable premiums that most people can afford.
The top 3 best providers of Insurance in Canada
There are many Insurance companies in Canada and most of them are providing excellent services to their customers. Some of the very best providers of insurance include
1. Power Financial
Power Financial is the second-largest holding company in Canada with assets of around 418.585 billion Canadian dollars. This company invests in other companies (including insurance companies) that are relevant to the financial sector.
Their insurance sector operates under the name LifeCo and offers a wide range of types of insurance to customers. They also offer corporate insurance and financial planning advice to both individual customers and corporate customers.
Power Financial is not limited to just Canada and they offer their services in the U.S, European countries, and even various Asian Countries.
2. Sun Life Financial
Sun Life Financial is also one of the largest insurance companies in Canada. Its total assets amounted to 258.238 billion Canadian dollars in 2016, which is one of the largest in the world. It also had a market capitalization of around $31 billion dollars in 2018.
This insurance company is famous for its life insurance policies. In addition to life insurance, it also offers health insurance, corporate insurance, and liability insurance policies. They have excellent services in terms of giving financial advice to new corporations as well.
Sun Life Financial is an international company, with branches all over the world. Countries that this insurance company operates in include the United Kingdom, the United States, and even countries in Asia.
This insurance company is also one of the oldest in the world. It started operating in the 1900s and has been offering great services since then.
3. Fairfax Financial
Fairfax Financial is also one of the best providers for insurance in Canada. It operates in Toronto and its total assets amounted to around 58.473 billion Canadian dollars in 2016.
Fairfax Financial offers a variety of different types of insurance including property insurance, reinsurance, and investment insurance. They also give financial advice to young investors and start-ups. This company has recently also established itself in the United States.
The company has been serving individual clients and businesses since the 1900s which also makes it one of the oldest, and well established, insurance companies in the world.
Thus, Canada has many insurance companies that successfully offer decent services to their clients. However, Fairfax Financial, Sun Life Financial, and Power Financial are one of the oldest and best insurance providers.