Insurance In Canada
Posted on 22. Feb, 2010 by admin in general
The important aspect in a Canadians life is played by the life and health insurance. They put their trust in this system, knowing that they are safe from bankruptcy in case of a severe disease, or that, if they might die, the family will receive a significant amount of money. Due to the large number of Canadians that have been employed in this industry, number that is significantly growing year by year, the forestry, chemicals and other Canadian traditional industries have been left behind. But this isn’t the only insurance sector Canadians turn to. After their health, the most important aspect is their house. Therefore, propriety insurance will provide protection for loses to buildings and contents. This generally covers theft, natural damages such as the ones inflicted by tsunamis, earthquakes, etc., vandalism, and rarely accidents, such as forgetting the oven open. When it comes to general insurances, nothing beats the automobile insurance system, because, first of all, its total premiums are more than for all other classes combined.The competition is strong between 230 private property and casualty insurers, and besides them, they are 27 life, accident and sickness insurers. But they are all in collaboration with the government, because, without its help, the industry wouldn’t be working so smooth. There are 28 active re-insurers in Canada, the first one being Munich Reinsurance Group. The policy wordings are written in French and English in Quebec, and in English in the rest of the country. The Canadian dollar can be used along with the US dollar, when writing down sums on policies. The premiums generally must be paid 90 days after inception of the risk. In the event that an insured does not pay the premium, insurance companies have 15 additional days to effect cancellation of the policy.However, the United States is considered the key foreign market for Canada. A number of Canadian Insurance Industries have substantial interest beyond the US, for example South East Asia, Latin America and Europe.Canadians are well aware of the fact that if they are not insured and something goes wrong, they have no other choice but to hit bankruptcy, hoping that they will solve the problem. So, they choose to sign policies that will help them get over almost anything, for a small amount of money paid monthly or even annually. An example worth taking, isn’t it?