General Insurance Industry

General insurance (property and casualty, or “P&C” insurance) is a promise to pay (reimburse) should certain things go wrong. Insurance replaces uncertainty with a degree of certainty, providing financial peace of mind in a world filled with risk. The basic principle of general (non-life) insurance is that the fees or “premiums” (and often the investment income derived from those premiums) of all participants or “policyholders” pay for the losses of an unfortunate few. It’s a way of sharing financial risk.

General insurance covers not only our possessions but also our liability (responsibility) to others for financial losses they may suffer because of our mistakes.

The Canadian property and casualty or “general” insurance industry includes the people and resources involved in providing all types of insurance other than life and health insurance. Automobile insurance, insurance for homeowners and tenants, as well as a variety of commercial or business-oriented lines of insurance such as liability or business interruption, account for most of the “P&C” insurance sold in Canada.

The private property and casualty insurance industry in Canada provides insurance protection for most homes, motor vehicles and commercial enterprises throughout the country.

About 230 private “P&C” insurers actively compete in Canada. In addition, the compulsory component of auto insurance is provided exclusively by government-owned auto insurers in British Columbia, Saskatchewan and Manitoba. The bodily-injury portion of automobile insurance in Quebec is provided by a government-owned insurer.
Terrorism – Insurance and Reinsurance

Due to the diversity of property insurance choices offered to customers, the Insurance Bureau of Canada recommends that residential and commercial policyholders contact their insurance provider(s) to verify the coverage under their policies.

February 11, 2018