Top 10 Things You Should Know About The Insurance Business
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The insurance business is complex and complicated and there are a lot things people don’t know or don’t understand about it so we put together the top 10 things you should know about the insurance business to hopefully help demystify, correct and clarify a few important things that we feel you should know about the insurance business. In addition, part of the reason we prepared and shared this post on the top 10 things you should know about the insurance business, and more specifically the Property & Casualty (i.e. not life and health) insurance business is because we are passionate about the insurance business and the valuable role it plays in society. For example without the insurance business the world would be a very different place as people and businesses alike wouldn’t have and continue to take risks around things like transportation, travel, commerce, innovation, product development, construction, manufacturing etc if it wasn’t for insurance. Moreover, the insurance business is ultimately about helping people when they need it most and that is the foundation upon which the unique Canadian business insurance brokerage ALIGNED Insurance was built upon due to it’s founder, President & CEO’s, Andrew Clark, personal experience with insurance that you find out more about here.
So…What Are The Top 10 Things You Should Know About The Insurance Business?
- The insurance business globally is huge and roughly $5.8 trillion dollars is spent on property & casualty insurance alone each year and about $50 billion of that is spent in Canada.
- Insurance companies regularly operate at a loss for certain products, geographies etc. as a result of paying out billions in claims each year.
- Both insurance companies and insurance distribution companies are for profit organizations and need to make a profit in order to continue to operate.
- It’s important to know the difference between your insurance company and the organization that sold you the insurance policy which is typically an insurance broker.
- It’s important to understand the relationship between the organization selling you insurance and the organization providing you with insurance as many insurance companies own some or all of the companies that sell their products.
- There are over are over 36,000 insurance brokerages in Canada and most special in personal lines insurance.
- The insurance industry has been around since the 1600’s.
- There is no such thing as an “act of God exclusion”.
- Auto or car insurance is the largest property and casualty insurance product line in Canada.
- 99% of commercial insurance is sold through insurance brokers.
To Find Out More About The Top 10 Things You Should Know About The Insurance Business Or For A Business Insurance Quote Connect With One Of Our Canadian Business Insurance Brokers Today at 1-866-287-0448
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|
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