Insurance plays a significant role in the financial system of Canada by assuming financial risk inherent in managing commerce, driving a car, or renting a home. Property and casualty insurance (via a claims representative) touches the lives of just about every resident and business across Canada by providing an insurance shield for most homes, motor vehicles and commercial enterprises. The business of insurance is to minimize the hazard of unforeseen events.
Insurance plays a significant role in the financial system of Canada by assuming financial risk inherent in managing commerce, driving a car, or renting a home. Property and casualty insurance (via a claims representative) touches the lives of just about every resident and business across Canada by providing an insurance shield for most homes, motor vehicles and commercial enterprises. The business of insurance is to minimize the hazard of unforeseen events.
The P&C insurance industry, in addition to paying for losses, works to safe-guard them. For many years, P&C insurers and the Insurance Bureau of Canada (IBC) have worked in collaboration with communities and officials on road safety, fire protection, and anti-theft campaigns. In recent times, the industry has promoted the government’s countrywide campaign to create & enhance a complete strategy to deal with the effects of the increasing number of severe weather events resulting from climate change.
In 2009, the P&C insurance business in Ontario produced $944 million in corporate income tax, almost $1.2 billion in personal income tax, and $852 million value of not direct tax revenues intended for the federal and provincial government. This approximation does not comprise an estimated $563 million in premium taxes paid by P&C insurers, nor does it include $142 million in health care levies and $30.2 million in payroll and employee income taxes. Thus boasting the volume of insurance claims jobs in the country.
The force of the insurance industry goes further than direct employment and economic activity. A lot of jobs in law enforcement, manufacturing, auto repair and other sectors are ultimately connected to the insurance sector.
The impact of this profitable activity is felt across multiple sectors of the marketplace. For example, the insurance industry aided $448 million of trade sales expenses in 2009 across Ontario.
A glance of Ontario’s Insurance Industry:
|
According to reports by Statistics Canada, a sum of $610 million is spent on vehicles and their maintenance, public transportation and other related expenditures. Nearly a quarter of a billion dollars in recreation spending is induced by the economic activity of the P&C insurance industry. This in turn generates a heavy flow of Claims jobs inCanada.
Source: Conference Board of Canada, Insurance Bureau of Canada, Statistics Canada Input/Output tables (2007), Statistics Canada. Canadian Business Patterns (June 2010), Statistics Canada’s Survey of Household Spending (2009), Mobilizing Toronto’s Financial Sector for Global Advantage, Boston Consulting Group (Nov 2009), www.insuranceeconomy.ca, www.insuranceworks.ca