Types of Insurance

What is property & casualty insurance?
Property and casualty (P&C) or general insurance involves all types of insurance other than life and health insurance. It includes:

Automobile insurance
Automobile insurance premiums represent more than fifty percent (50%) of all property and casualty premiums in Canada.

All vehicles by law have to be insured for third party liability at a minimum.  Most drivers also insure themselves against damage to their vehicle or loss to theft or fire.  In B.C., Saskatchewan and Manitoba automobile insurance is government owned and administered through broker agencies.  Private automotive insurance companies operate in the balance of Canada. 

Property insurance
Personal and business properties represent the second largest source of premiums to insurers.

Home owners with mortgages are legally required to insure their property against loss or injury to others.  Most owners also protect their belongings, both in and out of the house, with additional contents insurance.

Personal property insurance refers to insurance policies provided for property having a personal or non-business use. Types of personal property policies includes:

  • Tenant’s insurance;
  • Homeowner’s insurance;
  • Mobile home insurance;
  • Condominium unit owner insurance;
  • Secondary dwelling insurance;
  • Seasonal dwelling insurance.

Business Insurance
Commercial property insurance refers to insurance policies provided for property having a business use.  In addition to providing coverage for loss, damage and liability issues, on both the premises and contents, business owners buy protection for the indirect loss of business costs associated with having to suspend operations while recovering from an incident.

Liability insurance
Liability insurance provides protection when the policy holder is financially responsible for injury or damage they cause to others.  Premiums from liability insurance represent the third major source of income to insurers.

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