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Get in-depth market research for Insurance companies in Canada, Ontario, Toronto. Our experts analyze trends, gather valuable insights, and identify key opportunities to drive your business growth.
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Actuaries assess solvency by evaluating an insurer’s reserves, capital adequacy, risk exposure, and future liabilities. They use stress testing, risk models, and regulatory requirements like Solvency II or RBC (Risk-Based Capital) to ensure that an insurer can withstand financial shocks and pay claims reliably.
The amount varies by industry, risk exposure, and business size. Many small businesses start with a $1 million per occurrence and $2 million aggregate general liability policy.
Yes, life insurers, property and casualty insurers, and health insurers may have different solvency requirements based on risk exposure and regulatory guidelines.
Indemnity involves compensating for an actual financial loss that has occurred, while a guarantee is a promise by a third party to fulfill an obligation if the primary party fails. Indemnity is reactive (after a loss occurs), whereas a guarantee is proactive (ensuring a performance obligation is met).
The sum insured is the maximum amount an insurer will pay for a covered loss, set at the beginning of the policy based on the insured asset's value or agreed terms.
It depends on individual needs, but riders can be valuable if they provide essential coverage that protects against significant financial risks.
Yes, pet insurance generally covers diagnostic tests such as blood tests, X-rays, ultrasounds, and MRIs needed to diagnose an illness. However, the coverage may vary based on your specific policy.
Many term life policies offer a conversion option, allowing policyholders to switch to whole life without a medical exam, but the new premium will be based on the insured’s age at conversion.
Get in-depth market research for Insurance companies in Canada, Ontario, Toronto. Our experts analyze trends, gather valuable insights, and identify key opportunities to drive your business growth.