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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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No, comprehensive coverage typically does not cover personal injury. Personal injury protection (PIP) or health insurance is needed for medical expenses resulting from accidents.
The CPCU focuses on property-casualty insurance, while other designations, such as CLU (life insurance) or CIC (commercial insurance), specialize in different areas of the industry.
Interest rates affect discounting of future claims and reserves. When rates are high, insurers can invest premiums at better returns, reducing reserve requirements. Low interest rates increase reserve burdens, requiring more conservative pricing and investment strategies to maintain profitability.
No, general liability does not cover cyber risks. Businesses need cyber liability insurance to protect against data breaches, hacking, or cyber extortion incidents.
Subrogation is common in auto, property, health, and workers’ compensation insurance, where third-party liability may be a factor in a claim.
Depreciation reduces the amount paid under an indemnity claim when the Actual Cash Value (ACV) method is used. Instead of replacing the item at full cost, insurers subtract depreciation, reflecting the wear and tear over time, unless the policy covers replacement cost value (RCV).
Comprehensive insurance covers damages to both the insured party and third parties, while third-party insurance only covers liabilities to others and is often legally mandated.
If you miss a payment within the grace period, your coverage typically remains intact, but late fees may apply.
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.