Variant of NAICS 1997 - Labour Force Survey (LFS) Industries

7 - Services-Producing Sector

10 - Finance, Insurance, Real Estate and Leasing

52 - Finance and Insurance

This sector comprises establishments primarily engaged in financial transactions (that is, transactions involving the creation, liquidation, or change in ownership of financial assets) or in facilitating financial transactions. Included are:

* establishments that are primarily engaged in financial intermediation. They raise funds by taking deposits and/or issuing securities, and, in the process, incur liabilities, which they use to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds with respect to maturity, scale and risk.

* establishments that are primarily engaged in the pooling of risk by underwriting annuities and insurance. They collect fees (insurance premiums or annuity considerations), build up reserves, invest those reserves and make contractual payments. Fees are based on the expected incidence of the insured risk and the expected return on investment.

* establishments that are primarily engaged in providing specialized services that facilitate or support financial intermediation, insurance and employee benefit programs.

In addition, establishments charged with monetary control - the monetary authorities - are included in this sector.

524 - Insurance Carriers and Related Activities

This subsector comprises establishments primarily engaged in underwriting annuities and insurance policies, reinsurance, and the retailing of insurance and the provision of related services to policy holders. Industries are defined in terms of the type of risk being insured against, such as death, loss of employment due to age or disability, and property damage. Establishments that pool risk invest premiums to build up a portfolio of financial assets to be used against future claims. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.

5241 - Insurance Carriers

This industry group comprises establishments primarily engaged in underwriting annuities and insurance policies, and reinsurance. The establishments of this group invest premiums to build up a portfolio of financial assets to be used against future claims. Contributions and premiums are set on the basis of actuarial calculations of reserves. Direct insurance carriers that are primarily engaged in underwriting annuities and insurance policies directly to policy holders, and reinsurance carriers that are primarily engaged in assuming all or part of the risk associated with existing insurance policies originally underwritten by other insurance carriers, are included. Industries are defined in terms of the type of risk against which the policy holders are being insured, such as death, loss of employment due to age or disability, and property damage.

52411 - Direct Life, Health and Medical Insurance Carriers

This industry comprises establishments primarily engaged in underwriting annuities and life insurance, accidental death and dismemberment insurance, disability income insurance and insurance for hospital, medical, dental, vision and other health services, directly to policyholders.

• Exclusion(s):

  • government establishments providing health insurance (See 91291 Other Provincial and Territorial Public Administration)

• and

  establishments primarily engaged in:

  • reinsuring life, health and medical insurance (See 52413 Reinsurance Carriers)

524111 - Direct Individual Life, Health and Medical Insurance Carriers

This Canadian industry comprises establishments primarily engaged in underwriting annuities and life insurance, accidental death and dismemberment insurance, disability income insurance and insurance for hospital, medical, dental, vision and other health services, directly to individual policyholders.

• Exclusion(s):

  • government establishments providing health insurance (See 91291 Other Provincial and Territorial Public Administration)

• and

  establishments primarily engaged in:

  • reinsuring life insurance (See 524131 Life Reinsurance Carriers)
  • reinsuring health insurance (See 524132 Accident and Sickness Reinsurance Carriers)

• Example Activities:

  • Direct individual health insurance carriers
  • Direct individual life and pension insurance carriers

524112 - Direct Group Life, Health and Medical Insurance Carriers

This Canadian industry comprises establishments primarily engaged in underwriting annuities and life insurance, accidental death and dismemberment insurance, disability income insurance and insurance for hospital, medical, dental, vision and other health services, directly to group policyholders.

• Exclusion(s):

  • government establishments providing health insurance (See 91291 Other Provincial and Territorial Public Administration)

• and

  establishments primarily engaged in:

  • reinsuring life insurance (See 524131 Life Reinsurance Carriers)
  • reinsuring health insurance (See 524132 Accident and Sickness Reinsurance Carriers)

• Example Activities:

  • Direct group health insurance carriers
  • Direct group life and pension insurance carriers