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.

52412 - Direct Insurance (except Life, Health and Medical) Carriers

This industry comprises establishments primarily engaged in underwriting all types of insurance (other than life, health or medical), directly to policyholders. Examples of establishments in this industry are automobile, property and liability insurance carriers.

  • Exclusion(s):

    Establishments primarily engaged in:

    • reinsurance (See 52413 Reinsurance Carriers)
524121 - Direct General Property and Casualty Insurance Carriers

This Canadian industry comprises establishments engaged only in underwriting a combination of automobile insurance, property insurance and liability insurance, directly to policyholders, with no one of the three types accounting for more than 70 percent of the nominal output. Nominal output is measured as premiums less claims plus investment income.

  • Exclusion(s):

    Establishments primarily engaged in:

    • reinsuring general and other insurance (See 524139 General and Other Reinsurance Carriers)
  • Example Activities:

    • Direct property and casualty insurance carriers (combination of policies)
524122 - Direct, Private, Automobile Insurance Carriers

This Canadian industry comprises private establishments in which more than 70 percent of nominal output is derived from underwriting automobile insurance directly to policyholders. Nominal output is measured as premiums less claims plus investment income.

Automobile insurance is often provided in a package which includes liability insurance and vehicle loss or damage insurance. Automobile insurance includes insurance for private and commercial vehicles.

  • Exclusion(s):

    • government-owned establishments engaged in underwriting automobile insurance (See 524123 Direct, Public, Automobile Insurance Carriers)
  • and

    establishments primarily engaged in:

    • reinsuring automobile insurance (See 524133 Automobile Reinsurance Carriers)
  • Example Activities:

    • Direct private, automobile insurance carriers
524123 - Direct, Public, Automobile Insurance Carriers

This Canadian industry comprises government-owned establishments engaged in underwriting automobile insurance directly to policyholders.

  • Exclusion(s):

    • private establishments engaged in underwriting a combination of automobile, property and liability insurance (See 524121 Direct General Property and Casualty Insurance Carriers)
    • private establishments specialized in underwriting automobile insurance (See 524122 Direct, Private, Automobile Insurance Carriers)
  • and

    establishments primarily engaged in:

    • reinsuring automobile insurance (See 524133 Automobile Reinsurance Carriers)
  • Example Activities:

    • Government owned automobile insurance carriers
524124 - Direct Property Insurance Carriers

This Canadian industry comprises establishments in which more than 70 per cent of nominal output is derived from underwriting property insurance directly to policyholders. Nominal output is measured as premiums less claims plus investment income.

Property insurance provides protection for losses to buildings and contents. It may be provided in a package with related types of protection, such as personal liability for homeowners and tenants, business-interruption insurance and temporary accommodation costs. Property insurance includes personal and commercial insurance.

  • Exclusion(s):

    Establishments primarily engaged in:

    • reinsuring property insurance (See 524134 Property Reinsurance Carriers)
  • Example Activities:

    • Burglary and theft insurance
    • Fire and theft insurance
    • Fire insurance underwriters
    • Property damage insurance
524125 - Direct Liability Insurance Carriers

This Canadian industry comprises establishments in which more than 70 percent of nominal output is derived from underwriting liability insurance directly to policyholders. Nominal output is measured as premiums less claims plus investment income.

Liability insurance provides protection for legal liability to others for injury, death or damage to property which may arise in the course of carrying out occupational or personal activities. Examples of liability insurance are product liability insurance, professional malpractice insurance and directors' liability insurance.

  • Example Activities:

    • Direct liability insurance carriers
524129 - Other Direct Insurance (except Life, Health and Medical) Carriers

This Canadian industry comprises establishments, not classified to any other Canadian industry, primarily engaged in underwriting insurance, other than life, health or medical, such as boiler and machinery insurance, surety insurance, fidelity insurance and marine and aircraft insurance, directly to policyholders.

Boiler and machinery insurance provides protection against losses resulting from faulty or malfunctioning machinery, including damage to the insured equipment as well as surrounding buildings and equipment. Surety insurance guarantees that an individual or company will complete work that it has promised to do. Fidelity insurance or fidelity bonds protect organizations against dishonest or fraudulent acts of their employees. Marine and aircraft insurance provides protection for losses to vessels, cargo and liability to passengers.

Establishments primarily engaged in underwriting title insurance, guaranteeing loans and insuring deposits and shares in depository institutions, or providing workers' compensation insurance are included.

  • Exclusion(s):

    Establishments primarily engaged in:

    • general and other reinsurance (See 524139 General and Other Reinsurance Carriers)
  • Example Activities:

    • Aircraft insurance
    • Bank deposit insurance
    • Boiler insurance
    • Deposit or share insurance
    • Fidelity insurance
    • Machinery and equipment insurance
    • Marine insurance
    • Workmen's compensation, insurance
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