North American Industry Classification System (NAICS) Canada 2017 Version 2.0

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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.

524 - Insurance carriers and related activities

This subsector comprises establishments primarily engaged in underwriting annuities, insurance policies and 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.

5242 - Agencies, brokerages and other insurance related activities

This industry group comprises establishments primarily engaged in selling insurance or providing services related to insurance.

52429 - Other insurance related activities

This industry comprises establishments, not classified to any other industry, primarily engaged in providing, on a contract or fee basis, services related to providing insurance, such as claims administration and adjusting. The staff of these establishments are not employed by the insurance carriers they represent.

524291 - Claims adjustersUS

This Canadian industry comprises establishments primarily engaged in investigating, appraising and settling insurance claims on a contract or fee basis.

  • Illustrative example(s)

    • appraisal of damaged cars, by independent adjusters
    • insurance claim adjusters

    All examples

524299 - All other insurance related activitiesCAN

This Canadian industry comprises establishments, not classified to any other Canadian industry, primarily engaged in providing, on a contract or fee basis, insurance services other than claims adjusting, such as claims processing, utilization review and other administrative services to insurance carriers, employee benefit plans and self-insurance funds.

  • Illustrative example(s)

    • insurance advisory services
    • insurance educational services
    • insurance information bureaus
    • insurance inspection and investigation (except claims investigation), services
    • insurance professional standards services
    • insurance rate making services
    • medical insurance claims, processing of, contract or fee basis

    All examples

  • Exclusion(s)

    • consulting actuaries (See 541612 Human resources consulting services)
    • insurance claims investigation services (See 524291 Claims adjusters)
    • third-party portfolio management of funds' assets (See 523920 Portfolio management)
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