TORONTO, Jan. 24, 2013 /CNW/ - According to a new study, "Property and Casualty Insurance Industry in Ontario - Economic Benefits across the Province", prepared for Insurance Bureau of Canada (IBC) by Jupia Consultants Inc., Ontario's insurance industry remains a key sector to the province's financial health.
Ralph Palumbo, Vice President Ontario, Insurance Bureau of Canada says, "There are more than 6,000 firms in the home, auto and business industry that are responsible for in excess of 63,000 jobs*. Most of these jobs are in small companies, located right across the province, from Kingston to Kenora, from Burlington to Barrie, in 212 different communities, both large and small."
The contribution of these companies to the gross domestic product (GDP) of Ontario is large ─ $7.5 billion in 2009. In fact, Ontario's insurers contribute more to provincial GDP than motor vehicle parts manufacturing, and the entire agriculture, forestry, fishing and hunting sectors combined.
The 6,000 plus firms related to the P&C insurance industry includes 394 different P&C insurance carriers and related liability business establishments; 21 property and casualty related reinsurance firms; over 4,900 insurance agencies and brokerages around the province; claims adjusters and firms in other insurance related activities such as claims processing, utilization review and other administrative services to insurance carriers.
"No doubt our industry provides a substantial economic footprint in the province," adds Palumbo. "This report confirms that the insurance industry provides highly skilled jobs across every section of the province and we continue to contribute significantly to the economic success of Ontario."
The industry is thriving and is made up of a relatively small number of large insurance carriers supported by thousands of smaller service firms, insurance brokerages and claims adjusters located around the province The complete report show breakdowns for communities across Ontario, is available on ibc.ca:
*Conference Board report, 2011, citing number of direct, indirect and induced jobs created by home, business and auto insurers in Ontario
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 115,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $44 billion.
SOURCE: INSURANCE BUREAU OF CANADA
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