Insurance has developed through many centuries to meet the changing needs of society. Some of the earliest types of insurance were; robbery insurance, life insurance, cargo insurance, marine insurance and fire insurance.
Initially Canada only had large British insurance companies, with a few exceptions. Some of the earliest insurance companies in Canada were Halifax Fire Assurance Company, Quebec Fire Insurance, British America Assurance company and The Gore District Mutual.
Insurance has been divided into three major categories
- Social insurance – provided by the government e.g. OHIP, unemployment benefits and workers compensation.
- Life and health insurance – provided by the major life insurers and offer life, accident, sickness and disability insurance plus other financial services.
- General Insurance/ Property and Casualty Insurance – which covers all other aspects of insurance some of the major general insurance classes include:
