How Geography Impacts Insurance Industry in Canada

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Topics: Insurance
How Geography Impacts Insurance Industry in Canada

By: Gia Nhi Long
Student #: 500208078
Professor: Steven Farber
Course: Regional Analysis of Canada
Course Code: GEO505-011
Date: November 21, 2010
Introduction
Insurance is a form of risk management primarily used to protect against the risk of the contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment (Wikipedia). Insurance is important to everyone in Canada and also in the world. Insurance is to ensure that everyone life/property is protected from uncertain loss. There are lots of factor that can affect insurance affordability and availability in someway. The physical and human characteristics are one of the factors. Canada is divided into six regions, each region has its characteristic that can be differentiate from other regions (Bone). Insurance in each region is different according to their characteristic. There are many kinds of insurance, these include: crop insurance, flood insurance, auto insurance, life insurance, and health insurance. Physical characteristic like climate change can be one of the greatest impacts on insurance because if floods occur in Canada, they would destroy all the crops that have been growing by farmers, thus, insurance can provide these farmers with protection to the loss from these extraordinary events. Human characteristic can also affects insurance because human activities similar to pollution will affect the health of individual that can lead to higher insurance rate on life/health insurance. There are many social tensions that lead to different insurance rate for different people. These tensions include youths and elders, sick and healthy citizens. These tensions can greatly apply to auto, and life insurance. In this essay, the impact of geography of Canada on insurance industry, and the faultlines that arise from insurance will be discussed.
Human/Physical



Cited: Financial Services.” Insurance in a Climate of Change. PIER VELLINGA and EVAN MILLS. Web. 20 Nov. 2010. . Bone, Robert M. The Regional Geography of Canada. 4th ed. Don Mills, Ont.: Oxford UP, 2008 12 Aug. 2005. Web. 10 Nov. 2010.

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