NAICS Canada 5241—Insurance carriers

Where 5241 sits

1. 52 Finance and insurance
2. 524 Insurance carriers and related activities
3. 5241 Insurance carriers

Contains 3 narrower codes

• 52411 Direct life, health and medical insurance carriers
• 52412 Direct insurance (except life, health and medical) carriers
• 52413 Reinsurance carriers

Description

This industry group comprises establishments primarily engaged in underwriting annuities, 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.

5241 in other systems