Definition
Insurance Carriers and Related Activities (NAICS 524)

Under this topic you will find the North American Industry Classification System definition of the Insurance Carriers and Related Activities (NAICS 524) subsector. You can use this definition to properly identify the segment of the industry you wish to study further in other sections of Canadian Industry Statistics.

Definition of the Subsector

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

Exclusions

No exclusions are specified in the 2007 NAICS Canada manual.