Finance and Insurance (NAICS 52)
Under this topic you will find the North American Industry Classification
System definition of the
Finance and Insurance (NAICS 52) sector. 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 Sector
This sector comprises establishments primarily engaged in financial transactions (that is, transactions involving the creation, liquidation, or change in ownership of financial assets) or in facilitating financial transactions. Included are:
- establishments that are primarily engaged in financial intermediation. They raise funds by taking deposits and/or issuing securities, and, in the process, incur liabilities, which they use to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds with respect to maturity, scale and risk.
- establishments that are primarily engaged in the pooling of risk by underwriting annuities and insurance. They collect fees (insurance premiums or annuity considerations), build up reserves, invest those reserves and make contractual payments. Fees are based on the expected incidence of the insured risk and the expected return on investment.
- establishments that are primarily engaged in providing specialized services that facilitate or support financial intermediation, insurance and employee benefit programs.
In addition, establishments charged with monetary control - the monetary authorities - are included in this sector.
No exclusions are specified in the 2007 NAICS Canada manual.