Insurance in the Canada is divided into different categories. These include:
Life and non-life
Life insurance – Life insurance applies to human life. Non-life on the other hand applies to businesses
Basic life assurance and general annuity business
In the recent past, the Cornwall insurance industry and Canada large is facing its fair share of challenges and it does not get any better considering the other hiccups. In an article, some of the main challenges facing the insurance industry in Cornwall include:
- The fight to recuperate from the 2008 monetary disaster
- High cost incurred in accessing emerging markets
- Low economic growth translates low interest rates which leads to low profits earned by insurers
- Slow embrace of digital technology
- Cyber security threat
Some of the activities the Cornwall community depends on for its economic growth include: tourism, agriculture, fishing, mining and quarrying among others. The aim of https://www.mcdougallinsurance.com/cornwall/ is to ensure that the people of Cornwall in Canada are protected from financial liabilities likely to arise from their ventures in the fields listed above.
Despite these short coming residents have embraced new ways of doing things as well as new technologies. The insurance firms have not been left behind and are now backing agricultural ventures involving renewable energy such as wind, anaerobic, hydro=electric and biomass plants. Policies have been formulated by insurance firms to protect this kind of farming activities thus encouraging investments in such sectors.
It is worth noting that insurance bring many benefits to the insured party. The risk insured is borne by the insurance company and this gives you a piece of mind. When taking an insurance policy, it is advisable to consult a financial adviser who will guide you through the difference products. Besides, your financial planner will advise on the right company to work with. When signing the policy document, please read the fine print and seek clarification from the company wherever you do not understand. The policy document is your contract with the insurance company and defines your relationship. When making a claim, you are always referred to the policy document.
Challenges are not only designed to make us better but they also make life interesting. The Cornwall insurance industry is therefore an interesting field to venture into that can only make one better.