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Can you name some of the different types of insurance out there? In Canada, there are three main types of insurance. There’s life and health insurance which can offer coverage for medical expenses and provide security for those left behind when we pass away.  Often, this is the one we first think of because it is frequently advertised.  There is also our social insurance which is administered by our governments and includes things like Employment Insurance (EI), universal healthcare, and worker’s compensation.  We pay into these plans through our income taxes and payroll deductions –And, then, there’s property and casualty insurance (P&C).  

P&C insurance is about managing risk and protecting homes, cars, businesses, property and continuity of lives during times of peril. When risk becomes a reality because of an accident, extreme weather, fire, or theft, this type of insurance offers financial compensation for the losses an individual or business has incurred.  In essence, the coverage helps you “get back” to where you were before a loss occurred.

There’s a whole lot more to the P&C insurance industry thank you may think as it includes a range of unique specializations which help to make it anything but boring and at the forefront of game-changing issues impacting our lives like the sharing economy, big data, cybersecurity and climatic change. Below are just some examples of  niche insurance markets:

Fine arts insurance

If visiting art galleries and appreciating the works of Van Gough, Rodin, or the Group of Seven is your thing, then you may be interested in learning that Insurance plays an important part in the world of Fine Arts. This includes protecting the property where you keep and make your art to ensuring the person who sells the art actually owns it (title insurance).

Fine arts insurance is unique because determining the value of a piece is influenced by various factors such as the maker, how rare it is, and how much people are willing to pay for it.

Kidnap and ransom insurance

Kidnap and ransom (K&R) insurance protects individuals and businesses working in high-risk areas around the world. If an individual or business needs to pay a ransom, insurance companies reimburse the costs associated with that. To succeed in working with this type of coverage, industry professionals have to be inquisitive, analytical and keep up to date in addition to understanding the geopolitical landscape in different countries.

Special events insurance

This type of specialty insurance provides event hosts with protection against liability and associated costs if a lawsuit is filed against them from an incident or injury sustained at their event. The type of coverage required depends on the nature of the event being hosted so industry professionals may find themselves providing policies for liquor liability insurance, cancellation insurance or even terrorism insurance to their clients.

Body parts insurance

If one’s livelihood is hugely dependant on a particular part of your body, then insuring that part makes perfect sense – whether it’s your vocal chords, legs, or your teeth. Take, for instance, David Beckham, one of soccer’s most iconic stars and husband to former Spice Girl Victoria Beckham, who is known to have both of his legs insured (can you guess which leg is worth more than the other?). 

Libel insurance

While spoken defamation is referred to as ‘slander’, written defamation is called ‘libel’. Living in the information age means protecting our interests in the virtual realm which includes everything from blogs to whatever is shared on social media and libel insurance is more relevant than ever. Big insurance companies have offered this type of insurance for years, but there has been a recent surge in demand since the advent of social media.


Here’s a question for you: who insures insurance companies? Well, reinsurers, of course. Reinsurance companies undertake similar roles as regular insurance companies, but Insurance companies are their only client.  They provide an extra layer of protection and backing for large-scale risks.

If you’re interested in learning more about the P&C insurance industry and the rewarding career paths available in this sector, visit

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