What is Damage Insurance?
A crucial role
In order to understand what damage insurance really is, it is important to know that there are two main categories of insurance:
Most of us have a number of personal possessions–a vehicle, a home, furniture, a bicycle, a motorcycle, a computer, etc. Since these belongings have a given value, we want to protect them. This is where the damage insurance industry comes in–by making it possible to replace these possessions in case of theft, fire, or other disasters (except floods).
In addition to playing an important social role, damage insurance is a major player in the economy and in the financial services industry:
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For individuals: damage insurance protects their most important investments, i.e. their home and their vehicle.
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For SMEs (more than 220,000 in Quebec–almost 90% of the job-creating companies job): damage insurance represents an essential service by allowing them, in the event of a disaster, to keep paying their employees, rebuild their installations, replace their equipment, and cover their trading losses.
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