Geography is the key factor that impacts insurance industry in Canada. The Canadian insurance industry has a significant impact on the economy of Canada. Geography has a significant impact on the insurance industry because of its geographic location and cultural diversity. The geographical location of Canada influences how the insurance industry operates in different areas of Canada. For example, there are certain provinces such as Ontario, Alberta, Quebec and British Columbia that have a high population density while other provinces such as Saskatchewan and Manitoba have low population density. There are also several other factors that influence this difference such as weather conditions or climate change that affect people’s lifestyle which may lead them to have less risk than others who live in warmer climates or areas with more sunshine hours per day (Canada).
The cultural diversity also affects how the insurance industry operates in different parts of Canada since each province has its own culture and traditions that are different from each other (Canada). For example, Quebecers love their bagels whereas Ontarians prefer their poutine while Newfoundlanders prefer their seafood dishes (Canada). Geography plays a significant role in insurance because it affects how people live, how they travel and how they get from place to place. It also impacts their health, security and even their business. Understanding geography can help you better understand your customers and their needs. For example, if you are selling home insurance in a city that has lots of snowfall, you may need to offer different coverage than if you sell in a city where there is more rain or sun.
Understanding your customer's needs is important when designing an insurance product or developing marketing campaigns. If you have been selling auto insurance for years and suddenly find out that many of your customers live near rivers with rapids but don't have flood insurance because they don't think it will happen to them, then it's time to rethink your product line.
The cultural diversity also affects how the insurance industry operates in different parts of Canada since each province has its own culture and traditions that are different from each other (Canada). For example, Quebecers love their bagels whereas Ontarians prefer their poutine while Newfoundlanders prefer their seafood dishes (Canada). Geography plays a significant role in insurance because it affects how people live, how they travel and how they get from place to place. It also impacts their health, security and even their business. Understanding geography can help you better understand your customers and their needs. For example, if you are selling home insurance in a city that has lots of snowfall, you may need to offer different coverage than if you sell in a city where there is more rain or sun.
Understanding your customer's needs is important when designing an insurance product or developing marketing campaigns. If you have been selling auto insurance for years and suddenly find out that many of your customers live near rivers with rapids but don't have flood insurance because they don't think it will happen to them, then it's time to rethink your product line.
