Europ Assistance to Apply for Canadian Branch

Summary#

Europ Assistance S.A. says it plans to apply to open a Canadian branch that would sell property, liability, accident and sickness, and automobile insurance. The company intends to file that application with the Superintendent of Financial Institutions on or after February 21, 2022.

What it does#

• File an application under section 574 of the Insurance Companies Act to get approval to insure risks in Canada.
• Ask permission to operate in Canada under the English name Europ Assistance S.A. Canada Branch and the French name Europ Assistance S.A. succursale au Canada.
• Offer insurance for:
  • property risks,
  • liability risks,
  • accident and sickness risks,
  • automobile risks.
• Maintain its main headquarters in Paris, France, with a Canadian chief agency to be located in Toronto, Ontario.
• The company's ultimate parent is Assicurazioni Generali S.p.A. (based in Italy). The notice was submitted through solicitors Dentons Canada LLP.

Who's affected#

• People and businesses in Canada who buy or compare property, liability, accident and sickness, or automobile insurance could see another option if the branch is approved.
• Insurance brokers and companies that compete in those markets may notice new competition.
• The approval decision is made by the Superintendent of Financial Institutions, so regulators are directly involved.
• It is not yet clear which exact products, pricing, or regions will be offered in Canada until the application is reviewed and (if approved) the branch starts operating.

Why it matters#

• If approved, Canadians could get more choices for common types of insurance and possibly different coverage options from an international insurer.
• The presence of a large international parent (Assicurazioni Generali S.p.A.) may matter for claims handling and financial backing.
• This notice is a step in a formal approval process. It does not mean the branch is already approved or operating in Canada.