Europ Assistance to Open Canadian Branch

Summary#

Europ Assistance S.A. says it will apply to the Superintendent of Financial Institutions under the Insurance Companies Act to open a Canadian branch. The company plans to file the application on or after February 21, 2022 (notice published January 8, 2022).

What it does#

• Requests permission to operate in Canada as the branch named Europ Assistance S.A. Canada Branch (English) and Europ Assistance S.A. succursale au Canada (French).
• Intends to insure these types of risks in Canada:
  • property
  • liability
  • accident and sickness
  • automobile
• The firm is incorporated in France, with its head office in Paris and a planned Canadian chief agency in Toronto, Ontario.
• The company’s ultimate parent is Assicurazioni Generali S.p.A. of Italy.

Who's affected#

• Canadians who buy property, auto, accident or sickness insurance could see a new insurer offering products.
• Insurance brokers and agents who place those kinds of business may notice a new option.
• Existing insurers and the Superintendent of Financial Institutions will be involved because the branch must be approved before it can operate.
• If it is unclear who will sell which specific products or where they will be available, that will be decided later and was not specified in the notice.

Why it matters#

• Approval would let a European insurance company sell common kinds of insurance in Canada, which could increase choice or competition.
• Because this is an application (not yet approved), Canadians should not expect the company to start selling policies until regulators grant permission and details are confirmed.
• A Canadian chief agency in Toronto means claims and local contacts would likely be handled from Canada if the branch is approved.