What Can Statistics Tell us about the Nunavut Insurance Market?
Nunavut is the most northern, remote and largest territory of Canada, but has a relatively small population for its size. The capital city is Iqaluit. The types of economic activities going on in Nunavut include oil and gas and mineral exploration, mining, arts & crafts, hunting, fishing, whaling, tourism, transportation and government activities, and therefore, while not large, the Nunavut insurance industry plays a vital role in keeping the wheels of commerce going.
We decided to explore the data provided by Statistics Canada in the 2016 Census, to explore the different kinds of insurance relationships that might be prevalent. The Nunavut insurance brokers and agents and that provide services to the territory, and the Nunavut insurance companies and outside insurance agencies they work for provide an essential way to reduce the risk of the many activities that take place in this remote part of the world.