National Bank Insurance

National Bank Insurance is the insurance arm of National Bank. The various National Bank insurance brands offer a wide types of personal and business insurance including auto insurance, home insurance, life insurance, critical illness and disability insurance, travel insurance, health insurance for and medical care. They also offer advisory services through the main National Bank company.

National Bank Insurance focuses on the National Bank’s personal customers, selling them the benefits of an integrated financial provider rather than going for a specialist provider. It calls this approach “one customer; one bank”. National Bank has two insurance subsidiaries each aiming for a different sector of the insurance market, National Bank General Insurance (car insurance and home insurance) and the National Bank Life Insurance Company (life insurance, health insurance and disability insurance). Its insurance companies don’t provide many of the investment services that the independent life insurance companies tend to provide, relying on the existing services of the main National Bank of Canada.

National Bank General Insurance

National Bank General Insurance is a household insurance company providing home and auto insurance. It is often referred to as National Bank Insurance. National Bank General Insurance is a joint venture with a major insurance provider to offer home and car insurance through the National Bank branch and distribution network and directly to National Bank customers. National Bank General Insurance also offers a number of insurance solutions to business customers of National Bank. These include farm insurance, loan guarantee insurance and business transfer financing (which pays out if a subsequent business owner defaults on their agreed balance of sale payment).

National Bank Life Insurance Company

The National Bank Life Insurance Company is wholly owned by National Bank and was formed in 1995 to offer National Bank’s life insurance products which include direct paying life insurance, loan insurance that pays the loan off in the event of disability or death. National Bank Life Insurance Company’s business services include key employee and stakeholder life insurance and group health insurance.

National Bank Insurance firm

The National Bank Insurance firm is a distribution company formed in 1995 to help third parties, particularly financial institutions, sell National Bank’s insurance services as intermediaries on a commission basis. As well as insurance it also offers National Bank’s investment, banking and trust services to these third parties.

National Bank Market Share

National Bank headquarters are in Montreal, Quebec, and the main market for National Bank Insurance is in Quebec. National Bank has its roots in Quebec and was founded in 1859 in Montreal. The National Bank Insurance offerings are very prominent in Quebec, but are not heavily marketed outside Quebec. They tend to be in competition with Desjardins Financial Security as well as the large life and general insurance companies such as Sun Life, Great West Life Insurance and The Dominion. As a consequence they have a high market share in Quebec but have a very small market presence in the other Canadian provinces.