Opportunities abound in 'relatively untapped' insurance market

Canada warmly welcomes millions of tourists every year. A recent anonymous survey commissioned by Toronto-based multinational insurance firm, Manulife, found that 33% of Canadians may host friends and family members from abroad this year. But among those welcoming hosts, only one-third were aware that they could purchase travel insurance for their visitors. There’s a slight misconception among visitors that Canada’s public healthcare system is available and affordable for all. Yes, it is a strong healthcare system, but no, visitors can’t break a leg and spend a night in hospital for free. According to Manulife’s survey, 16% of Canadians are not aware that friends and family members visiting Canada may be required to pay out-of-pocket if they require hospitalization during their stay. Furthermore, almost everyone surveyed dramatically underestimated the cost of a hospital room stay, which, for a non-resident, can cost around $3,000 per day in provinces like Ontario.