Survey says: Canadians trust the insurance industry

Canada’s insurance industry is back in the good graces of the people, according to a popular annual survey.

The Edelman Trust Barometer showed a jump in consumer trust levels of carriers from 34% in 2009 to 51% in 2010.

Heather Conway, CEO of Edelman Canada, said that response of Canadian insurers—to tighten regulations and improve oversight policies—helped to boost consumer confidence, as well as thwart U.S.-style financial problems.

“We haven’t seen the collapse of insurance companies here at home and the subsequent impact on the economy like in the U.S. and the U.K.,” Conway said. “Canadians likely feel that our insurance industry is more stable and safe.”

The survey consists of a 25-minute phone interview with 4,875 people in 22 countries.