RBC Insurance Profile
RBC Insurance, the largest Canadian bank-owned insurance organization, provides a wide range of life, health, travel, home and auto and reinsurance products as well as creditor and business insurance services to more than five million clients in Canada, the U.S. and internationally. These products and services are offered through a wide variety of distribution channels, including the telephone, retail insurance branches, independent brokers, travel agents, a proprietary sales force and the Internet.
RBC Insurance quotes are available on InsuranceHotline.com for auto and property insurance
RBC Insurance History
RBC Insurance is part of a commercial bank that had its beginning as the Merchants Bank in 1846 in Halifax. The Merchants Bank financed the fishing and timber industries at this time, and it was also involved in European and Caribbean export businesses that brought necessary products to Canada. The Merchants Bank became the Merchants’ Bank of Halifax as it expanded operations into Nova Scotia, Prince Edward Island, New Brunswick and Bermuda.
Becoming a Part of the Center of the Financial Division
The center of the Canadian financial industry was in Montreal, and the Merchant’s Bank of Halifax stepped into it by opening a branch in the city in 1887. During this time, the bank further increased its influence in the country by setting up branches in the farther away areas of British Columbia, Manitoba, Saskatchewan and Alberta. With the incredible growth of this bank, the executives believed that it needed a new name. In 1901, the Merchants’ Bank of Halifax became the Royal Bank of Canada.
The Addition of Latin American Industries
The Royal Bank of Canada became entrenched in Latin America from 1899 to 1920 as the bank built branches in Havana, Brazil and Central America. With this expansion, the bank was able to maintain a strong foothold in the sugar, tobacco and cocoa industries. However, the bank continued to court Europe and North America. At this time, the bank saw fit to add new branches in New York, Barcelona, London and Paris. The Royal Bank of Canada became the largest bank in the country through the process of purchasing several smaller banks within Canada.
After the Depression
After the global depression of the 1930s, the Royal Bank of Canada began to see better days as the war started. The bank was needed to finance the aircraft industry, products needed to make aircrafts and many other war-related businesses as well. After the war was over, the Royal Bank of Canada began to offer loans to a greater portion of the population who needed them, including farmers.
Banks were only allowed to offer mortgages to the public after 1954. When the Royal Bank of Canada added mortgages to its product base, it became the leader in this industry as it continued to also be the first bank to become a part of the oil business.
Insurance Products Offered by the RBC
Throughout the 1960s and 1970s, the Royal Bank of Canada continued to add new products. When the bank began to sell insurance products and created RBC Insurance, it had a wide array of products, including the following:
The insurance segment of the bank has insurance products for individual clients, companies and other groups as well. Most of the 3,500 employees working for RBC Insurance can be found in Canada, where the company maintains it headquarters in Mississauga, Ontario.