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Changes in political control can have an effect on work and industry.
Changes in legislation and taxes could have an effect on the corporation.
Canada funds existing enterprises, and the government provides tax incentives and breaks to firms that have a positive impact on the economy.
The Canadian budget is largely reliant on America, which means that if the American economy suffers a recession, the Canadian economy will suffer as well, impacting foreign insurance.
Canada's exchange rates are flexible and stable.
The new economy's stability, as this could have an effect on people looking for insurance. Accessibility to credit in Canada by customers and the companies.
Businesses are doing well in Canada and this would hence create a ripe market for International Insurance business as people would want to cushion their products against risks.
The Canadian Dollar also seems to be depreciating and this has contributed to the loss of many jobs which may hence affect International Insurance.
The target age group that would buy the company’s products and their employment status.
The age bracket of the population and the possibility of people who may need insurance services more.
Attitude of the citizens in Canada regarding insurance.
The Canadians are open to new investments opportunities and this would hence mean that an international business is well accepted in the country thus increasing their success possibility.
A negative perception on insurance by the policy makers may affect the market since people tend to rely heavily on public polls.
The ability of people to adopt to new development
New research initiative aimed at enhancing business and insurance in the country.
Infrastructure development in Canada.
Technological advancement that would potentially affect the business.
Canada invests heavily on infrastructure and technology and this would give International Insurance ease when doing business.
If the competitors are using a better technology to sell their insurance products to the public, then this may threaten International Insurance’s products.
While conducting PEST analysis, I was able to research the Canadian culture and why most investors prefer that country. What was clear is that the Canadian government substantially supports businesses either through tax cuts or offering incentives to potential businesses (Publishing, 12). The banking industry is also stable and well regulated which also encourages entrepreneurship. Canada has a close relationship with America meaning that it also gets to benefit heavily from the financial giant. For instance, most of the Canadian exports go to America, and this creates revenue for the company hence creating numerous job opportunities for the Canadian people.
I also noted that good etiquette and respect for individual rights is revered in Canada. The Canadians are bilingual hence businesses are required to print their business cards in English and French (Publishing 29). I was amazed at how socio cultural factors can indeed affect business. From my analysis, it is clear that the people’s attitude towards the insurance industry may potentially affect the business. I also understood the importance of evaluating the political situation in a country before investing in it. Political instability can indeed negatively impact on business as investors withhold their investments.
Good economic and social cultural climate can indeed contribute to the success of an insurance business like international insurance (Walker, Schmitz & Walker, 27). Successful companies are likely to look for insurance policies that would cushion them against risks. Canada would indeed be a good place to invest in since the culture there encourages entrepreneurship and new ideas. There is also peace in Canada, and this would also reduce the risks associated with investing in a foreign country. I also discovered that Canada has a diverse population due to the high number of immigrants and this would hence enable the business gain market due to the different customer’s needs.
"PEST Analysis: Identifying Big Picture Opportunities And Threats." Mindtools.Com, 2017, https://www.mindtools.com/pages/article/newTMC_09.htm.
Publishing, O. E. C. D. (2010). OECD Economic Surveys. Paris: Organisation for Economic Co-operation and Development.
Walker, D. M., Schmitz, J., & Walker, T. (2003). Doing business internationally: The guide to cross-cultural success. New York [u.a.: McGraw-Hill.
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