Biggest Insurance Companies in Canada Updated 2024 (2024)

The biggest insurance companies in Canada are Manulife, Canada Life (Great-West Lifeco), Desjardins, Sun Life, Fairfax Financial, iA Financial, Intact Financial, Beneva, Empire Life and Co-operators, based on the total assets and according to Insurance Business Magazine¹.

Within the competitive landscape of Canadian insurance companies, a select few have distinguished themselves by showcasing consistent financial strength, a comprehensive range of coverage options, and a notable international presence.

Let's look at Canada's ten largest insurance companies, ranking them by their total assets:

1. Manulife: The Canadian Insurance Behemoth

• Total Assets: $1.3 trillion
• Gross Written Premiums: $44.3 billion

Manulife, headquartered in Toronto, is not only the largest insurance company in Canada by total assets but also commands respect on the global stage. It is counted among the top ten insurance companies worldwide and one of the best insurance companies in Canada.

Beyond its extensive insurance products, Manulife offers financial advisory services and wealth and asset management solutions for individuals, groups, and institutions. With a dedicated team of over 40,000 employees, this Canadian insurance company serves a client base of more than 34 million people globally through an expansive network of agents and distribution channels.

To promote health and wellness among its policyholders, Manulife recently launched a combined life insurance and wellness program called Manulife Vitality. This innovative program rewards policyholders for adopting active lifestyles with access to various wellness options, items from popular retailers, and premium reductions.

2. Canada Life: Leading in Gross Written Premiums

• Total Assets: $701.4 billion
• Gross Written Premiums: $64.7 billion

Canada Life, formerly Great-West Lifeco, operates out of Winnipeg and is a key player within the Power Financial Corporation family. In terms of gross written premiums, it is at the forefront of insurance companies in Canada. It is recognized as one of the best insurance companies in Canada, offering various products and services that encompass life and health insurance, reinsurance solutions, retirement and investment services, and wealth management solutions.

Canada Life, with a workforce of roughly 31,000 employees and a network of over 234,500 advisors, caters to more than 38 million customers across Canada, Europe, and the U.S. The company's financials reveal that its total assets under management amount to just over $1 trillion, with assets under administration nearing $2.5 trillion, positioning it as a top insurance company in Canada.

3. Desjardins: Combining Insurance and Financial Services

• Total Assets: $407.1 billion
• Gross Written Premiums: $12.2 billion

Desjardins is one of Canada's best insurance companies and the largest federation of credit unions in North America, operating as a financial services cooperative. This best Canadian insurance company has a strong regional presence in Québec and Ontario, providing services to over 7.5 million clients and members.

Desjardins is also a significant investor in the renewable energy infrastructure sector, with nearly $1.7 billion invested to date. Through its GoodSpark Fund, which supports various community initiatives, Desjardins has committed $161 million of the $250 million in total funding to 726 development projects.

4. Sun Life: A Global Player in Life Insurance

• Total Assets: $330.9 billion
• Gross Written Premiums: $29.1 billion

Sun Life, recognized as one of the best insurance companies in Canada, ranks third among the largest life insurance companies in the country and is also acknowledged as a major player among the most significant life insurers globally. The company is in 26 countries and provides a comprehensive range of insurance and asset management services.

5. Fairfax Financial: A Holding Company with Global Influence

• Total Assets: $92.1 billion
• Gross Written Premiums: $27.6 billion

Fairfax Financial, the holding company for some of the best Canadian insurance companies, is a prominent figure in Canada and on the global stage. It offers a diverse portfolio of property and casualty insurance and reinsurance products, in addition to investment services, making it one of the biggest insurance companies in Canada.

6. iA Financial: Bridging Insurance and Wealth Management

• Total Assets: $87.4 billion
• Gross Written Premiums: $14.3 billion

iA Financial is one of the top Canadian insurance companies offering extensive wealth management services. As the parent company of iA Financial Group, it serves a clientele of over four million, including individuals, small and mid-size businesses, and large corporations, earning its reputation as a top insurance company in Canada.

7. Intact Financial: Specializing in Property and Casualty Insurance

• Total Assets: $65 billion
• Gross Written Premiums: $22.6 billion

Intact Financial holds the title of the biggest insurance company in Canada in the property and casualty insurance sector and is a notable provider of specialty insurance in North America. Serving approximately six million customers, the company extends its services to personal, business, public sector, and institutional clients in various countries, positioning it among the top insurance companies in Canada.

8. Beneva: The Result of a Strategic Merger

• Total Assets: $26.8 billion
• Gross Written Premiums: $6.6 billion

Beneva stands tall as one of the largest Canadian insurance companies, emerging from the merger between La Capitale and SSQ Insurance in mid-2020. Today, Beneva boasts a workforce of over 600,000 people and operates out of more than 900 offices, cementing its status among Canada's top insurance companies.

9. Empire Life: Providing Insurance and Investment Solutions

• Total Assets: $17.3 billion
• Gross Written Premiums: $1 billion

A subsidiary of E-L Financial, Empire Life operates as an insurance and investment firm. Its offerings include life and critical illness insurance, group benefits, and a range of mutual funds managed by its subsidiary, Empire Life Investments Inc. (ELII).

10. Co-operators: Among the Largest Multi-line Insurers

• Total Assets: $9 billion
• Gross Written Premiums: $4.4 billion

Co-operators operates as one of the largest multi-line insurers in the country, catering to over 240 credit unions with a combined membership of almost six million. The insurance cooperative offers a diverse range of policies and investment options.

Methodology for Ranking

To compile this list, we analyzed the latest annual reports from Canada's largest insurance companies, focusing on each insurer's total assets, a reliable indicator of a company's scale and financial stability in Canada. We also considered the GWP (gross written premiums), which refers to the sum of direct and assumed written premiums before deducting reinsurance and ceding commissions.

The chart below displays the biggest insurance companies in Canada by GWP (Gross Written Premium)

Complete List of Insurance Companies in Canada (Updated 2024)

*Click on the letters below to display the insurance carrier's names².

An Overview of the Canadian Insurance Industry

The Canadian insurance industry is vast, encompassing hundreds of companies, including local mutual insurers in small towns and large multinational corporations with billions in assets. The sector covers various insurance types, including life, health, property, casualty, automobile, and reinsurance.

The federal Office of the Superintendent of Financial Institutions (OSFI) oversees federally registered insurers. At the same time, each province or territory has its insurance regulator to supervise provincially incorporated or licensed insurers.

Both federal and provincial authorities regulate Canadian insurance companies.

Types of Canadian Insurance Companies

Numerous insurance companies are operating in Canada. Below, we'll delve into some of the most prominent ones, categorized by the type of insurance they provide.

Life and Health Insurance Companies

1. Manulife Financial Corporation

A leading Canada-based financial services group, Manulife offers life and health insurance, mutual funds, retirement and investment services, and more. It operates in Canada and Asia under the brand name "Manulife" and in the U.S. primarily through its John Hanco*ck division.

2. Sun Life Financial Inc.

Sun Life Financial is a Canada-based financial services company known for its life insurance services. Apart from life insurance, it also provides health insurance, wealth management, and investment services.

3. Canada Life

Canada Life, formerly Great-West Lifeco, is an international financial services holding company interested in life insurance, health insurance, retirement and investment services, asset management, and reinsurance businesses.

Property and Casualty Insurance Companies

1. Intact Financial Corporation

Intact Financial Corporation is Canada's largest property and casualty insurance provider. It offers home, auto, and business insurance through its various brands, such as Intact Insurance, Belairdirect, and BrokerLink.

2. Aviva Canada

Aviva Canada is one of the country's leading property and casualty insurance groups, providing home, automobile, leisure/lifestyle, and business insurance to 2.8 million customers.

3. Desjardins General Insurance Group

A subsidiary of Desjardins Group, Desjardins General Insurance Group offers a wide range of property and casualty insurance products for individuals and businesses.

Reinsurance Companies

1. Munich Re Canada (Life)

Munich Re Canada (Life) is a part of Munich Re, one of the world's leading reinsurers. It provides risk solutions for life, health, and living benefits reinsurance.

2. Swiss Reinsurance Company Ltd

Swiss Reinsurance Company Ltd, generally known as Swiss Re, is a leading global reinsurer that offers a wide range of traditional reinsurance products and related services.

3. PartnerRe Ltd

PartnerRe Ltd is a leading global reinsurer that provides multi-line reinsurance to insurance companies. It operates through three segments: Non-life, Specialty lines, and Life and Health.

Importance of Insurance in Canada

Insurance plays a crucial role in the Canadian economy and the lives of its citizens. It provides individuals and businesses with financial protection against various risks, ensures the smooth functioning of the economy, and contributes to economic growth and stability.

Finding the Top Insurance Companies in Canada

If you're seeking Canada's top insurance companies that offer the coverage best suited to your needs, let one of our dedicated insurance agents or brokers guide you.

Final Thoughts

This is just a snapshot of the many insurance companies operating in Canada. Each company offers unique products and services designed to meet the diverse needs of Canadians. It's always a good idea to research and compare different insurers to find the one that best suits your needs.

Our dedicated team specializes in a wide range of life insurance products, including Whole Life Insurance, T100 Life Insurance, Term Life Insurance, Mortgage Life Insurance, Universal Life Insurance, Cremation Insurance, Funeral Insurance, Burial Insurance, Disability Insurance,Critical Illness Insurance, Health Insurance, Dental Insurance, and Travel Insurance. Contact us today for a no-hassle quote!

Please note that the information provided in this article is for general purposes only and is subject to change. Always consult with a professional advisor or insurance company for accurate information.

Sources:

1. insurancebusinessmag.com/ca/guides/the-10-largest-insurance-companies-in-canada-based-on-total-assets-442513.aspx
2. licensingcomplaintofficers.fsco.gov.on.ca/LicClass/eng/lic_companies_class.aspx
3. manulifeim.com/realestate/en/properties/500-king-street-north-waterloo

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