Canada is also among the best places to get a good insurance company. To provide their customers with a larger range of services, some insurance companies worldwide lately have merged with brokerage firms, banks, and other financial institutions.
The latter part of this article will explain the 10 best insurance companies in Canada, so let’s get started!
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10 Best Insurance Companies In Canada
1. Manulife
In terms of total assets, Manulife is not only the biggest insurance firm in Canada but also one of the top ten worldwide. The Toronto-based insurance behemoth provides financial advising, wealth, and asset management services for individuals, groups, organizations, and insurance products.
The insurer has locations all over Canada and a global footprint that includes the US (mainly under the John Hancock name), Europe, and Asia.
Manulife employs over 40,000 people and serves over 34 million customers globally through a network of 116,000 agents and thousands of distribution partners.
According to its most recent annual report, it also has $1.3 trillion in assets under management and administration, including $400 billion in total invested assets and $300 billion in net assets for segregated funds.
2. Great-West Lifeco
Regarding GWP, Great-West Lifeco leads the pack of insurance providers, reporting a nearly 13% increase in written premiums from $57.4 billion in the previous year. A division of the massive investment company Power Financial Corporation is insurance.
The following is the portfolio of Great-West Lifeco:
- items for life and health insurance
- products for reinsurance
- Services for investments and retirement
- Services for wealth management
Approximately 31,000 people work for the organization, which has a network of over 234,500 advisors and serves over 38 million customers across North America, Europe, and the US.
The company’s assets increased 11% from $630.5 billion the previous year. The company’s most recent financial statements show that its total assets under management were just over $1 trillion, and its assets under administration were approximately $2.5 trillion.
3. Co-operators
With more than 240 credit unions and nearly six million members overall, Co-operators is one of the biggest multi-line insurers in Canada. The insurance cooperative provides a variety of insurance coverage, such as:
- vehicle insurance
- Commercial Insurance
- housing insurance
- life assurance
- coverage for farms
- Travel protection
- group advantages
Its portfolio’s investment components are as follows:
- Tax-free savings accounts (TFSA) and annuities
- Plans for registered retirement savings (RSSPs)
- Plans for registered education savings (RESP)
Segregated and Mutual Funds Co-operators offer brokerage and institutional asset management services. The company’s most recent financials showed that GWP increased to $4.4 billion while total assets hit $9 billion.
4. Intact
Intact Financial is a significant player in the specialty insurance sector in North America and Canada’s property and liability insurance market.
The corporation serves roughly six million individuals, businesses, government agencies, and institutions in Canada, Ireland, the United Kingdom, and the United States.
Intact reported an almost 25% increase in GWP from $18 billion the year before in its most recent financials, despite a modest decline in total assets from $66.3 billion. More than 26,000 people work for the company.
The outcomes of Intact’s Generosity in Action initiative, in which the company promised to donate money to charities chosen by its employees, were also made public at the end of last year.
5. iA Financial
iA Financial is one of the major wealth management service providers in Canada as well as one of the biggest insurance firms in the country. More than four million people, small and midsize companies, and large corporations make up its clientele.
The iA Financial Group’s holding business is called iA Financial. Its insurance offerings include:
- life assurance
- housing insurance
- vehicle insurance
- Travel protection
- Critical disease protection
- Accidental demise coverage
- Disability protection
- insurance for groups
The business also provides several financial services, such as:
- Annuities
- retiree programs
- Savings items
- loans for cars and homes
- Segregated and mutual funds
- Securities Advice on Investing
- Private wealth administration
iA Financial employs 7,000 people. Its assets decreased by almost 8% from $94.7 billion, but GWP increased from $14.2 billion.
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6. Desjardins
Desjardins is the largest federation of credit unions, or caisses populaires, in North America and one of the largest insurance firms in Canada.
It also serves as a financial services cooperative. In addition to having a significant presence in Ontario, the insurer has the most regional footprint of any financial organization in Québec.
The company has 195 participating cases in these two provinces. Additionally, it has 412 certified trainers from 114 partner companies nationwide.
Desjardins employs over 58,700 in the Caisse network, including almost 2,460 directors. More than 7.5 million customers and members are served. According to the insurer’s annual report, GWP increased from $11.6 billion last year by 5.2%, while total assets increased by 2.5% from $397.1 billion.
7. Empire Life
Empire Life operates as both an insurance company and an investment firm, just like its parent company E-L Financial. The insurer’s portfolio comprises group benefits, life insurance, and critical illness insurance.
The business also includes a wholly owned subsidiary called Empire Life Investments Inc. (ELII), which manages investments, serves as an advisor to Empire Life segregated funds and offers a variety of mutual funds.
While GWP remained nearly unchanged, Empire Life’s total assets declined from $26.8 billion last year. On the other hand, E-L Financial manages more than $19.6 billion in assets for its more than 600,000 clients and is traded on the Toronto Stock Exchange.
8.Sun Life Financial
As one of the best insurance companies in Canada, Sun Life Financial (SLF) was founded in 1865 and was headquartered in Toronto. In addition to investment goods and wealth management services, it provides health insurance coverage. In addition to North America, the business also has customers in Asia and the United Kingdom.
By the end of 2019, Sun Life Financial has nearly 126,000 advisers and more than 40,000 staff.
The total Canadian assets managed by Sun Life were $1.1 trillion. Insurance premiums, segregated fund deposits, and life insurance products integrated within mutual funds were included in the roughly $38 billion Canadian revenue from insurance-related products in 2019.
An “administrative services only (ASO)” 6 agreement allows Sun Life to make money off fees for managing insurance for employer benefit plans.
9. Life Insurance from RBC
One of North America’s top, diverse financial services providers, Royal Bank of Canada, operates RBC Insurance as its insurance division. RBC Insurance provides a variety of wealth and reinsurance advice and solutions, as well as life and health insurance, house, auto, and travel coverage.
They also provide creditor and business insurance services to individuals, businesses, and groups of clients. RBC also provides RBC Private Insurance, a complete risk protection solution customized for each customer.
10. National Bank Life Insurance
The four Canadian companies that make up National Bank Insurance, a division of National Bank of Canada, are National Bank Life, National Bank Auto|Home (which provides home and auto insurance), National Bank Insurance Firm, which distributes insurance products, and NBC Assistance, which offers a range of assistance services.
In addition to term life insurance, National Life is one of the only Canadian insurers that provide identity theft protection with its Securizone product.
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How To Get The Best Insurance Companies In Canada
While all major insurance firms might be similar, they are not. Some have stronger financial standing, and some are simpler to work with, giving customers a better experience.
From a customer service standpoint, the life insurance providers on this list are trustworthy, but if you want to know, you may look into the following:
- Financial strength statistics
- Customer satisfaction rating
- Customer dissatisfaction
How To Pick the Best Insurance Companies In Canada
Rarely are life insurance requirements universal. Many companies can provide the best insurance solution for everyone. Your ideal life insurance will depend on your needs, health, and financial situation. Following that, you can begin looking for a reliable service.
A solid rule of thumb is to investigate organizations with bigger market capitalization because this typically signifies that the company has been operating for longer. Keep an eye out for sales or solutions to help you save expenditures if your family already faces financial difficulties.
For instance, you might be better off seeking a term life insurance plan if you only require life insurance coverage until retirement.
A permanent insurance policy may be the best choice since the payout is guaranteed if you need life insurance to preserve your wealth.
However, a person with a serious medical condition might wish to choose a no-medical life insurance policy.
Then, compare prices from various suppliers and compile a list of Canada’s top insurance choices.
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10 Best Insurance Companies In Canada Frequently Asked Questions
Can you extend the duration of your coverage if your situation changes?
If you buy term insurance when you’re single, remember that your needs can change when you get married or have kids. Having a policy provider who enables you to convert your term life insurance into a whole life insurance policy could be advantageous.
Suppose participation in whole life insurance is what you are trying to add in this situation. In that case, you may be limited in your choice of insurance provider to those who provide this specific benefit.
Does the insurance provider give discounts to customers who lead healthier lives?
An insurance provider may give lower premiums if you live a healthy, balanced lifestyle. Although the names of the categories might range from optimum to elite to preferred plus to preferred, this is frequently referred to as a preferred risk classification.
Different thresholds will apply to an insurance company’s decision to offer such preferential premiums.
Do I need a certain amount of life insurance?
Depending on your age, health, financial obligations, and dependents, you may need more life insurance than you think.
However, it’s a good idea to ten-fold your income as a general rule of thumb. If you have children, you may increase your revenue by ten times, including the price of each child’s college education. You should take into account your income, debt, and mortgage payments. You can complete this stage with the aid of a qualified insurance advisor.
How would my policy be affected if I became disabled?
Most insurance contracts contain a clause known as “waiver of premium,” though you must contact them directly. The rider will assist you in paying your premium and keeping your coverage if you become disabled and cannot work.
This rider is a priceless choice, and the extra cost is typically very manageable. Please be aware that even though most life insurance providers also provide disability insurance, life insurance will not pay a benefit if you become disabled.
Will a medical exam be necessary for my life insurance policy?
Some policies require a physical examination, but not all of them. Generally, getting a medical checkup is best for both parties unless you urgently need coverage.
The underwriting process for life insurance plans entails your insurance provider evaluating your risk statistically to determine how long they anticipate you will live.
You’ll likely get a lot better rate if you’re in good health and don’t smoke than individuals who are unhealthy and smoke.
10 Best Insurance Companies In Canada Conclusion
There is no right or wrong approach when selecting the best life insurance carriers.
When it comes down to it, you have to choose the life insurance cost and coverage that are best for you and your unique scenario.
Because each person is unique and no two policies are the same, while comparing options, look for a wide range of plans, accessible riders and add-ons, first-rate customer support, and affordable policy pricing.
Remember that you can obtain excellent coverage from a digital firm just as you would from a more traditional provider; therefore, don’t hesitate to compare all life insurance premiums offered.
References
- Insurancebusinessmag.com – The 10 Largest Insurance Companies in Canada Based on Total Assets
- Policyadvisor.com – Biggest Insurance Companies in Canada
