the largest coverage organizations in Canada are Manulife, Canada life (excellent-West Lifeco), Desjardins, sun lifestyles, Fairfax financial, iA economic, Intact monetary, Beneva, Empire existence and Co-operators, based on the entire belongings and in keeping with coverage business Magazine1.
within the competitive landscape of Canadian coverage organizations, a choose few have prominent themselves by using showcasing constant financial power, a comprehensive variety of coverage options, and a extremely good worldwide presence.
let’s have a look at Canada’s ten largest insurance corporations, rating them with the aid of their general belongings:
1. Manulife: The Canadian coverage Behemoth
general assets: $1.3 trillion
Gross Written rates: $forty four.three billion
Manulife, centered in Toronto, isn’t always handiest the biggest coverage organization in Canada by way of overall assets but also instructions respect on the global stage. it’s miles counted most of the top ten insurance groups international and one of the nice coverage corporations in Canada.
beyond its sizeable insurance products, Manulife gives monetary advisory offerings and wealth and asset control answers for people, corporations, and institutions. With a devoted group of over forty,000 personnel, this Canadian coverage agency serves a client base of extra than 34 million humans globally via an expansive community of marketers and distribution channels.
To promote fitness and well being amongst its policyholders, Manulife currently released a combined lifestyles coverage and well being software referred to as Manulife vitality. This revolutionary software rewards policyholders for adopting active life with access to various well being options, items from famous retailers, and premium discounts.
2. Canada existence: leading in Gross Written charges
canada lifestyles logoTotal belongings: $701.four billion
Gross Written charges: $64.7 billion
Canada lifestyles, formerly excellent-West Lifeco, operates out of Winnipeg and is a key player within the energy monetary business enterprise circle of relatives. In terms of gross written charges, it’s miles at the vanguard of insurance businesses in Canada. it is recognized as one of the best insurance organizations in Canada, supplying diverse products and services that encompass lifestyles and medical insurance, reinsurance solutions, retirement and funding offerings, and wealth management answers.
Canada lifestyles, with a workforce of roughly 31,000 personnel and a community of over 234,500 advisors, caters to more than 38 million customers across Canada, Europe, and the U.S. The business enterprise’s financials screen that its general belongings underneath control quantity to just over $1 trillion, with assets below administration nearing $2.5 trillion, positioning it as a pinnacle coverage employer in Canada.
3. Desjardins: Combining insurance and financial offerings
desjardins logoTotal belongings: $407.1 billion
Gross Written premiums: $12.2 billion
Desjardins is one of Canada’s first-rate insurance groups and the most important federation of credit unions in North america, working as a economic offerings cooperative. This best Canadian coverage company has a strong local presence in Québec and Ontario, offering offerings to over 7.five million clients and individuals.
Desjardins is also a tremendous investor in the renewable strength infrastructure zone, with nearly $1.7 billion invested up to now. through its GoodSpark Fund, which helps diverse community initiatives, Desjardins has dedicated $161 million of the $250 million in total funding to 726 development tasks.
4. solar existence: A global participant in existence insurance
solar existence monetary serviTotal assets: $330.9 billion
Gross Written premiums: $29.1 billion
solar existence, recognized as one of the exceptional coverage agencies in Canada, ranks 1/3 amongst the most important existence insurance corporations inside the country and is also stated as a prime player many of the most widespread existence insurers globally. The enterprise is in 26 nations and affords a comprehensive variety of insurance and asset management offerings.
6. iA economic: Bridging coverage and Wealth control
IA FinancialTotal belongings: $87.4 billion
Gross Written charges: $14.3 billion
iA economic is one of the top Canadian coverage businesses offering full-size wealth management services. as the parent organisation of iA economic organization, it serves a clientele of over four million, together with people, small and mid-size organizations, and huge groups, earning its reputation as a top insurance organisation in Canada.
5. Fairfax economic: A maintaining corporation with worldwide affect
Fairfax financial logoTotal assets: $92.1 billion
Gross Written charges: $27.6 billion
Fairfax financial, the preserving organization for some of the high-quality Canadian coverage organizations, is a prominent discern in Canada and on the worldwide level. It offers a numerous portfolio of belongings and casualty insurance and reinsurance products, further to funding offerings, making it considered one of the largest insurance groups in Canada.
7. Intact financial: that specialize in property and Casualty coverage
intact insurance brand smTotal belongings: $65 billion
Gross Written rates: $22.6 billion
Intact monetary holds the name of the most important insurance corporation in Canada within the property and casualty insurance region and is a superb provider of uniqueness coverage in North the united states. Serving approximately six million customers, the enterprise extends its offerings to personal, commercial enterprise, public sector, and institutional clients in numerous countries, positioning it many of the pinnacle insurance businesses in Canada.
9. Empire lifestyles: providing insurance and investment solutions
Empire logoTotal belongings: $17.three billion
Gross Written rates: $1 billion
A subsidiary of E-L economic, Empire existence operates as an coverage and investment firm. Its offerings include life and crucial illness coverage, institution benefits, and more than a few mutual budget controlled by way of its subsidiary, Empire life Investments Inc. (ELII).
eight. Beneva: The result of a Strategic Merger
Beneva logoTotal property: $26.8 billion
Gross Written rates: $6.6 billion
Beneva stands tall as one in all the most important Canadian insurance groups, emerging from the merger among la Capitale and SSQ insurance in mid-2020. these days, Beneva boasts a group of workers of over 600,000 humans and operates out of extra than 900 offices, cementing its reputation amongst Canada’s top coverage agencies.
10. Co-operators: among the most important Multi-line Insurers
co operatorsTotal property: $9 billion
Gross Written charges: $4.four billion
Co-operators operates as one in all the biggest multi-line insurers in the united states, catering to over 240 credit unions with a blended club of just about six million. The coverage cooperative gives a various range of rules and investment options.
technique for ranking
To collect this listing, we analyzed the brand new annual reviews from Canada’s biggest coverage corporations, specializing in each insurer’s overall property, a reliable indicator of a employer’s scale and financial balance in Canada. We additionally considered the GWP (gross written charges), which refers back to the sum of direct and assumed written premiums earlier than deducting reinsurance and ceding commissions.
The chart under shows the largest insurance organizations in Canada by GWP (Gross Written top class)