Canadians have a number of options when it comes to finding the best insurance company for their needs.
Canada is even home to a global top-20 insurance company, Manulife Financial Corporation, which has over $1 trillion in assets under management.
But, even with the enormous size of these companies and the importance that insurance plays in all of our lives, how much do you really know about these insurance companies?
What Is An Insurance Company?
An insurance company is a financial institution that sells insurance contracts (policies) that reimburse policy holders (the buyers of insurance contracts) in the event of loss, damage, injury or any other insurable event..
There are many different types of insurance including:
- Life insurance
- Health insurance
- Car (auto) insurance
- Home and property insurance
- Business insurance
- Mortgage insurance
- Credit insurance
- Disability insurance
An insurance contract (policy) has a specific list of events (car accident, house fire, death, default) which can result in a specified amount of money to be repaid (money paid to you after you file a claim).
It is extremely important for anyone looking to buy insurance to understand exactly what events they are covered for and what amount of money they can expect to receive in the event an insurance policy is triggered.
The amount of money that you pay to the insurance company (up front) for them to agree to pay you (in the future) is called the premium.
Insurance companies compare your customer information to historical data in order to create your risk profile and set the price (premium) of an insurance policy.
That is why two different people might pay different amounts of money for the exact same insurance contract.
So, now that you know what an insurance company does, you are realizing how important it is to choose a good insurance company to buy a policy from.
Below is a list of the best insurance companies in Canada.
The Best Insurance Companies In Canada
Here is the Cash Cow Canada list of best insurance companies:
1. Manulife
Manulife is the largest Canadian insurance company.
It was founded in 1887 by Sir John A. Macdonald who was Canada’s first prime minister.
The company is publicly traded on the Toronto Stock Exchange (TSX) and has operations both in Canada and around the world.
Insurance products offered:
- Health insurance
- Life insurance
- Travel insurance
- Mortgage insurance
Manulife employs over 34,000 people and services over 25 million customers.
2. Canada Life
The company now known as Canada Life is a combination of 3 companies: Great-West Life, London Life and Canada Life.
Canada Life has over 10,000 employees who serve over 13 million customers through a network of over 23 thousand advisors.
They offer insurance products for virtually any life stage to help Canadians reach their personal, business and life goals.
Insurance products offered:
- Health insurance
- Life insurance
- Disability insurance
- Dental insurance
- Creditor insurance
- Workplace benefits
In addition to helping Canadians protect their financial well-being, the company is a big contributor to the United Way.
3. Sun Life Financial
Sun Life is headquartered in Toronto, Ontario and is another publicly traded life insurance company.
They employ over 40,000 people and have more than 1.2 trillion in assets under management across a multiple countries.
The company is committed to sustainability and has a big focus on social, environmental, economic and governance practices.
Insurance products offered:
- Life insurance
- Health insurance
- Critical illness insurance
- Long term care insurance
- Workplace benefits
- Travel insurance
Sun Life has a 150 year history of supporting their customers and communities. They are even a jersey sponsor of the Toronto Raptors.
4. IA Financial Group
Industrial Alliance (IA Financial) is another major Canadian insurance company with a core business of health and life insurance.
The head office is in Quebec City, Quebec and the company was founded back in 1892.
The company stock trades on the TSX under the symbol IAG.
Insurance products offered:
- Auto insurance
- Home insurance
- Condo insurance
- RV insurance
- Life insurance
- Health insurance
- Accident insurance
- Mortgage insurance
They employ over 8,000 people, serve over 4 million clients and have a network of over 50,000 representatives.
5. Desjardins Group
Desjardins Insurance serves over 5 million Canadians across the country for both individual and business insurance needs.
This insurance company was founded in 1944 with a headquarters in Levis, Quebec.
They acquired the Canadian operations of State Farm in 2015 and have become the second largest property and casualty insurer in Canada.
Insurance products offered:
- Life insurance
- Health insurance
- Travel insurance
- Loan and credit insurance
- Home insurance
- Auto insurance
Scotia Bank uses Desjardins to provide insurance coverage to their customers.
6. Travelers Canada
Travelers Canada is the Canadian insurance arm of parent company The Travelers Companies, Inc. which is a Fortune 500 financial company.
The Canadian head office is in Toronto but they also have offices in Vancouver, Calgary, Montreal and Ottawa.
Travelers sells insurance through insurance brokers exclusively and compensates brokers on a fixed percentage of premium sold and commissions.
Insurance products offered:
- Car insurance
- Home insurance
- Boat insurance
- Jewelry and valuable items insurance
Also, Travelers Canada is an industry thought leader regarding risk management and insurance insights.
7. Wawanesa Insurance
Wawanesa is one of the largest property and casualty insurance companies in Canada.
The company was founded in Wawanesa, Manitoba and now serves both Canadian clients and a large part of California.
Wawanesa is a policyholder owned company with a strong focus on customer service.
Insurance products offered:
- Car insurance
- Home insurance
- Condo insurance
- Tenant insurance
- Farm insurance
- Commercial business insurance
- Life insurance
The company has over 3,000 employees that operate in 9 regions across North America.
8. Intact Insurance
Intact Insurance is Canada’s largest home, car and business insurance companies.
They serve over 4 million customers throughout Canada with more than 3,000 claims professionals.
The company stock is public and trades on the TSX under the symbol IFC.
Insurance products offered:
- Car insurance
- Motorcycle insurance
- RV insurance
- Boat insurance
- Home insurance
- Water damage insurance
- Condo insurance
- Cottage insurance
Intact has 35 offices in Canada and employs more than 11,000 people.
9. Economical Insurance
Economical is proudly Canadian and specializes in property and casualty insurance.
Founded in 1871, the company has their headquarters in Waterloo, Ontario.
They serve over 1 million people in Canada and own the online insurance platform Sonnet.
Insurance products offered:
- Car insurance
- Home insurance
- Business insurance
- Farm insurance
Economical also owns pet health insurance company Petline.
10. Aviva Insurance
Aviva Canada is part of the parent organization Aviva PLC – located in London, England.
The Canadian headquarters is located in Markham, Ontario.
Also, Aviva purchased RBC General Insurance Company in 2016, helping grow their foot print in out Country.
Insurance products offered:
- Car insurance
- ATV insurance
- Boat insurance
- Home insurance
- Tenant insurance
- Condo insurance
- Cottage insurance
- Specialty insurance
Under the specialty insurance division, Aviva offers interesting contracts like hole-in-one (golf) insurance, ride-sharing insurance and prize indemnity.
Summary Of The Best Insurance Companies In Canada
Insurance companies play an important role in our society because insurance policies can help individuals avoid catastrophic financial disaster due to unforeseen events.
Insurance companies offer different types of insurance like life insurance, auto insurance and property insurance so you’ll want to first understand your insurance needs before approaching an insurance broker or agent.
Have you had a good or bad experience with an insurance company in Canada?
We want to hear from you.
– Cash Cow Canada