Are you looking for Canada’s top insurance companies? If so, you’ve come to the right place.
When it comes to finding a quality insurance company, beginners often find it challenging. Besides, choosing the right insurance company is crucial in getting the right coverage.
Whether you are looking for coverage for your home, auto, life, business or health, the best insurance company is the most important thing to do.
This article reviews the top insurance companies in Canada with tips on which to choose.
Understanding How Insurance Works
Insurance is a contract between an individual and an insurance company that protects against the risk of loss.
It protects you from losses that could threaten your financial stability.
Insurance companies provide mutual agreement regarding risk allocation and informational tools.
These tools are commonly known as insurance policies that explain details of coverage. Insurance policies most commonly purchased by individuals are auto, health, homeowner, and life.
Insurance policies contracts between you and the insurance provider, containing a set of terms and conditions known as “insurance policy provisions” or simply “policy terms.”
However, each insurance has its unique coverage, limits, exclusions, deductibles, and rates.
Also, the policy terms, such as what’s covered and what isn’t, depend on the amount of risk you take or loss exposure.
Thus, choosing the best insurance company is key to getting the perfect coverage for you and your love ones.
What is an Insurance Company?
An insurance company is a private business that protects against financial loss.
Wherever people are involved, risk is present. Insurance companies aim to mitigate the risks associated with daily life.
An insurance company offers protection against unexpected losses in the form of cash compensation.
They help protect you against financial losses, giving you peace of mind while saving you some money.
Insurance providers are also known as insurers, insurance carriers, or underwriters. Persons or entities that buy insurance are called policyholders, and those covered are called insureds.
When you purchase insurance, an insurance company shares the risk, and if something bad happens to your property, they pay you money.
10 Top Insurance Companies in Canada
Open a window to the world of insurance and compare a selection of top insurance companies in Canada. Discover their specialties, rates and policies, and choose the plan that reflects your needs.
Here is a list of some of the top insurance companies in Canada to choose from:
Manulife Financial (MFC) is Canada’s biggest insurance company and a financial services provider.
Headquartered in Toronto, Manulife Financial earned $61 billion in revenue in 2019 in Canada, $47 billion in the US. This covers insurance premiums and investment profits.
Manulife operates in Asia, Europe, Canada, and the United States, via its John Hancock subsidiary. About 38,000 people worked at the company at the end of 2019, and it had approximately 98,000 agents.
In 1893, the firm sold its first out-of-country policy in Bermuda as The Manufacturers Life Insurance Company.
A branch of the company was granted permission to open in Guangzhou by the China Insurance Regulatory Commission (CIRC) in 2002.
It was the first joint venture life insurance company outside of China to be granted a license to open a branch in China. China now has more than 50 licensed Manulife branches.
Established in 1865, Sun Life Financial (SLF) is the oldest insurance provider in Canada, located in Toronto.
Its services include investment products, health insurance, and wealth management. The firm has customers in North America, Asia, and the United Kingdom.
Sun Life Financial had nearly 126,000 advisors and more than 40,000 employees as of the end of 2019. The financial services company managed nearly $1.1 trillion in Canada and nearly $850 billion U.S. in assets.
In 2019, insurance products generated approximately $38 billion in revenue for Canadian firms and $29 billion in the U.S. This includes premiums and deposits in separate funds on mutual funds.
Sun Life also earns revenue from administrative services-only (ASO) agreements. This is in addition to providing insurance management services.
Great-West Lifeco is a holding providing financial services across Canada.
People in Europe, Asia and North America can also get insurance through this company. Insurance policies from Great-West Lifeco include health, life, and disability policies.
The company had about 24,000 employees and 30 million customers by the end of 2019.
Assets under management at Great-West are $772 billion Canadian (US$594 billion). Great-West also raked in close to $50 billion in Canadian dollars in revenue.
Investments such as dividends and insurance premiums were among these assets in 2019.
Desjardins Group is a Canadian cooperative financial services company. It is the largest credit union confederation in North America.
In 1900, Alphonse Desjardins founded the company in Lévis, Quebec. Lévis remains the legal headquarters of the organization, the CEO and most of the executives, based in Montreal.
The company provides a variety of health and life insurance, savings, and investment.
With over five million customers in Canada, the company won’t let you down with its solid expertise and a people-focused approach.
At the end of 2019, Desjardins managed $313 billion Canadian and $241 billion US assets.
Desjardins is one of Canada’s largest financial institutions, having more than 48,000 employees and seven million clients across.
In 2019, the company’s insurance premium revenues reached $9.4 billion Canadian ($7.2 billion U.S.).
iA Financial Group is one of Canada’s leading insurance and assets management companies, with US operations.
Founded in 1892, the company has its headquarters in Quebec City. In 2015, the company began focusing on building its presence in the U.S.
The Toronto Stock Exchange lists the company under IAG and IAF as an essential Canadian public company.
Individuals and businesses can find a range of insurance and financial services from the company.
IA Financial Group earned $11.4 billion Canadian in premiums and deposits in In 2019. It currently has more than $197.5 billion in assets under management.
Approximately 8,000 employees provide services to 4 million customers through IA Financial Group.
6. Canada Life
The Canada Life Assurance Firm, sometimes recognized as Canada Life, is a financial service and insurance company based in Winnipeg, Manitoba.
The Great-West Life Assurance Firm, London Life Insurance Company, and The Canada Life Assurance Company merged in 2020 to become the present company.
In addition to critical illness, life, disability, and health insurance, the company offers dental and medical insurance.
The company has a history of financial stability and strength spanning over 170 years.
Canada Protection Plan is a prominent supplier of Life Insurance with No Medical Assessment and Simplified Issue.
This company offers life and critical illness insurance at no additional charge through over 25,000 licensed advisors across Canada.
It is a third-party administrator that was founded in 1992. This means that a Canada Protection Plan policy is issued by Foresters, which is their underwriting insurance company.
Foresters Financial Company received approval to merge with Canada Protection Plan on Oct. 2, 2020.
The Co-operators Life Insurance Company offers a wide range of insurance, investment, and financial advice that helps build financial strength and security in Canada.
This company provides financial solutions and security with over $56 billion in assets under management.
These assets include life insurance, investment management, institutional asset management, and brokerage operations.
Member organizations, including credit unions, co-operatives, and representative farm organizations, govern Co-operators Life Insurance Company.
It was founded in 1945 by a group of farmers who wanted to provide for their families and communities when traditional insurers could not help them.
Currently, Co-operators Life Insurance Company has over 600 locations in the U.S., 6,000 employees, and more than 2,500 licensed insurance agents as Financial Advisors.
Established in 1874, Foresters Financial is owned by the Independent Order of Foresters, which provides benefits to its members.
With their merger with the Canadian Protection Plan, Foresters offers several simplified issue plans, life insurance, and critical illness insurance.
You can rely on Foresters to take care of your financial future due to the company’s 140-year history of financial strength and stability.
Foresters Life Insurance Company and Independent Order of Foresters both received “A” ratings from A.M. Best.
Ivari offers a complete line of insurance products, including life and disability insurance, through a network of thousands of independent advisors across Canada.
With over 80 years of experience in the Canadian market, it’s no wonder that the people, products, and services that makeup Ivari have stood the test of time.
Transamerica was formerly a division of the American Transamerica insurance firm, but it was purchased by Wilton Re, a reinsurance company, and renamed Ivari.
Its headquarters is in North York, Ontario. In its role as an insurer, Ivari knows the importance of a healthy and long life.
Because of this, Ivari supports programs that equip children and teens with the knowledge and skills they need to live healthy lives.
How to Choose the Top Insurance Company in Canada
Each of the above insurance companies has a specialty that distinguishes it from others. So not all insurance companies provide the type of policy you need.
Consider the following factors when choosing the top insurance company in Canada:
1. Coverage and Exclusions
Life insurance, health insurance, auto insurance, home insurance, critical insurance are some of the common insurance policies out there.
However, some insurance companies specialize in one or few insurance policies while others have broad coverage.
So pay close attention to the insurance company’s specialty, coverage and exclusions to ensure that you are fully covered.
The industry is full of ambitious companies, but it is essential to be acquainted with the one with the best reputation.
When an insurance company has a good reputation, it means a trusted number of customers acknowledged the company’s good performance.
And also the reliable services delivered over the years by the insurance company is recognized.
3. Easy Access
One of the easiest ways to choose the top insurance company in Canada is to consider how easy it is to become a policyholder and claim coverage.
The above to Canadian insurance companies are accessible any time of the day or night.
Before deciding on which company to choose, make sure you properly compare deductibles for several companies.
Choose the insurance company with the deductible that suits your budget and savings goals.
Bonus Tip: Find a Broker
An insurance broker’s job is to help you figure out the type of coverage you need, compare insurance policies from various insurers, and fill out any required paperwork.
The best insurance broker will help you find a suitable insurer for your policy needs. They can also help you shop around for quotes, compare insurance policies, and advise you on how much coverage to buy.
Final Thoughts on Insurance Companies in Canada
Selecting a top insurance company in Canada can be a time-consuming task as there are so many options to choose from.
However, the above top insurance companies have gained a great reputation over the years due to their long-standing client confidentiality and loyalty.
Hopefully, choosing the best insurance company in Canada will no longer be a problem for you.
So what are you waiting for? I will like to know which insurance company you’re going with in the comment section.