Manulife office building

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, being 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.

In its bid 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 a range of wellness options, items from popular retailers, and premium reductions.

2. Canada Life: Leading in Gross Written Premiums

  • canada life logoTotal Assets: $701.4 billion
  • Gross Written Premiums: $64.7 billion

Canada Life formerly Great-West Lifeco, operating out of Winnipeg and a key player within the Power Financial Corporation family, is at the forefront of insurance companies in Canada in terms of gross written premiums. It is recognized as one of the best insurance companies in Canada, offering a varied selection of products and services that encompass life and health insurance, reinsurance solutions, as well as retirement and investment services, coupled with 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 US. 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

  • desjardins logoTotal Assets: $407.1 billion
  • Gross Written Premiums: $12.2 billion

Desjardins stands out not only as one of Canada's best insurance companies but also as 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 initiatives in communities, 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

  • sun life financial serviTotal 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 biggest life insurers globally. The company has a presence in 26 countries, providing a comprehensive range of insurance and asset management services.

5. Fairfax Financial: A Holding Company with Global Influence

  • Fairfax Financial logoTotal 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 not just in Canada but also 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

  • IA FinancialTotal Assets: $87.4 billion
  • Gross Written Premiums: $14.3 billion

iA Financial stands out as 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, which includes individuals, small and mid-size businesses, as well as large corporations, earning its reputation as a top insurance company in Canada.

7. Intact Financial: Specializing in Property and Casualty Insurance

  • intact insurance logo smTotal 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

  • Beneva logoTotal 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

  • Empire logoTotal 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

  • co operatorsTotal 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 refer to the sum of direct and assumed written premiums before reinsurance and ceding commissions are deducted.

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

Full List of Insurance Companies in Canada (Updated 2024)

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

Acadia Life
Aetna Life Insurance Company
Affiliated FM Insurance Company
AIG Insurance Company of Canada
Algoma Mutual Insurance Company
Allianz Global Risks US Insurance Company
Allianz Life Insurance Company of North America
Allied World Specialty Insurance Company
Allstate Insurance Company of Canada
Allstate Life Insurance Company of Canada
American Agricultural Insurance Company
American Bankers Insurance Company of Florida
American Bankers Life Assurance Company of Florida
American Health and Life Insurance Company
American Income Life Insurance Company
American Road Insurance Company, The
Amherst Island Mutual Insurance Company
Arch Insurance Canada Ltd.
Arch Reinsurance Company
Aspen Insurance UK Limited
Associated Electric & Gas Insurance Services Limited
Assumption Mutual Life Insurance Company
Atradius Crédito y Caución S.A. de Seguros y Reaseguros
Aviva General Insurance Company
Aviva Insurance Company of Canada
AWP Health & Life SA
Axiom Mutual Insurance Company
AXIS Reinsurance Company
Ayr Farmers Mutual Insurance Company
Bay of Quinte Mutual Insurance Co.
Belair Insurance Company Inc.
Beneva Inc.
Berkley Insurance Company
Bertie and Clinton Mutual Insurance Company
Blue Cross Life Insurance Company of Canada
BMO Life Assurance Company
BMO Life Insurance Company
Boiler Inspection and Insurance Company of Canada, The
Brant Mutual Insurance Company
British Insurance Company of Cayman
Brookfield Annuity Company
CAA Insurance Company
Canada Guaranty Mortgage Insurance Company
Canada Life Assurance Company, The
Canada Life Insurance Company of Canada, The
Canada Protection Plan, The
Canadian Airports Reciprocal Insurance Exchange (CARIE)
Canadian Egg Industry Reciprocal Alliance
Canadian Farm Insurance Corp.
Canadian Lawyers Liability Assurance Society
Canadian Northern Shield Insurance Company
Canadian Premier General Insurance Company
Canadian Premier Life Insurance Company
Canadian Universities Reciprocal Insurance Exchange
Canassurance Insurance Company
Caradoc Townsend Mutual Insurance Company
Catalina General Insurance Ltd.
Cayuga Mutual Insurance Company
Certas Direct Insurance Company
Certas Home and Auto Insurance Company
Cherokee Insurance Company
Chicago Title Insurance Company
Chubb Insurance Company of Canada
Chubb Life Insurance Company of Canada
CIBC Life Insurance Company Limited
CIGNA Life Insurance Company of Canada
Coachman Insurance Company
Combined Insurance Company of America
Compagnie Francaise D'Assurance Pour Le Commerce Exterieur
CompCorp Life Insurance Company
Connecticut General Life Insurance Company
Continental Casualty Company
Co-operators General Insurance Company
Co-operators Life Insurance Company
CorePointe Insurance Company
Definity Insurance Company
Desjardins Financial Security Life Assurance Company
Dominion of Canada General Insurance Company, The
Dufferin Mutual Insurance Company
Dumfries Mutual Insurance Company
Ecclesiastical Insurance Office Public Limited Company
Echelon Insurance
Edge Mutual Insurance Company
Electric Insurance Company
Elite Insurance Company
Empire Life Insurance Company, The
Employers Insurance Company of Wausau
Employers Reassurance Corporation
Equitable Life Insurance Company of Canada, The
Erie Mutual Fire Insurance Company
Esurance Insurance Company of Canada
Euler Hermes North America Insurance Company
Everest Insurance Company of Canada
Everest Reinsurance Company
Factory Mutual Insurance Company
Farm Mutual Reinsurance Plan Inc.
FCT Insurance Company Ltd.
Federal Insurance Company
Federated Insurance Company of Canada
Fenchurch General Insurance Company
First American Title Insurance Company
First Canadian Insurance Corporation
First North American Insurance Company
Foresters Life Insurance Company
Four Points Insurance Company Ltd.
General Re Life Corporation
General Reinsurance Corporation
Germania Mutual Insurance Company
GMS Insurance Inc.
Gore Mutual Insurance Company
Great American Insurance Company
Grenville Mutual Insurance Company
Halwell Mutual Insurance Company
Hamilton Township Mutual Insurance Company
Hannover Re (Ireland) DAC
Hannover Rück SE
Hartford Fire Insurance Company
HDI Global SE Canada
HDI Global Specialty SE
Healthcare Insurance Reciprocal of Canada
Heartland Farm Mutual Inc.
Howard Mutual Insurance Company
Howick Mutual Insurance Company
Hudson Insurance Company
Humania Assurance Inc.
Industrial Alliance Insurance and Financial Services Inc.
Industrial Alliance Pacific General Insurance Corporation
Intact Insurance Company
Jackson National Life Insurance Company
Jevco Insurance Company
Jewelers Mutual Insurance Company, SI
Kent & Essex Mutual Insurance Company
L&A Mutual Insurance Company
Lambton Mutual Insurance Company
Lawyers' Professional Indemnity Company
Liberty Mutual Insurance Company
Life Insurance Company of North America
Lloyd's Underwriters
LS-Travel, Insurance Company
L'Unique General Insurance Inc.
Manulife Assurance Company of Canada
Mapfre Re, Compania De Reaseguros, S.A.
Maple Mutual Insurance Company
MAX Insurance
McKillop Mutual Insurance Company
MD Life Insurance Company
Metropolitan Life Insurance Company
Metropolitan Tower Life Insurance Company
MIC Insurance Company Canada
Middlesex Mutual Insurance Co.
Millennium Insurance Corporation
Missisquoi Insurance Company, The
Mitsui Sumitomo Insurance Company, Limited
Motors Insurance Corporation
Munich Reinsurance America, Inc.
Munich Reinsurance Company
Munich Reinsurance Company of Canada
National Bank Life Insurance Company
National Liability & Fire Insurance Company
Nationwide Mutual Insurance Company
New York Life Insurance Company
Nordic Insurance Company of Canada, The
North Blenheim Mutual Insurance Company
Northbridge General Insurance Corporation
Nova Mutual Insurance Company
Novex Insurance Company
Odyssey Reinsurance Company
Old Republic Insurance Company of Canada
Ontario Municipal Insurance Exchange
Ontario School Boards' Insurance Exchange
Optimum Insurance Company Inc.
Optimum Reassurance Inc.
Orion Travel Insurance Company
Pacific Life Re International Limited
Pafco Insurance Company
Partner Reinsurance Company of the U.S.
PartnerRe Life Reinsurance Company of Canada.
Pavonia Life Insurance Company of Michigan
Peel Mutual Insurance Company
Pembridge Insurance Company
Perth Insurance Company
Petline Insurance Company
Pilot Insurance Company
Portage la Prairie Mutual Insurance Company, The
Poultry Insurance Exchange Reciprocal of Canada
Primerica Life Insurance Company of Canada
Primmum Insurance Company
Privilege Underwriters Reciprocal Exchange (PURE Insurance)
Pro-Demnity Insurance Company
Protective Insurance Company
Quebec Assurance Company
RBC Insurance Company of Canada
RBC Life Insurance Company
Red River Mutual Insurance Company
Reliable Life Insurance Company
ReliaStar Life Insurance Company
RGA Life Reinsurance Company of Canada
Royal & Sun Alliance Insurance Company of Canada
S&Y Insurance Company
Safety National Casualty Corporation
Sagen Mortgage Insurance Company Canada
Salus Mutual Insurance Company
SCOR Canada Reinsurance Company
SCOR UK Company Limited
Scotia General Insurance Company
Scotia Life Insurance Company
Scottish & York Insurance Co. Limited
Security National Insurance Company
Sentry Insurance Company
SGI CANADA Insurance Services Ltd.
Shelter Mutual Insurance Company
Sompo Japan Insurance Inc.
Sonnet Insurance Company
South Easthope Mutual Insurance Company
Sovereign General Insurance Company, The
St. Paul Fire and Marine Insurance Company
Starr Insurance & Reinsurance Limited
Stewart Title Guaranty Company
Suecia Reinsurance Company
Sun Life Assurance Company of Canada
Sun Life Insurance (Canada) Limited
Swiss Re Corporate Solutions America Insurance Corporation
Swiss Reinsurance Company Ltd
TD Direct Insurance Inc.
TD General Insurance Company
TD Home And Auto Insurance Company
TD Life Insurance Company
Technology Insurance Company Inc.
Temple Insurance Company
The Commonwell Mutual Insurance Group
The Insurance Company of Prince Edward Island
The Manufacturers Life Insurance Company
The Mutual Fire Insurance Company of British Columbia
The Personal Insurance Company
The Union Life Mutual Assurance Company
Toa Reinsurance Company of America, The
Tokio Marine & Nichido Fire Insurance Co., Ltd.
Tokio Marine Canada Ltd.
Traders General Insurance Company
Tradition Mutual Insurance Company
Trafalgar Insurance Company of Canada
Trans Global Insurance Company
Trans Global Life Insurance Company
Transatlantic Reinsurance Company
Travelers Insurance Company of Canada
Trillium Mutual Insurance Company
Trisura Guarantee Insurance Company
Triton Insurance Company
TruStage Life of Canada
TTC Insurance Company Limited
Unica Insurance Inc.
Unifund Assurance Company
United States Liability Insurance Company
Usborne and Hibbert Mutual Fire Insurance Company
UV Insurance
Validus Reinsurance Ltd
Verassure Insurance Company
Waterloo Insurance Company
Wawanesa Life Insurance Company, The
Wawanesa Mutual Insurance Company, The
West Elgin Mutual Insurance Company
West Wawanosh Mutual Insurance Company, The
Western Assurance Company
Western Surety Company
Westminster Mutual Insurance Company, The
Westport Insurance Corporation
Wilton Re (Canada) Limited
Wynward Insurance Group
XL Reinsurance America Inc.
XL Specialty Insurance Company
Yarmouth Mutual Insurance Company
Zenith Insurance Company
Zurich Insurance Company Ltd

An Overview of the Canadian Insurance Industry

The Canadian insurance industry is vast, encompassing hundreds of companies these range from local mutual insurers in small towns to large multinational corporations with billions in assets. The industry covers a wide array of 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 own 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

family life insuranceA 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 Hancock 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 with interests in life insurance, health insurance, retirement and investment services, asset management, and reinsurance businesses.

Property and Casualty Insurance Companies

1. Intact Financial Corporation

Property InsuranceIntact Financial Corporation is the largest provider of property and casualty insurance in Canada. 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 leading property and casualty insurance groups in the country 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)

Re InsuranceMunich 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. It provides a wide range of traditional reinsurance products and related services.

3. PartnerRe Ltd

PartnerRe Ltd is a leading global reinsurer, providing 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 type of coverage best suited to your needs, allow one of our dedicated insurance agents or brokers to 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 the information provided in this article is for general information purposes only and is subject to change. Always consult with a professional advisor or insurance company for accurate information.



Article Headlines: