Major international insurance businesses have their headquarters in Canada, and the country is home to some of the world’s greatest financial institutions. Manulife, the largest insurance provider in Canada, takes in about $40 billion in annual premiums. Other major insurance companies in Canada include Canada Life, Sun Life, Desjardins, and Industrial Alliance (iA). Manulife, Canada Life, Sun Life, Desjardins, and Industrial Alliance are the five largest life insurance firms in Canada, in order of total assets. However, even armed with this information, picking the right Canadian insurance provider may be challenging.
Although it may not be the first place you think of, the United States is a major hub for this sector. Canada’s major life insurers are in a cutthroat race to supply you with coverage, so they’ll do everything to get your business. According to the Canadian Life and Health Insurance Association (CLHIA), Canadians have their pick of more than 150 different health and life insurance companies. There are a plethora of life insurance providers in Canada to choose from, so how do you select the best one for your specific requirements?
The largest life insurance provider or providers in Canada might be one possible starting point. The annual premiums collected by Manulife, the largest insurance business in Canada, are about $40 billion. The top five largest life insurers in Canada are Canada Life, Sun Life, Desjardins, and Industrial Alliance (iA). The combination of SSQ and La Capitale will create the sixth-largest life insurance firm in the country. CIBC Insurance and TD Insurance are just two examples of the many smaller life insurance companies that are linked with major banks.
Manulife, one of the world’s largest corporations, naturally ranks first among Canada’s leading insurance firms in terms of premiums issued. Manulife, through its wholly owned subsidiary John Hancock, is also a major player in the insurance market in the United States.
Canada Life (Great West Life, London Life, and the namesake finally merged this year), Sun Life, Desjardins, iA Financial Group, and RBC Insurance are all at the top of the list, but there are also some lesser-known names that aren’t as well-known throughout the nation. Though SSQ and Wawanesa are not exactly household names in Ontario, they are two of the largest insurance carriers in Canada, collecting billions of dollars in annual premiums. Canada’s Manulife Financial Corporation is a worldwide conglomerate that includes insurance and financial services provider Manulife Canada as a subsidiary. Manulife is a major insurance company in South East Asia and in the United States via the John Hancock subsidiary.
Established in 1887 as the Manufacturers Life Insurance Company, it has grown to become Canada’s largest insurer. Insuring individuals and businesses alike, they provide a wide variety of investment and protection options. Manulife also runs the financial institution Manulife Bank, which provides banking services such as checking and savings accounts, credit cards, and mortgages. Super visa insurance and tourist insurance to Canada are also available.