stmAre you searching online for best insurance companies in Canada? You’re at the right place. This article features top 20 best insurance companies in Canada. Keep reading!
You can’t predict when things will go wrong in life generally. But putting some measures in place means there’s always a plan to recover what is lost financially. That is why we have taken our time to write down the top 20 best insurance companies in Canada presently.
Things To Consider Before Choosing An Insurance Company
There are so many insurance companies in the country, so choosing between them can be quite challenging. There are some few points to keep in mind when selecting an insurance company:
1) Licensing: Not all insurance company is licensed to operate in every state. As a general rule, you should buy insurance from a company that is licensed in your state, only then can your State insurance department come in if there’s an issue.
2) Price: The prices and sell insurance policies vary greatly from one company to another, so it is advisable to get at least three price quotes from different companies, agents and from their site also.
3) Financial Stability: One of the most important thing to note is the financial stability of the company, a good insurance company should have a huge amount of financial resources in its possession to pay insurance claims.
4) Comfort: Having comfort after the purchase of your insurance is necessary, irrespective of the means you used in purchasing it. Ensure that the agent or company is easily reached, just in case you have a question or need to file a claim.
5) Service: Your insurance company should be able to provide the best service by handling your claims fairly, efficiently and swiftly. You may also want to check a national claims database to see the type of service they offer by checking the complaint people have on a company
Top 20 Insurance Companies In Canada
Insurance company ratings are created by ratings agencies to laconically describe the financial strength of an insurance company. Financial ratings companies considers a lot of factors but primarily look at how well the business is doing financially.
The following list shows the top 20 insurance companies in Canada in terms of total assets.
| Rank | Insurance Company | Total Assets C$bn (2021) |
| 1 | Manulife Financial Corporation | 835.227 |
| 2 | Great-West Lifeco | 584.062 |
| 3 | Desjardins | 389.278 |
| 4 | Sun Life Financial | 325.200 |
| 5 | Fairfax Financial | 99.372 |
| 6 | iA Financial Corp | 88.997 |
| 7 | Intact Financial | 59.617 |
| 8 | El-financial Corp | 25.755 |
| 9 | La Capitale (Beneva) | 25.035 |
| 10 | RBC Life Insurance Company | 19.920 |
| 11 | The Co-operates Group | 18.881 |
| 12 | Aviva Canada | 16.996 |
| 13 | TD Insurance | 14.464 |
| 14 | BMO Life Insurance Company | 13.404 |
| 15 | Ivari | 13.370 |
| 16 | RGA Life Reinsurance Company | 11.407 |
| 17 | Wawanesa Mutual Insurance Company | 10.031 |
| 18 | Swiss Reinsurance Company Ltd | 9.079 |
| 19 | Segan MI Canada Inc | 7.603 |
| 20 | Munich Reinsurance Company | 7.148 |
Final Words On The Top 20 Insurance Companies In Canada
The goal of insurance company ratings is to analyze the financial strength of an insurer, how the company can withstand a struggling economy, financial hardship and increased claims.
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