Everyone needs protection from harm and so insurance provides the needed cover for all humans in the society. Insurance in itself is relevant in the society because of these covers areas affecting companies, private individuals, and the government, etc. as such the list of insurance companies in Canada. Situations amounting to a case of a loss or damages being suffered in the future, e.g. accidents in a car crash, theft of properties in people’s places of residence, etc.
It is necessary to state here that there are two main aspects of insurance and these are life and non-life. In the life insurance, a particular amount of money is paid a premium to the beneficiary after the death or terminal illness of the policyholder. This specific amount is directly proportional to the number of investments made during the period of being alive or in a good state of health. This policy includes areas like; endowment policy, annuities, whole life insurance policy, etc. For the non-life insurance is a notable sector in the Canadian economy which has to do with the non-life policies like; travel insurance, health insurance, property insurance, car insurance, fire insurance, house insurance, and finance, etc.
LIST OF INSURANCE COMPANIES IN CANADA
CANADA OVERVIEW
Canada is globally recognized as one of the countries with the best insurance companies and policies. This North American nation unlike her counterparts in Africa and the insurance companies in European nations of the world have well structured, defined, established, funded, a vast asset at their disposal, and have a deep sense of purpose which goes beyond just doing business but doing the extraordinary in the business world. Insurance companies in Canada are doing great because of the socioeconomic and political atmosphere within which it operates. History has it that in 1804, Phoenix Assurance Company became the first company to offer insurance products and services in Canada. In the 1800s and 1900s, the main issuance issue/concern was a fire risk and hence people and properties needed to become secured. As the risk of fire continued, it was a primary risk but later on, the people were able to acquire insurance over other multiple risks they encountered. Therefore, this sets the pace/foundation for the modern concept of home insurance in Canada.
In this write-up is a comprehensive list of the Insurance Companies located in Canada. Insurance in itself is a medium for the risk management process. Since life is a risk on its own, the man had to create a medium to manage that risk in other for people to enjoy their lives even at the ripe age of 60 years and above or have something left to rely upon even after active service. Due to the high risk in business procedures, some insurance companies have seen the need to join forces with other financial institutions, brokerage companies, and banks, etc. Insurance companies not only offer premium but also, they render essential services and products like; group insurance, non-medical life insurance, whole life insurance, disability insurance, term life insurance, long-term care insurance, etc. over the century insurance has continued to evolve despite the various times.
In insurance, the premium is gotten from policyholders and invested into the company business in other to get additional income. All major insurance companies in the world have been able to acquire assets despite the products and services they render to their customers.
The body responsible for the regulation of all insurance companies is known as the Canadian Council of Insurance Regulators (CCIR). This is also known as an inter-jurisdictional association of insurance regulators. The sole aim or primary duties of the Canadian Council of Insurance Regulators (CCIR) is majorly to Fastrack and promote an effective and efficient insurance regulatory system in Canada to serve the public interest. Alongside the insurance companies, they all work together in other to develop vital solutions to common regulatory issues.
Numerous insurance companies exist here in Canada and below is a brief list of such companies you can find in Canada and they are;
- MANULIFE FINANCIAL CORP (MFC):
Manulife Financial Corp (MFC) is seen as the biggest insurance company in the whole of Canada. Aside from operating in Canada, the company is also operational in the United States of America, and in Asia. It had employed at least 88,000 people working with it, while some are employed as workers, others are contracted, agents. Having been established in the year 1887 as the Manufacturers Life Insurance Company, the firm now has 55 branches spread across the cities of China. Manulife Financial Corp (MFC) was ranked second biggest in terms of domestic life insurance premium.
POWER FINANCIAL (PWF):
Power Financial (PWF) is an insurance company that focuses on general insurance and reinsurance policies which in turn is offered to businesses, public organizations, private individuals, etc. in Europe, Asia, United State of America and as well Canada. This company is a large financial management and holding with good interest either directly or indirectly n companies. It has invested in the various financial services sector including insurance. This company has focused its operations on a vast aspect of the insurance sector and among which are; financial planning services, investment products, provides customers or clients with diverse arrays of investments opportunities available and retirement products.
SUN LIFE FINANCIAL, INC. (SLF):
Also, Sun Life Financial, Inc. (SLF) is basically a life insurance company with a market cap of about 21 billion Dollars as at 2015 and this has risen up over the years. It makes available for its client’s various retirements benefits, and security, opportunities for investments. And with its large value of assets scattered all around the world, this has enabled it to reach out to clients in Toronto where it base, United Kingdom, Hong Kong, Philippines and so on. It was ranked among the top 2000 list of global companies as at 2010 where it occupied the 236 positions.
FAIRFAX FINANCIAL (FFH):
This company known as Fairfax Financial (FFH) is also based in Toronto like Sun Life Financial, Inc. (SLF). With a total size of its asset valued at around 35 billion dollars, it has approximately 8500 employees working for her establishment all around the world. As a result, a large number of the employees are in the United State of America as workers. Investment management services are also provided by the company, life insurance, property insurance and reinsurance. No doubt many of these companies not only are found in the North American part of the globe but also have various subsidiaries spread across cities and national boundaries.
GREAT-WEST LIFE ASSURANCE COMPANY:
Great West Assurance Company, centered in Canada operates as a holding company in Europe, North America, and Asia. This company is an auxiliary for six companies in the world. The company operates in various health insurance policies, investment management services, savings and retirement income.
INDUSTRIAL ALLIANCE INSURANCE (IAG):
Industrial Alliance Insurance (IAG) is majorly into providing life and health insurance to businesses and private individuals alike. In this light, it offers wealth management and other insurance services like her contemporaries in Canada. Not only can It be located in Canada, it started setting up plans on how to build a base in the United State of America after it successfully acquired the ownership of a major Texas company in the United State of America. This company focuses more on human life compared to other insurance companies in Canada, which has attracted a lot of clients to her.
STANDARD LIFE:
Standard life is a holding company, not only that it is a major employer in Edinburg, Canada. Globally it has employed 12000 people and while in the United Kingdom it has employees, 8500 people. Since inception, it has gained over five million people as its customers in the United Kingdom. Having gained this large number of customers, Standard Life Plc. has grown to be the people’s favorite in Canada due to its customer-friendly strategy or plan.
RBC LIFE INSURANCE:
Since employers have seen the need to secure their employees at the workplace, the RBC Life Insurance Company has fully utilized this golden opportunity which is at its disposal. Despite being a subsidiary of the one of the largest bank in the world known as the Royal Bank of Canada which is the biggest bank in Canada. RBC Life Insurance has achieved revenue of around 3.76 billion dollars in 2014 and a market capitalization of 75.5 billion dollars also. This RBC Life Insurance company is unique because it offers free mortgages and loans to those who are qualified to have access to it. It provides a high of health and life policies even to accidents victims under its program, travels policies, travel insurance, as well as home policies.
DESJARDINS FINANCIAL SECURITY LIFE INSURANCE:
Desjardins Financial Security Life Insurance is the life and health arm of Desjardins Group. This company is exceedingly rich in that it is recognized as the 6th largest financial institution in Canada. Having achieved this feat, it has the second largest asset in Canada having acquired a state farm in 2014 in the country.
ECONOMIC INSURANCE:
Economic Insurance, having been founded in 1871 in the country of Canada. With a location in Waterloo, Ontario, this insurance company has at its disposal 17 branches under its watch. As the name implies, the Economic Insurance is solely involved in mainly economic activities in the economy. And such activities have a direct bearing on the economic lifestyle of the people such as providing homes, commercial insurance, and automobile insurance. This company is one of the biggest property insurance company in Canada.
EMPIRE LIFE INSURANCE COMPANY:
This Company known as Empire Life Insurance Company is a subsidiary of E-L Financial Corp which is a publicly listed holding company offering group benefit plans, wealth management products, and individual insurance products. Located in Kingston Ontario, Canada, this company in 2014 announced its life premium revenue which amounted to 300 million dollars and consolidated revenue stood at 1.46 billion dollars. The healthcare needs of small and medium scaled businesses and their employees are usually contained in the group benefit plan; not only that saving plans segregated and mutual funds are all parts of the wealth management products.
IA FINANCIAL GROUP:
IA Financial Group offers different types of loans, mortgages, and other insurance products. All across the country of Canada, this insurance company operates in a lot of business activities such as investment products, financial planning services, life and health insurance which is similar to its contemporaries. This company has millions of written life insurance premiums in the United State Stock exchange market which is valued at around 151 million dollars. This financial giant is a major player in the Canada insurance sector.
FEDERATED INSURANCE COMPANY OF CANADA:
Federated Insurance Company of Canada is a known subsidiary of Northbridge Financial and member of Fairfax Financial family. It is involved in the many business activities or markets some of which are heating and air conditioning, plumbing, retailing, equipment, manufacturing, restaurants, home building and life benefits, etc. These core activities in which the company is directly involved into has a direct effect on the people of the society.
THE GREAT-WEST LIFE ASSURANCE COMPANY:
Founded in 1891 in Winnipeg, Manitoba, this company is a life and health insurance company. This company has over the years built a high level of relationship between itself and the various clients all across the country thereby increasing its level of patronage and revenue generated over many decades.
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- CONCLUSION ON THE LIST OF INSURANCE COMPANIES IN CANADA
Many individuals in Canada have practically benefited from the establishment of insurance companies in the country. With the establishment of various insurance companies ranging from health, agriculture, commerce, properties, transportation, etc., it has provided the citizens of the country to effectively choose what type of insurance policy they desire and want to operate upon. In operating with an insurance company in Canada, it is pertinent to note here that the policyholder must be ready and also able to meet up with the terms and conditions set aside for all those who have decided to become an active member in any insurance company and also these rules, regulations, and guidelines must be at par with the Canadian Council of Insurance Regulators (CCIR) against which such a person/insurance company may cease to exist in that regards.
