In this list of the largest insurance companies in Canada – we’re focusing on companies with a presence country-wide. That way, you can learn about the biggest players in the Canadian insurance market, and get a better understanding of the insurance industry as a whole.
Looking for the best insurance companies in Canada?
Here, we’re listing the top insurance companies in Canada, including their market presence and the type of insurance they offer.
With this guide, you’ll find the best Canadian insurance company for you – no matter in which province you’re based, and what kind of insurance you’re looking for.
If you’re looking for a simple answer on which company to go with, here are our top recommendations, based on customer satisfaction and Google rankings, ease of use, presence across Canada, and product offerings.
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Broker’s Choice
Intact Insurance
Canada’s largest home, car and business insurance company with a presence in all provinces and territories.
Home, car & business insurance
High customer satisfaction
Option to bundle & save
Presence country-wide
*KBD Insurance partners with Intact to provide home, car and business insurance. Get a quote today.
Click for best price.
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Runner-Up
Desjardins Insurance
Desjardins Group is the largest cooperative financial group in Canada and offers a wide range of insurance products.
Home, car & life insurance
Presence country-wide
Option to bundle & save
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Bronze
Economical Insurance
Economical Insurance is a prominent Canadian property and casualty insurance provider founded in 1871.
Home, car & business insurance
Operates in all provinces & territories
Offers personalized service through a broker model
Longstanding Canadian company
*KBD Insurance partners with Economical to provide home, car and business insurance. Get a quote today.
Click for best price.
Before we jump into the details, you might be wondering: Who are we?
KBD Insurance is a home car and business insurance broker with 40+ years of experience in the Canadian insurance market – and we currently serve both Ontario and Quebec.
So we know a thing or two about insurance.
Nevertheless – unlike our round ups of the best Montreal and Ottawa insurance brokers, we won’t be deciding on the best Canadian insurance company.
Instead we’re giving you an overview of the top insurance companies in Canada, including total assets for the 5 biggest Canadian insurers, the products the companies offer, and the areas they serve.
In this list, we focus on companies with a presence country-wide.
That way, you can get a bird’s eye view of the industry as a whole.
Let’s get into it.
Jump ahead to get to the good stuff:
- The top 5 Canadian insurance companies (based on assets)
- List of Canadian insurance companies
- The best business insurance companies in Canada
- What is the best insurance company in Canada for me?
- Which Canadian insurance companies does KBD work with?
The top 5 insurance companies in Canada
Without further ado, let’s get into the list of the top 5 Canadian insurance companies.
These Canadian insurance companies top the list in terms of total assets, according to Insurance Business Magazine. You can read each of their 2022 annual reports, linked below.
Top 5 biggest insurance companies in Canada:
- Manulife – $849 B Assets (annual report)
- Great-West Lifeco – $701.4 B Assets (annual report)
- Desjardins – $407 B Assets (annual report)
- Sun Life Financial – $330.9 B Assets (annual report)
- Fairfax Financial – $92.1 B Assets (annual report)
List of Canadian insurance companies
There are more than two dozen insurance companies in Canada headquartered in provinces across the country. In this list, we’ve focused on the companies with a presence in several provinces.
According to IBIS World, the total revenue of the Canadian property, casualty and direct insurance industry was $77.1bn in 2022, while life and health insurers collected $139 billion in premium revenues, according to the Canadian Life & Health Insurance Association.
Without further ado, here’s a list of Canadian insurance companies with headquarters based across Canada that contribute to these figures (in no particular order):
1. Manulife
Headquarters: Toronto, Ontario
As noted above, Manulife Financial is a leading international insurance and financial services provider, and a top insurance company in Canada. They’re also one of the top ten insurance companies in the world.
Manulife has a 130 year history in the insurance and finance industries, and offers coverage for the following insurance policies:
- Life insurance
- Health insurance
- Travel insurance
- Disability insurance
- Mortgage protection insurance
- & more
Manulife operates in all provinces and territories across Canada.
2. Desjardins
Headquarters: Lévis, Quebec
Desjardins Group is the largest cooperative financial group in Canada and offers a wide range of insurance products including the following:
- Health insurance
- Home insurance
- Auto insurance
- Credit insurance
- Travel insurance
- & more
They’re headquartered in Lévis, Quebec, and operate in all provinces and territories in Canada.
Desjardins insurance company also serves customers in more remote regions.
3. Canada Life
Headquarters: Winnipeg, Manitoba
Canada Life is a prominent insurance provider with a strong presence in Western Canada, with its headquarters in Winnipeg. It’s the result of an amalgamation of Great West Life, London Life, and Canada Life Assurance company in early 2020.
Operating in all provinces and territories across the country, Canada Life offers a comprehensive range of insurance and investment products.
They offer coverage for the following insurance policies:
- Life insurance
- Health insurance
- Dental insurance
- Disability insurance
- Critical illness insurance
- Workplace benefits
- & more
They also offer retirement savings and investment solutions.
4. Sun Life Financial
Headquarters: Waterloo, Ontario
Sun Life Financial is a leading international insurance company with a significant presence in Canada.
They operate in all provinces and territories across the country, and offer a diverse range of insurance and financial products to cater to various needs.
Sun Life insurance offers the following coverages:
- Life insurance
- Health insurance
- Dental insurance
- Disability insurance
- Critical illness insurance
- & more
Sun Life also offers retirement savings and investment solutions.
Their reputation for financial stability and a network of advisors make them a go-to choice for Canadians seeking reliable insurance options.
5. Intact Insurance
Headquarters: Toronto, Ontario
Intact Insurance is a leading Canadian property and casualty insurance company (also known as P&C) that offers a range of insurance products to individuals and businesses across Canada.
Intact is headquartered in Toronto, and offers coverage for the following insurance policies:
- Car insurance
- Home insurance
- Business insurance
- & more
Intact Insurance also offers specialized insurance solutions for industries such as construction, transportation, and marine.
They operate across all provinces and territories in Canada, with a strong presence in Ontario, Quebec, and Alberta.
PS: As a broker, KBD works with Intact Insurance to provide home, car & business insurance in Quebec and Ontario.
6. Economical Insurance
Headquarters: Waterloo, Ontario
Economical Insurance was founded in 1871, and is a prominent Canadian property and casualty insurance provider headquartered in Waterloo, Ontario.
They offer coverage for the following insurance policies:
- Home insurance
- Auto insurance
- Business insurance
- Farm insurance
Economical Insurance serves customers across all Canadian provinces through a broker model.
If you’re interested in working with Economical, KBD partners with this company to offer home, car and business insurance.
Need insurance?
Call us.
7. iA Financial Group
Headquarters: Quebec City, Quebec
iA Financial, also known as Industrial Alliance of Canada, is a leading Canadian insurance and financial services company that offers a range of products and services to individuals and businesses across Canada.
iA Financial also offers banking products and services through its subsidiary, Industrial Alliance Securities.
They offer the following insurance coverages:
- Life insurance
- Car insurance
- Home insurance
- Mortgage insurance
- Disability insurance
- Travel insurance
iA Financial’s headquarters is in Quebec City, and it operates across all provinces and territories in Canada, with a strong presence in Quebec, Ontario, and British Columbia.
8. Fairfax Financial
Headquarters: Toronto, Ontario
Fairfax Financial is a Canadian holding company that offers a range of insurance and investment management services through its subsidiaries.
They offer coverage for the following insurance policies:
- Property and casualty insurance
- Reinsurance
Fairfax also offers investment management services to individuals, businesses, and organizations across Canada.
The company has a strong presence in Ontario and Quebec, but also serves customers in other regions through its subsidiaries.
Fairfax Financial is headquartered in Toronto, Canada.
9. The Co-operators Group Ltd.
Headquarters: Guelph, Ontario
The Co-operators Group is a leading Canadian insurance and financial services company that offers a range of products to individuals and businesses in Canada.
The Co-operators Group operates across all Canadian provinces and territories, with a strong presence in Ontario, Quebec, and Western Canada. It’s headquartered in Guelph, Ontario.
They offer coverage for the following insurance policies:
- Car insurance
- Home insurance
- Business insurance
- & more
10. Belairdirect
Headquarters: Toronto, Ontario
Belairdirect is a leading Canadian insurance company that offers a range of car and home insurance products and services to individuals and families in Canada.
They offer coverage for the following insurance policies:
- Auto insurance
- Home insurance
While its headquarters are in Montreal, Quebec, Belairdirect operates in all provinces and territories in Canada, providing its services to millions of Canadian customers.
11. TD Insurance
Headquarters: Toronto, Ontario
TD Insurance, a subsidiary of the TD bank, is a prominent Canadian insurance provider.
Headquartered in Toronto, Ontario, TD Insurance offers a wide range of products, including coverage for the following insurance policies:
- Home insurance
- Auto insurance
- Life insurance
- Health insurance
- Travel insurance
- Credit insurance
Catering to individuals, families, and businesses, TD Insurance serves customers across all Canadian provinces.
12. CAA Insurance Company
Headquarters: Thornhill, Ontario
CAA Insurance Company, a subsidiary of the Canadian Automobile Association, is a leading insurance provider in Canada.
CAA offers a range of products including:
- Auto insurance
- Home insurance
- Travel insurance
- Life insurance
Catering to individuals, families, and businesses, CAA Insurance operates across all Canadian provinces.
13. Wawanesa Insurance
Headquarters: Winnipeg, Manitoba
Wawanesa Insurance, founded in 1896, is a Canadian mutual insurance company headquartered in Winnipeg, Manitoba, and operating across all Canadian provinces.
They offer coverage for the following insurance policies:
- Home insurance
- Auto insurance
- Business insurance
14. Aviva Canada
Headquarters: Markham, Ontario
Aviva Canada, a subsidiary of UK-based Aviva plc, is a leading insurance and financial services provider in Canada.
With headquarters in Markham, Ontario, they cater to all Canadian provinces.
Aviva Canada offers coverage for insurance policies including:
- Home insurance
- Auto insurance
- Life insurance
- Travel insurance
- Business insurance
15. Beneva
Headquarters: Quebec City, Quebec
Beneva Insurance Canada was created in January 2023 through a merger between SSQ Insurance + La Capitale. It’s a leading insurance provider offering comprehensive coverage solutions across several provinces.
They offer coverage for the following insurance policies:
- Auto insurance
- Home insurance
- Life insurance
- Health insurance
- Business insurance
Beneva has a strong presence in Ontario, British Columbia, Alberta, Quebec, and Manitoba.
16. RBC Insurance
Headquarters: Mississauga, Ontario
RBC Insurance Canada, a division of the Royal Bank of Canada, is a prominent insurance provider with a wide-ranging presence across the country.
Operating in all provinces and territories, RBC Insurance offers comprehensive coverage solutions to meet diverse needs including:
- Auto insurance
- Home insurance
- Life insurance
- Health insurance
- Travel insurance
- Business insurance
Their long standing reputation, financial stability, and extensive network of agents make them a trusted choice for Canadians seeking insurance solutions.
17. National Bank Insurance
Headquarters: Montreal, Quebec
National Bank Insurance (NBI) is a prominent insurance provider with a significant presence in several provinces across Canada. Operating primarily in Quebec, NBI also extends its services to Ontario, New Brunswick, and British Columbia.
They offer coverage for the following insurance policies:
- Home insurance
- Auto insurance
- Life insurance
- Health insurance
- Travel insurance
National Bank Insurance has an extensive network of branches and experienced professionals that provide innovative and customizable coverage solutions.
18. L’Unique General Insurance
Headquarters: Quebec City, Quebec
L’Unique General Insurance is a Canadian insurance company, headquartered in Quebec City, Quebec.
They’ve been around since 1978, and offer the following coverages:
- Auto insurance
- Home insurance
- Recreational vehicle insurance
- Commercial insurance
- Surety bonds
L’Unique operates solely through a broker model – so if you want to work with them, find a dedicated Canadian insurance broker that they partner with.
For instance, KBD Insurance works with L’Unique to provide home, car and business insurance solutions.
Call us.
19. Empire Life Insurance
Headquarters: Kingston, Ontario
Empire Life Insurance, established in 1923, is a prominent Canadian insurance company with its head office in Kingston, Ontario. It serves customers nationwide.
Empire Life offers insurance products including:
- Life insurance
- Health insurance
- Investment insurance
- Group benefits
20. Allstate Insurance Canada
Headquarters: Markham, Ontario
Allstate Insurance Canada, founded in 1953, operates as a subsidiary of The Allstate Corporation in the United States.
Its Canadian head office is located in Markham, Ontario. With a presence across the country, Allstate offers its insurance in Alberta, Ontario, Quebec, New Brunswick and Nova Scotia.
The company provides a variety of insurance solutions, including:
- Auto insurance
- Home insurance
- Condo insurance
- Tenant insurance
Top business insurance companies in Canada
Several of the major commercial insurance companies in Canada are not home grown – however they have a significant market share in the country, and are worth noting on this list.
Starting with the home-grown Canadian commercial insurance companies, here are a few names you should know:
1. The Federated Insurance Company of Canada
Headquarters: Winnipeg, Manitoba
The Federated Insurance Company of Canada is a leading commercial insurance provider with a well-established presence across the country.
Operating in multiple provinces including Ontario, Alberta, British Columbia, and Quebec, Federated Insurance offers a range of insurance products including:
- Commercial property insurance
- Auto insurance
- Cyber insurance
- Commercial auto insurance
- Specialty coverages
- Etc.
With a strong focus on risk management and personalized service, Federated Insurance protects businesses from potential financial losses and ensures that they have the necessary coverage for their unique business needs.
2. Intact Insurance
In addition to personal insurance, Intact Insurance works with third-party brokers such as KBD to distribute their commercial insurance policies.
They offer the following commercial insurance policies:
- Commercial car insurance
- Business insurance
- Farming insurance
- Manufacturing insurance
- Etc.
Intact Insurance is one of the largest insurance companies in Canada, and is headquartered in Toronto, Ontario.
3. CFC Underwriting
CFC Underwriting is an English insurance company that offers commercial insurance to Canadian business owners solely through a broker model.
For example, KBD Insurance works with CFC Underwriting to place commercial contracts.
CFC specialize in coverages including:
- Cyber insurance
- Professional liability insurance
- Commercial general liability (CGL) insurance
- Commercial propertyinsurance
- Professional liability insurance
- Management liability insurance
- Etc.
4. HSB Canada
HSB is Canada’s specialty insurance and IoT services provider based in Montreal.
They offer services and solutions including:
- Equipment inspection
- Sensor solutions to mitigate the risk of claims
- Etc.
KBD works with HSB to offer our clients commercial insurance solutions.
Call us.
5. Lloyd’s of London
As the name suggests, Lloyd’s of London is a UK-based insurance company, and the world’s leading insurance marketplace.
As a broker, KBD works with Lloyd’s of London to offer commercial insurance solutions to a Canadian client base.
Need a business insurance quote?
Call us.
What is the best insurance company in Canada for me?
That depends on what you need insured!
Put simply, the best insurance company for you is typically the one that offers the best coverage at the best rate.
It’s worth noting that many insurance companies will offer you a discount if you bundle your insurance policies with the same company.
Depending on who you are, where you’re located and the kind of service you’re looking for, any one of the companies in the list above could be a good fit.
It’s a good idea to shop around to see which company can offer the appropriate coverage at the best rate, with a great service to boot.
A licensed insurance broker like KBD can help with that.
Call us.
Which Canadian insurance companies does KBD work with?
KBD is a home, car and business insurance broker with offices in Ontario and Quebec.
So if you’re based in these provinces and looking for coverage, we’ve got your back.
As brokers, we work with several Canadian insurance companies to provide coverage to residents in these provinces.
The Canadian insurance companies that KBD works with include:
- Intact
- Economical
- L’Unique
- HSB
KBD also works with several top English insurance companies to provide commercial insurance solutions to Canadian businesses, including:
- CFC
- Lloyd’s of London
Remember: Insurance is a personalized service, so finding the right provider for you isn’t necessarily about finding the company with the largest market share – but the one that provides a quality product, and the right service.
Wrap-up
So there you have it!
You now have the intel on the top insurance companies in Canada.
With this information, you’ll be able to find the best insurance company for yourself and your business, regardless of which Canadian province you reside in.
And you’ll understand the Canadian insurance industry better as a whole.
Looking for home, car or business insurance in the provinces of Quebec or Ontario?
That’s what we do best.
Give us a call, and our team of brokers at KBD will be happy to help.
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