The Canadian insurance market in general has changed significantly over the last two years, with insurers taking a far more disciplined approach to underwriting beyond merely looking at price adequacy. Across the board, insurers are reducing their limits where appropriate, exiting certain industry segments, and reducing coverage.
In this work, we are going to present the rank of the 35 largest insurance companies in Canada by total assets, which still remains today, one of the most widely used indicators for comparing banks with each other. Let’s now see the 35 largest insurance companies in the Canada by assets.
In the top of the ranking of the largest insurance companies in the Canada by assets is Manulife Financial Corporation with 809.1 billion USD in assets. In the second place is Great-West Lifeco with 451.2 billion USD in assets, followed by Desjardins with about 313 billion USD in assets. Sun Life Financial is fourth and Fairfax Financial fifth.
In the last three places of the ranking of the largest Canadian insurance companies by assets there are Canada Guaranty Mortgage Insurance Company with 2.4 billion USD, Assurant Life of Canada with 2.3 billion USD and Foresters Life Insurance Company with 1.7 billion USD.
|1||Manulife Financial Corporation||809,1|
|4||Sun Life Financial||297,2|
|6||iA Financial Corp||73,1|
|8||E-L Financial Corp||23,7|
|12||BMO Life Insurance Company||12,7|
|16||RGA Life Reinsurance Company of Canada||10,4|
|17||Swiss Reinsurance Company Ltd||9,2|
|18||Wawanesa Mutual Insurance Company||8,9|
|21||Genworth MI Canada Inc||6,7|
|22||Economical Mutual Insurance Company||6,0|
|23||Equitable Life Insurance Company of Canada||5,1|
|24||AIG Insurance Company of Canada||4,7|
|25||Royal & Sun Alliance Insurance Co. of Canada||4,6|
|26||Allstate Insurance Company of Canada||4,4|
|27||Chubb Insurance Company of Canada||4,2|
|29||Primerica Life Insurance Company of Canada||4,0|
|30||Dominion of Canada General Insurance Company||3,4|
|32||MD Life Insurance Company||2,5|
|33||Canada Guaranty Mortgage Insurance Company||2,4|
|34||Assurant Life of Canada||2,3|
|35||Foresters Life Insurance Company||1,7|
The data used in this work have been collected from the main financial sites. For all of the insurance companies, the total assets refer to the 31/12/2019 balance sheet and are expressed in billions of USD.