The Best Insurance Companies in Canada

Insurance Companies canada

The insurance industry is one of the biggest industries all over the world and Canada is no exception. The Canadian insurance sector has some of the biggest names in the insurance world. Whether you want to insure your shiny new office space nestled on top of one of the buildings in the Toronto Skyline or you want to insure your expensive house, you need to find the right insurance policy and the right provider. With so many great options available, it might become tough for you to choose the right policy for yourself. However, all the insurance companies in our list are among the very best in Canada and you are bound to find your perfect policy from one of the companies on the list. So without further ado, let’s get started with the best insurance companies in Canada. The companies have been ranked according to their cumulative assets in canadian dollars, in descending order.

Here are the Best Insurance Companies in Canada:

Manulife Financial

Standing at the top of the list of the best insurance companies in Canada, is Manulife Financial, with a total asset value of a whopping CAD 750.27 billion Manulife is among the largest providers of financial services in the world. Their solutions include insurance, wealth management, asset management and financial advice in a range of aspects. The life insurance branch of Manulife Financial has a gigantic portfolio of its own. They cater to a wide range of clientele, including groups, companies, individuals and also institutions of multiple sectors. The company manages around trillion Canadian dollars’ worth of assets. Manulife Financial has over 20 million customers spread across all corners of the globe. So far, they have provided benefits to countless customers with a total worth of over CAD 25 billion during the year. Manulife Financial is known for their dedication towards customer satisfaction and a generally forward thinking approach. The firm is well known for regularly venturing into novel areas to create solutions for a wide variety of problems faced by customers. 

Power Corporation of Canada

When it comes to the best insurance companies in Canada, Power Corporation of Canada isn’t just a current member of the list, it has been one for a really long time. The firm provides insurance along with numerous other services as well. The firm was founded in 1925 and it has a cumulative asset holding of over CAD 452 billion. The company’s diverse array of services revolve around the management of client assets, both directly and through subsidiaries. Power Corporation of Canada has multiple interests in a variety of fields. Financial services and insurance serve as the primary focus of the firm. The firm also has ventures for asset management, even renewable energy projects and a multitude of other sectors of business. The company declares a strong belief in prudent yet innovative approaches in their practices and always making decisions with the primary focus being on the company’s long term goals. Their life insurance practice is home to countless customers, and all life insurance company reviews seem to mention their name as well in most lists.

Power Financial

Next on the list of the best insurance companies in Canada is the parent company of one of the other entrants on the list. Power Financial is a giant in the insurance sector and holds cumulative assets of CAD 447.06 billion in 2018. The company primarily deals with insurance. On top of that, the firm is also involved with reassurance, asset management and other services. The company holds the honour of being declared the best provider for life insurance in multiple regions, including foreign lands like the UK and Ireland. The company’s business practices are extremely prudent and it manages its day to day affairs with strong quality maintenance and executive oversight. The company has a very sound financial standing in the market and is opted for life insurance by millions of customers to suit their specific needs. The life insurance company reviews for Canadian businesses often rank this company as an essential part of the discussion.


Next on the list of the best insurance companies in Canada is the Desjardins Group. It’s not just a big insurance firm, it’s also one of Canada’s largest financial institutions. The firm’s cumulative asset holding stands at CAD 295.5 billion. The vast chunk of that is dedicated to the life insurance section. That sector falls under the umbrella of Desjardins Insurance. The company is home to both health and life insurance products in addition to investment solutions as well. The company held $110.3 billion in total assets under their own administration and management at the end of 2018. The company is home to over five million customers who have bought their policies and entrust them with their wealth and life. Their keen eye for eliminating any possible errors is quite famous, and their practitioners are all highly trained and experienced to deal with customer requirements. The company has offices all across Canada and can be reached at any of their locations.

Sun Life Financial

Next on the best insurance companies in Canada list, is Sun Life Financial. As far as the insurance sector of Canada is concerned, Sun Life Financial is one of the most well respected and trusted names. The firm has a cumulative asset figure of CAD 271.83 billion and its customer base is extensive. Reader’s Digest has voted it as the “Most Trusted Brand of Life Insurance Company” on many occasions. The company offers a range of life insurance options, including term life insurance, permanent life insurance, participating life insurance and universal life insurance. The company has a history of 150 years, during which time they have managed to create a reliable station for millions of customers, providing them with all the tools to create the policy of their choice and facilitating families at the time of death of policyholders.

Great West Life Assurance Company

Next on the best insurance companies in Canada list is the Great West Life Assurance Company, which holds total assets worth CAD 246.61 billion. The company manages the assets of over 13 million Canadians. It has paid over CAD nine billion in financial benefits to all of its policyholders. The revered firm has been serving Canadians for over 125 years now. The company offers a wide range of life insurance options, both for individuals and groups/companies. The company has a strong belief in meeting the needs of the customers in the swiftest way possible. The company is a subsidiary of the Great-West Lifeco and adheres to their rules and regulations every step of the way.

Fairfax Financial

Next on the best insurance companies in Canada list is Fairfax Financial. The firm holds a cumulative assets of CAD 86.66 billion. Along with life insurance, the firm also provides a lot of different types of insurance services to its customers. The company has been in existence since 1951 and actively participates in the insurance market in Canada through a team of very competent insurance experts. The company’s CEO, Prem Watsa is very well known for his sharp business acumen and has been compared to Warren Buffet on many occasions because of his investment strategies that focus primarily on value generation. This same strategy also translates to creating maximum value for their customers as well to provide maximum satisfaction as per the company’s philosophy.

Industrial Alliance Insurance

Next on the list of the best insurance companies in Canada, is Industrial Alliance Insurance. The firm has cumulative assets worth CAD 63.54 billion under its management and administration, and it is also found frequently listed in life insurance company reviews. The company provides three different types of life insurance products to its customers, which include term life insurance, permanent life insurance and universal life insurance. The insurance firm is managed under the moniker of iA Financial Group. The firm’s overall portfolio has over four million customers. Those customers are served by more than 25,000 customer representatives and 7,000 full time employees. The company has a strong belief in utilizing the Lean management system to provide the best possible service to its clients with constant improvement. Industrial Alliance Insurance also operates in the United States of America and provides asset management services aside from insurance services as well.

E-L Financial Corp

Next on the list of the best insurance companies in Canada, is the E-L Financial Corp. The firm has a cumulative asset figure of CAD 21.35 billion. While that figure might be lower than many other firms mentioned on the list, the firm is by no means “small”. The Empire Life Insurance Company, commonly referred to as Empire Life is the segment of the corporation that is responsible for managing all the life insurance clients. They offer a range of plans and options for their clients to choose from. Their life insurance products include term life, permanent life, permanent participating life and guaranteed life protection.

Empire Life

Rounding off our list of the best insurance companies in Canada, is Empire Life. The firm has a cumulative asset figure of CAD 16.4 billion and is considered to be among the successful insurance companies of the country. Empire Life provides life insurance, other multiple types of insurances and some other financial services as well. The company has a strong presence around the country and is one of the few organizations with a highly focused portfolio of services revolving around life insurance. The company has good repute, both as an insurance provider and also as an employer.

So that was our list of the best insurance companies in Canada. If you are looking for a good policy for your life, health, car, house or something else, try out the different policies offered by these firms. Remember, this post should serve as merely the starting point to help you choose the right insurance policy for yourself. Do your due diligence and research thoroughly before you finalize on the right insurance policy from the right insurance company for yourself.

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