Top Insurance companies in Canada

Car, fire, theft, sickness, accident… When something happens, we rely on insurance companies to ensure our well-being. With the proliferation of new insurance companies in the Canadian market, how do you know which one to choose? You can’t just go with the cheapest option as it is equally important to choose an insurer that is reliable based on your needs. We have carried out research and put forward a list of top 13 companies worth considering if you are looking for a reliable and cost-effective insurance plan.

Manulife Financial

Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario, Canada. The company operates as John Hancock Financial in the United States and Manulife elsewhere. The company was founded in 1887. Manulife provides financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions.

As of December 31, 2018, Manulife had CAD$1.084 trillion of assets under management.

Power Financial

Power Financial is a diversified management and holding company with assets of CAD $830 billion. Its core holdings include Great-West Lifeco, IGM Financial, and Pargesa.

Their operating companies in Canada are Great-West Life, London Life and Canada Life. Together, our companies offer a broad portfolio of financial and benefit plan solutions for individuals, families, businesses and organizations.

Sunlife Financial

Sun Life Financial is one of the largest insurance companies in Canada. The range of products offered by Sun Life Financial includes group benefits, group retirement services, individual insurance, and wealth management.

As per recent figures, the company has over 28 million customers worldwide. The company has been operating in Canada for more than 135 years and today it is operational in different countries including the United States, Ireland, Hong Kong, Malaysia, Philippines, China and India. In 2020, Sunlife Financial recorded their asset management figures at $1.25 trillion. The company itself has total assets of around 297.2 billion CAD. 


Desjardins offers a large range of financial and insurance services in Canada, with a focus on life and health insurance and wealth management services for individuals. They also offer business services including point-of-sale payments and cash management. Desjardins's Insurance operates through a network of financial advisors concentrated in Quebec and Ontario but can be found across Canada. 

SSQ Financial Group

SSQ Financial Group offers a wide range of insurance products including life insurance, health insurance, travel insurance and more. They have several offices across Canada and have been recognized by various organizations including Waterstone Human Capital, which named them one of Canada's 10 most admired corporate cultures in 2014. In addition to being highly rated by customers, they also have an A+ rating from the BBB. 

Intact Financial

Intact Financial is based in Toronto, Ontario and has more than 16,000 employees across Canada. As of 2017, it had over $10 billion in annual premiums and ranked 1003rd on the Global Fortune 500 list.

Industrial Alliance Insurance

Industrial Alliance Insurance is one of Canada's largest insurance companies. It offers a wide range of insurance products and services to small businesses, groups and individuals including life, disability, health, travel and home insurance.

National Bank Insurance

National Bank Insurance offers a variety of products and services including travel, home, car and business insurance. It has been offering those services for over 100 years and was the first bank to obtain the "Excellent" rating from A.M. Best — an independent company that evaluates financial stability in the insurance industry around the world.

Aviva Canada

Aviva Canada is part of Aviva Group — one of the largest providers of life and pensions products in the world with more than 33 million customers across 16 countries. It provides asset management services to customers by matching their risk profile to their investments resulting in higher returns on their portfolios. It also has an online investment platform where customers can invest in a range of wealth management solutions such as mutual funds, segregated funds and GICs.

E-L Financial Corp

E-L Financial Corp is a mutual company that has been operating in Canada for over 130 years. It offers a range of insurance products and financial services, including life insurance and travel insurance. The company also owns the Empire Life Insurance Company, which provides life insurance products and services across Canada.

RBC Insurance

RBC Insurance is a major insurance company in Canada with more than 5 million policies and over 4,500 employees. It is owned by Royal Bank of Canada and was founded in the 1960s.

The company offers a range of insurance products including life, travel, home, auto and health insurance. RBC Insurance is one of the largest travel insurers in Canada.

RBC Insurance has over 1200 branches across the country and serves clients through its website as well as phone and through social media platforms.


ivari, previously Transamerica Life Canada, is a Canadian insurance company that offers four types of life insurance, as well as critical illness insurance, disability insurance and long-term care insurance. It focuses on providing the best possible customer service experience to its customers and works to achieve this through its strong network of advisors.

ivari’s products are available across Canada, with offices in Vancouver, Toronto, Montreal and Halifax.

TD Insurance

TD insurance is a subsidiary of the TD Bank Group and offers home, auto, travel, life, health and dental insurance. The company is also known for its support of the Canadian Cancer Society.  TD Insurance has been named by J.D Power as providing "An outstanding claims experience." 

The firm is one of the largest providers of travel insurance services in Canada and it also offers coverage for pet owners.

What is the number 1 insurance company in Canada?

Here are the best five insurance companies in terms of total assets



Total assets (C$b, December 31, 2016)


Manulife Financial



Power Financial



Sun Life Financial



Fairfax Financial



Industrial Alliance Insurance