Best Insurance Companies in Canada 2023 December
Here is the best Insurance Companies in Canada 2023 December
Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
Below are some importance of Insurance Companies in Canada 2023 December
1. Insurance Grants Peace of Mind
Insurance, an intangible, provides another intangible, that is peace of mind. Business owners can take on certain business ventures because they can shift the risk. Insurance is the required (by lenders) safety net that lets entrepreneurs explore opportunity.
2. Provides Safety and Security to Individuals and Businesses: Insurance provides financial support and reduces uncertainties that individuals and businesses face at every step of their lifecycles. It provides an ideal risk mitigation mechanism against events that can potentially cause financial distress to individuals and businesses.
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3. Promotes Economic Growth
Again Insurance sector makes a significant impact on the overall economy by mobilizing domestic savings. Insurance turn accumulated capital into productive investments. Insurance also enables mitigation of losses, financial stability and promotes trade and commerce activities those results into sustainable economic growth and development. Thus, insurance plays a crucial role in the sustainable growth of an economy.
4. Financial Stability: Relevant insurance policies guarantee financial stability for a policyholder. That is monies that could have been expended by a policyholder due to loss is taken care of by the insurer.
5. Generates Long-Term Wealth
Insurance is often a long-term contract, especially life insurance. Life insurance plans can continue for more than three decades.
Best insurance companies in Canada 2023 December
Below are the best Insurance Companies in Canada 2023 December
1. Manulife
Manulife is not only Canada’s largest insurance company in terms of total assets, it also ranks among the world’s top 10 in the category. Apart from insurance products, the Toronto-based insurance giant offers financial advisory and wealth and asset management services for individuals, groups, and organizations. The insurer has offices across Canada and has a global reach spanning the US.
Manulife boasts a workforce exceeding 40,000, and a business network consisting of 116,000 agents and thousands of distribution partners, catering to more than 34 million customers worldwide. It also holds $1.3 trillion in assets under management and administration, which include total invested assets of $400 billion and segregated funds net assets of $300 billion, according to its latest annual report.
Manulife’s gross written premiums dipped slightly from $44.3 billion from the previous year. The insurer trades under MFC on the Toronto, New York, and Philippine stock exchanges, and as 945 in the Hong Kong stock exchange.
2. The second Insurance Companies in Canada 2023 December is Great-West Lifeco
Total assets: $701.4 billion
Gross written premiums: $64.7 billion
Headquarters: Winnipeg, MB
Great-West Lifeco tops all insurance companies in the list when it comes to GWP, posting an almost 13% rise in written premiums from $57.4 billion last year. The insurer is a subsidiary of investment giant Power Financial Corporation.
Great-West Lifeco’s portfolio consists of the following:
Life and health insurance products
1. Reinsurance products
2. Retirement and investment services
3. Wealth management services
3. Desjardins is the third best Insurance Companies in Canada 2023 December
Total assets: $397.1 billion
Gross written premiums: $11.6 billion
Desjardins Group is a Canadian financial services cooperative and the largest federation of credit unions (caisses populaires) in North America. The company also has the largest regional presence of any financial institution in Québec and has a strong presence in Ontario, with 215 local caisses, 782 points of service, 76 business centres, and 1,679 ATMs spread across the two provinces.
To date, Desjardins has around 53,800 employees, including 2,517 directors, and more than 7.5 million members and clients. The insurer’s total assets rose 9.7% from $362 billion in 2020 while GWP climbed almost 14% from $10.4 billion.
4. Sun Life Financial makes their mark in the best Insurance Companies in Canada 2023 December
Total assets: $345.4 billion
Gross written premiums: $25.5 billion
Sun Life Financial is the third largest life insurer in Canada and one of the largest life insurance providers globally, with operations in 26 countries, including the US, the UK, Ireland, Australia, Hong Kong, Japan, and Singapore. It provides a range of insurance and asset management services. Among these are life, health, disability, critical illness, dental and long-term care, and business owners’ coverage, savings and retirement income plans, mutual and segregated funds, and brokerage services.
Sun Life’s total assets increased almost 7% in the 2021 financial year. GWP, however, dipped 2.7% from $26.2 billion in 2020.
5. Fairfax Financial has once again appears in the best Insurance Companies in Canada 2023 December
Total assets: $111.5 billion
Gross written premiums: $23.9 billion
Fairfax Financial Holdings Limited is a holding company operating through several subsidiaries, including Allied World, Brit Group, Odyssey Group, Northbridge Financial, and Zenith National. It offers a wide range of P&C insurance, reinsurance, and investment services. The firm employs around 39,000 workers. Last year, the firm’s total assets rose 17% from $95.3 billion in 2020. GWP likewise jumped from $19.1 billion – a 25% spike.
