Using data provided by MSA Research, the Insurance Portal presents the market shares of life and health insurers in Canada in 2023.
Market share is determined by total insurance revenue. In 2023, the 47 companies that disclosed this figure to MSA had a combined insurance revenue of $88.3 billion.
This represents an 8.3% increase on the $81.6 billion reported for 2022.
The three dominant insurers in the Canadian market - Canada Life, Sun Life and Manulife - accounted for 74.2% of total insurance revenues in Canada in 2023.
If we add the next two players in the ranking, iA Financial Group and Desjardins, we see that the top 5 life insurers monopolize 84.8% of the Canadian market on the basis of insurance revenues.
Some 94.2% of insurance revenues, for the entire life and health insurance industry, is held by the top 10 companies (see chart above).
The insurance subsidiaries of two federally chartered banks, Bank of Montreal (BMO) and Royal Bank of Canada (RBC), do not appear in the data provided by MSA. These two financial institutions have not disclosed their insurance revenues under IFRS 17 in 2023.
This article is a Magazine Supplement of the December issue of the Insurance Journal.