Which life insurers expanded their market share in Canada in 2020? Which firms lost ground?
The Insurance Portal analyzed data from MSA Research to compile life and health insurers’ market shares in 2020.
We present 2019 figures for comparison purposes.
The column "Premium Growth" shows the premium growth from 2019 to 2020.
The industry total is based on 59 companies (2020) and 66 companies (2019).
Companies are ranked by Canadian premiums in 2020.
Results of all companies are disclosed according to the IFRS standards.
The total may not match the one published by some holdings since some of the branches might not be included in this table.
On Jan. 1, 2020 The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company and two holding companies amalgamated. They are now one company – The Canada Life Assurance Company.
On January 1, 2020, iA Excellence and Industrial Alliance merged their operations under the brand iA Financial Group.
On July 3, 2020, La Capitale and SSQ Insurance announced that their merger of equals was official. The new company adopted the name Beneva in December 2020. The data presented are combined results, therefore the addition of the results of La Capitale and SSQ Insurance, and not consolidated results.
The results of Foresters include those of Foresters Life and The Independent Order of Foresters.
Revenues of Blue Cross Canassurance are from Ontario and Quebec.
Premiums of Humania Assurance Group include those of Humania Assurance and LS Travel, which is 100% owned by Humania Assurance.
Scotia Life results are Canadian only. They do not represent global results.
This article is a Magazine Supplement for the October issue of the Insurance Journal.