Who leads the Canadian insurance market?
North America has the largest insurance market in the world, with the United States and Canada contributing significantly to this industry. In Canada, the largest insurance company in terms of total assets in 2021 was Manulife Financial with nearly 920 million Canadian dollars. In the same year, Manulife’s Canadian division generated revenues of over 12 billion Canadian dollars. As of 2022, Manulife Financial ranked within the top 15 largest life insurance companies with the highest market capitalization globally.
What is the customer perspective of the industry?
In 2020, out of a population of approximately 38 million, only around 26 million people had supplementary health insurance in Canada, with even fewer people having other kinds of insurance. In the Statista Global Consumer Survey conducted in Canada in 2022, individuals were asked to report their attitudes towards insurances – less than 30 percent of respondents stated feeling well informed about their personal insurances.
