Every year, Benefits Canada publishes the much-anticipated Group Benefits Providers Report and advisors across the country flock to see whether there has been any shift in the ranking of Canadian insurers over the last year.
The top 3 insurers is never much of a surprise with Sun Life Financial, Canada Life (previously Great-West Life) and Manulife Financial dominating the rankings year after year, for decades. With over 34,000,000,000 of combined in-force group insurance premiums, almost all Canadians have, or will be, insured with one of those 3 providers at some point in their life.
I’m always much more curious as to which insurer will get the coveted 4th position. This insurer is often seen as an alternative to the big-3 and can leverage their underdog position for further growth. The last few years have seen Desjardins Insurance, Beneva and Green Shield Canada battle it out. In fact, SSQ Insurance and La Capitale’s 2020 announcement to merge operations and go-to-market as Beneva is likely what pushed SSQ (now Beneva) ahead of Green Shield Canada, pinning them head-to-head with another Quebec-based rival, Desjardins Insurance.
The table ranks insurers based on the amount of insured group insurance premiums and uninsured deposits as at December 31, 2022.
Click here to download a complete copy of Benefits Canada’s 2023 Group Benefits Providers Report.
