General Coverage: The Top 5 Health Insurance Companies in Canada

Posted on May 3, 2021

Did you know that insurance premiums in Canada are increasing at a rapid rate?

After all, around $65.64 billion worth of non-life insurance premiums got written in 2015. That's a lot more compared to life insurance premiums since they're only valued at $49.33 billion.

When it comes to insurance, you need to know what you're getting into. It's especially important to understand health insurance basics. This will help you figure out what works best for your situation.

But what are the top 5 health insurance companies in the country and why should you trust them? Read on to find out more!

1. Manulife Financial Corporation

Manulife Financial Logo

One of the biggest health insurance companies in Canada is Manulife Financial. Aside from insurance products, it offers other financial services that can help your situation. Its headquarters is in Toronto, but it operates in other cities and countries as well.

The company has offices in Asia and the United States. By the end of last year, they've had about 35,000 employees as well as 73,000 contracted agents.

Manulife has a long history since it was founded in 1887. It was first known as the Manufacturers Life Insurance Company. It sold its first international policy in Bermuda back in 1893.

In 2002, Manulife opened a branch in Guangzhou, China. The Asian branch was possible due to the grant received from the China Insurance Regulatory Commission (CIRC). It was the first foreign-invested joint venture life insurance company to get a license to operate in this country.

Today, it has licensed branches in about 51 cities in mainland China.

2. Power Financial

Power Financial Logo

This insurance firm also provides management and holding services. It has substantial levels of interest in companies that invest in the financial services industry. 

Right now, Power Financial has a market cap of more than $21 billion. The company operates under several segments, including LifeCo and IGM. The former is the company's primary insurance segment, while the latter offers financial planning services.

LifeCo features a wide variety of products that help you invest for your retirement. But out of these, life insurance remains its primary specialty. The company also offers specialty general insurance and reinsurance policies to businesses, including both individual and public companies. 

Its operations are large-scale, spanning several countries like Canada, Europe, Asia, and the United States. It's one of the biggest Canadian health insurances in terms of worldwide reach.

3. Sun Life Financial

Sun Life Logo

The reason this company is one of the best health insurance providers in Canada is its market cap. As of this year, its value is at $31 billion. Their primary service is life insurance, but they're one of the largest companies in the world when it comes to assets.

Sun Life is also one of the oldest financial companies around. They're established back in 1865, giving health insurance policies as well as investment products. Alongside these, they offer wealth management services.

The company has a worldwide reach. They operate in regions like Asia, the United Kingdom, and the United States. Their ranking on the Forbes Global 2000 list for 2019 is 265.

Despite this, Sun Life Financial considers Toronto their primary headquarters. That means you're more likely to get access to this company when you're in the area. The insurance services it provides are some of the best rated in the country.

4. Fairfax Financial

Fairfax Financial Logo

This financial company's base of operations is in Toronto. It helps manage life, casualty, and property insurance as well as reinsurance services. It also provides investment management services and has a lot of subsidiaries across the globe.

As of September 2018, Fairfax Financial has a market cap of $18 billion and about 8,200 employees worldwide. Around 5,000 of them work in the United States.

5. Blue Cross Canada

Bluecross Logo

Many people aren't aware that Blue Cross offers coverage in both Canada and the United States. But the truth is that it's one of the leading health insurance companies in the U.S. This company provides both group and individual health insurance policies alongside travel insurance plans. 

The vast majority of customers have the means of qualifying for a policy from the Blue Cross company. The organization provides a vast array of policies that can fit your situation. It's great if you're a retiree since it's designed for people with little to no means of qualifying for normal policies.

Its offering includes employer-sponsored health plans. If you're a retired person or a self-employed individual, you can opt for Blue Cross's policies. There are great options for you, no matter your financial or personal situation. 

Blue Cross Canada's plans include supplemental coverage. It covers the services not included in the provincial health plan. Examples of this include ambulance services and other medical procedures.

Honorable Mention: IA Financial Group

IA Financial Logo

The Industrial Alliance Insurance and Financial Services also call themselves the IA Financial Group. It has a $5.6 billion market cap as of this year. The company offers various insurance and financial offerings. 

Their services can fit both individuals and businesses. It expanded to the United States back in 2015, but it's an old company founded in 1891 in Quebec City.

Learn More about the Top 5 Health Insurance Companies

Getting your own health insurance is a serious matter. The right policy can ensure that you won't be dealing with a grueling pile of bills when you get sick or suffer an accident. If you want to get the best deal, these top 5 health insurance companies are worth checking out. 

Is Blue Cross Canada your preferred health insurance company? If so, you can read our guide here to know how to get a health insurance policy and what details to look out for. It's a good way to make sure you get support in dire situations.

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