Canada
Mature insurance market regulated federally by OSFI and provincially
Insurance Categories in Canada
01 — Market overview
Insurance in Canada
Canada's insurance market is dominated on the life side by Manulife, Sun Life, Canada Life, and iA Financial Group; on health by the same major insurers supplementing the provincial public systems. Motor insurance is provincially structured, with three provinces (British Columbia, Saskatchewan, Manitoba) running public auto insurance monopolies and the remainder using a private competitive market. Total insurance assets under management approach CAD 1 trillion.
02 — Regulatory context
Who regulates insurance in Canada
The Office of the Superintendent of Financial Institutions (OSFI) regulates federally-incorporated insurers; provincial regulators (AMF in Quebec, FSRA in Ontario, BC Financial Services Authority, etc) regulate provincially-incorporated insurers and market conduct. The Canadian Council of Insurance Regulators (CCIR) coordinates across jurisdictions. The General Insurance OmbudService and the OmbudService for Life and Health Insurance handle consumer disputes.
03 — Practical notes
What to know before you compare
Health insurance in Canada is best understood as supplemental — basic medical care is covered by the provincial single-payer plan (OHIP in Ontario, MSP in BC, RAMQ in Quebec, etc), and private health insurance covers what those plans don't: prescription drugs, dental, vision, semi-private hospital rooms, paramedical services, and travel medical. Term life premiums are competitively priced and underwriting is consistent across federally-regulated insurers. Auto premiums vary dramatically by province; Ontario and British Columbia rates are among the highest in North America.