Top 6 Best Insurance Companies in Canada 2023

Over the last several years, the insurance industry has faced numerous obstacles. From pandemic to Russia-Ukraine conflict, insurers have shown remarkable resilience.

However, the industry faces several pressing issues as we move into 2023 and beyond. To meet these needs, carriers need to diversify their workforces, customers base, and leadership structure by making it more inclusive.

1. CAA

CAA provides their members with a host of benefits, such as 24/7 roadside assistance, insurance discounts and travel deals. As an ideal option for anyone seeking to save on their policy costs, CAA makes sense.

Employers and employees can take advantage of a range of group insurance benefits provided by Horizon. These include extended medical coverage, dental coverage, disability and life coverage - just to name a few!

RBC Insurance offers employee benefit plans customized to each employer's requirements. These benefits are an ideal choice for companies seeking to attract and retain top-tier talent.

These employee benefits include short-term disability, long-term disability and rehabilitation programs. They are designed to aid you recover from a work-related injury or illness and allow for the return to your regular job duties.

Benefits are calculated based on a portion of your salary before becoming disabled and can provide much-needed financial relief to those facing hardship due to an accident or illness.

Premier members also get exclusive access to free car rentals, which could come in handy if your vehicle breaks down and you need help getting back on the road.

CAA members can take advantage of a premier membership benefit which provides them with free car rental for two days, should an unexpected illness or injury prevent you from finishing your trip. This service could come in handy if there are any last-minute changes to plans that prevent completion of the journey.

2. RBC

RBC provides employees with a selection of benefits, such as healthcare insurance and wellness programs. These are accessible to all employees regardless of their job description.

At RBC, employees enjoy access to various gyms throughout the country at no extra cost. Furthermore, this program provides healthy activities that encourage a healthier lifestyle.

Another popular benefit is the Living Well program, which promotes physical, mental and nutritional wellness. It offers employees numerous coaching opportunities as well as rewards for completing health-related activities.

RBC also provides virtual health services like BetterHelp, which is a free resource that assists those with emotional or mental health concerns connect to licensed therapists via phone or video chat. This service may be beneficial if you're feeling stressed, anxious or depressed.

The company also provides free access to the Headspace app, a meditation tool that encourages users to relax and focus on their breath. This can be an excellent aid for stress management as well as helping with sleep issues.

RBC also provides family-friendly benefits, such as fertility treatments. This enabled Darla Kashian and her partner to access coverage for a pregnancy when other benefits plans did not provide this kind of coverage.

3. Economical

Economical is a Canadian insurance provider that offers home, car, group and agriculture coverage to over one million customers throughout Canada. They have various policies tailored to fit your needs and their customer service is second to none.

Their customers appreciate being able to speak with an agent and receive expert guidance to make the right insurance choice. Furthermore, their products are customizable and straightforward to comprehend.

They have earned a loyal and satisfied customer base due to their long history and promise of putting customers first. With an excellent reputation and 89% customer satisfaction rating in post-claim surveys, they remain an attractive option for insurance coverage.

Economical Mutual Fire Insurance Company was established in 1871 by a group of concerned citizens in Berlin, Ontario by issuing policies on homes and barns the following November. Since then they have grown to become one of the country's largest insurers.

In 1937, they acquired Merchant's Casualty of Waterloo and Northwestern Mutual in Quebec, opening up the Maritimes with over 1 million policyholders today.

Economical's insurance products combine traditional and contemporary approaches to providing protection. Plus, they place great emphasis on giving back to the community.

Take advantage of Economical's many discounts to reduce your home insurance costs. For instance, having a security system, anti-theft device and good driving record all contribute towards reduced premiums.

4. Belairdirect

Belairdirect, established in 1955, is an insurance provider that sells auto and home policies directly to consumers. As part of Intact Financial Corporation, they offer multiple online insurance services across seven Canadian provinces.

Belairdirect makes car insurance easy with their personalized quotes in minutes, plus you can check out your policy online in an instant. Plus, their app gives you access to advanced digital features and allows for effortless management of your policy anytime - perfect for on-the-go drivers!

Belairdirect boasts competitive insurance rates and numerous discounts, as well as excellent customer service. Customers can conveniently file claims, request roadside assistance, update their address or add drivers to their policies with just a few clicks through their Client Center.

Belairdirect provides its policyholders with 24/7 access to their Client Center, where they can manage their policies, monitor claims and access all documents necessary for doing business.

Belairdirect also provides a mobile app to monitor claims and modify policies. Plus, you can even use the app to submit a claim at no cost!

Another advantage of belairdirect is their multi-vehicle discount, which is available to households that insure more than one vehicle. You could save up to 15% on home and car insurance when insuring two or more cars through them!

5. Travelers

Travelers offers a wide range of insurance policies, such as car and home coverage. Plus, the company has several discounts to help you save on your policy costs.

Travelers homeowners insurance protects your residence and other structures on your property from damage caused by fire, storms, lightning, hail, wind, theft or vandalism. You may also get coverage for personal belongings like clothing, jewelry and furniture.

The company is renowned for its community involvement, including funding schools, hospitals and other organizations that benefit local residents. Its annual Community Report details its philanthropic efforts and how employees give back to their localities.

Travelers offers auto and home insurance as well as life insurance policies. Its employee health plans provide coverage for medical, dental and vision expenses.

Customers have the option to select from a range of medical plan options, including preferred provider organization and high-deductible plans with a health savings account. Furthermore, the company provides a flexible dental plan which covers preventive visits as well as more complex services.

Travelers offers a limited liability option for those who don't require full coverage. Furthermore, the company rewards customers with discounts when they bundle multiple policies and go three years without an accident or violation.

Travelers provides a range of policies for homeowners, renters and landlords. Additionally, its rental property coverage shields your possessions and buildings against risks like fire, lightning, windstorms, hail and explosions.

6. Saskatchewan Government Insurance

Saskatchewan Government Insurance was established in 1945 to offer quality, affordable insurance products to residents of the province. Today, SGI operates two distinct operations - Saskatchewan Auto Fund which provides compulsory motor vehicle and driver licensing services; and SGI CANADA which offers property and casualty policies throughout five provinces through an independent broker network.

SGI's auto policies are tailored to protect you and your passengers if an accident occurs and another driver is at fault. Coverage options include no-fault and tort, with varying limits for medical benefits according to which option you select.

At SGI, traffic safety is a top priority. Research has demonstrated that it can save lives and keep insurance rates low. To this end, SGI has implemented numerous initiatives to increase awareness about critical driving safety concerns.

No matter where you reside in Canada, having auto insurance is a legal requirement. SGI has been given a government-mandated monopoly to provide this coverage in Saskatchewan.

Additionally, it offers additional coverage that allows you to customize your policy. For instance, you can add collision, specified perils and comprehensive protection to your no-fault auto coverage.

SGI has been a pioneering force in the salvage industry since its founding, providing solutions to repair and recycle damaged vehicles. Its salvage branches can be found throughout Saskatchewan - Moose Jaw, North Battleford, Regina and Saskatoon - as well as Winnipeg in Manitoba.