Reputation plays an influential role in our purchase decisions. Sometimes, a good or bad reputation can make or break a company. While comparing quotes for car insurance, home insurance and life insurance through a comparison tool might be useful to find the best deal, it might also be useful to take into account insurance companies’ reputations when making a decision.
How can we measure a company’s reputation?
The Leger Reputation Study is an annual survey conducted by the market research firm Leger. In 2023, Leger measured the reputation of 299 companies and organizations in Canada, including 21 insurance companies. The survey measures public perception of a company or organization based on several factors, including financial strength, social responsibility, honesty and transparency, quality, attachment, and innovation. Leger analyzes the results and assigns each company a reputation score from 1 to 100.
Leger collects survey responses from a large sample of French and English-speaking Canadians aged 18 and over. Participants are randomly selected from Leger’s Internet Panel and asked to complete an online survey. Approximately 2,1000 respondents evaluate each company, with over 38,000 respondents in total. The Leger Reputation Study has been a valuable resource for consumers, companies, and marketers for over two decades. Read on to discover the most reputable insurance companies in Canada, according to the Leger Reputation Study.
Most reputable insurance companies in Canada based on Leger’s Reputation Score
Canadian Automobile Association, or CAA, is a membership-based non-profit organization best known for providing roadside assistance to its members. CAA Insurance offers home, car, and travel insurance, with the option to bundle policies for increased savings and extra perks for members. It also offers unique insurance products, such as pet health insurance. CAA is the number one most reputable insurance company, according to the Leger Reputation Study. Lots of us have experienced being stranded on the side of the road and feeling the relief that comes from calling trusty old CAA. CAA’s reputation for friendly roadside service may very well influence its score and for good reason!
CAA Reputation Score: 58
2. Sun Life
Sun Life Financial is a global insurance and financial services company based in Canada. It provides a range of insurance and products such as life, health, dental, disability, and long-term care insurance. Sun Life offers personalized insurance solutions to help individuals and businesses protect themselves financially while living healthier lives. It has long been one of Canada’s most reputable insurance companies, operating for over 150 years.
Sun Life Reputation Score: 42
Manulife Financial is a Canadian financial services company that provides insurance, investment, and banking products to individuals and businesses. It offers a variety of insurance products, such as life, health, dental, mortgage protection, and travel insurance, as well as group benefits for businesses. Manulife has been in operation for over 130 years. Its mission is to make easier decisions and better lives for its customers. Manulife has established itself as another one of the most reputable insurance companies. Its reputation score is tied with Sun Life at 42 points.
Manulife Reputation Score: 42
4. Canada Life / Great-West
The Canada Life Assurance Company, also known as Great-West Life, is a leading Canadian insurance company that offers a variety of insurance products, including life, health, dental, disability, and critical illness insurance. Canada Life is an amalgamation of three companies: Great-West Life Assurance Company, London Life Insurance Company, and The Canada Life Assurance Company. In January 2020, the three came together under one name. Canada Life’s reputation score decreased by three points in 2023.
Canada Life Reputation Score: 33
5. Intact Insurance
Intact Insurance is Canada’s largest home, auto, and business insurance provider, with over four million customers across the country. Intact offers a wide range of insurance products and services, including vehicle, property, liability, and commercial insurance. Intact Insurance was voted Most Trusted home and auto insurance brand by Canadian shoppers in the 2022 BrandSpark Most Trusted Awards. However, at 26, its reputation score is significantly lower than the top four most reputable insurance companies.
Intact Reputation Score: 26
6. Desjardins Insurance
Desjardins is a Quebec-based banking institution that offers a variety of services for Canadians, including auto, property, travel, and life insurance. The company offers good discounts on its insurance products, such as up to 35% off home insurance when you bundle your auto and home insurance policies. Desjardins is the second-largest insurer in Canada. The company’s reputation score went up in 2023, increasing by two points.
Desjardins Reputation Score: 23
7. The Co-operators
The Co-operators is a Canadian insurance and financial services company that was founded by a group of prairie farmers in 1945. It offers a variety of insurance and investment products, including home, auto, life, and travel insurance. Today, Co-operators have over one million Canadian customers, 600 locations, and 6,000 employees. According to Leger, it is the sixth most reputable insurance company. Although, Co-operator’s reputation score did take a hit in 2023, going from 24 to 21.
The Co-Operators Reputation Score: 21
Originating in Illinois in 1931, Allstate expanded to Canada in 1953. Allstate’s Canadian headquarters are located in Markham, Ontario. The company offers auto and property insurance, with options for customers to bundle and save. It also offers travel insurance, small business insurance, pet insurance, and more. With a reputation score of 18, Allstate ranks as the eighth most reputable insurance company in Canada.
Allstate Reputation Score: 18
belairdirect is an Ontario and Quebec-based home and car insurance company. Since the company’s establishment in 1955, it has expanded across Canada. In 1977, belairdirect became the first insurance company in North America to offer online quotes. Since then, it has continued to strive for technical innovation and boundary-pushing products. The company offers generous bundle savings and other discounts for home and auto insurance.
belairdirect Reputation Score: 17
10. Wawanesa Insurance
Wawanesa Insurance is a Manitoba-based insurance company that offers a range of insurance products, including home, auto, farm, and business insurance. Founded in 1896 in the town of Wawanesa, Manitoba, the company has grown into a multi-national presence with over 3,000 employees. Wawanesa is committed to providing excellent customer service and customized insurance products that meet the needs of every individual. That being said, the company’s reputation score dropped by four points in 2023.
Wawanesa Reputation Score: 15
11. GreenShield Canada
GreenShield Canada is a not-for-profit social enterprise that offers a variety of plans for individuals, families, and employers, including coverage for prescription drugs, dental care, vision care, and more. As a social enterprise, GreenShield is committed to giving back to communities and providing healthcare access to underserved communities. It currently serves over 4.5 million Canadians.
GreenShield Canada Reputation Score: 13
12. Industrial Alliance
Industrial Alliance, commonly known as iA Financial Group, is a Canadian insurance and financial services company. It was founded in 1892 and is headquartered in Quebec City. The company offers a range of insurance products, including life insurance, health insurance, mortgage insurance, and disability insurance. iA Financial Group operates in Canada and the United States and has over 7,000 employees serving more than 4 million customers. The company has a relativity low Canadian reputation score of 12, a decrease from its 2022 score of 14.
Industrial Alliance Reputation Score: 12
13. SSQ Insurance
SSQ Insurance is a Quebec-based insurance company that has been in operation since 1944. The company serves over three million customers across Canada and has over 2,000 employees. In 2020, SSQ merged with La Capital to form Beneva. As of January 1, 2023, customers’ SSQ insurance policies were automatically transferred to Beneva.
SSQ Reputation Score: 11
14. Economical Insurance
Founded in 1871 and headquartered in Waterloo, Ontario, Economical Insurance is one of Canada’s largest auto and property insurance providers. It offers a wide range of insurance products for personal and business use, including home, auto, and commercial insurance. Despite its large national presence, Economical does not rank highly on the list of Canada’s most reputable insurance companies. However, the company’s reputation may be improving, as its reputation score increased by two points in 2023.
Economical Reputation Score: 10
Sonnet was established in 2016. Its claim to fame is being Canada’s first fully online home and auto insurance company. The company uses data and analytics to offer specialized coverage at a competitive price. Sonnet’s reputation score is low, but as a relatively young company with a completely online service model, it may be that Sonnet has yet to become a household name. Sonnet’s parent company, Definity Financial Corporation, also owns Economical Insurance.
Sonnet Reputation Score: 8
Beneva is a new Canadian insurance company formed as the result of a 2020 merger between La Capital and SSQ. Beneva’s mission is to offer the best insurance experience in Canada while keeping the process very simple. The company offers auto, life, and health insurance, with various available discounts. As a newcomer on the scene, it appears that Beneva still has a ways to go in terms of reputation. Uncertainty about the SSQ, La Capital, and Beneva connection could also have influenced the company’s score.
Beneva Reputation Score: 8
17. Power Corporation of Canada
Power Corporation of Canada is a diversified management and holding company that operates in various sectors, including insurance, wealth management, and energy. Its insurance subsidiaries include Great-West Life, London Life, and Canada Life. Power Corporation of Canada is a holding company, not a direct insurance provider, which may contribute to its low reputation score and placement on this list.
Power Corporation of Canada Reputation Score: 6
18. Equitable Life of Canada
Equitable Life of Canada is a new addition to the Leger Reputation Study. We do not have previous reputation scores to compare, but in its first year in the study, the company has scored fairly low. Equitable Life of Canada has been in business since 1920. It works with independent advisors across Canada to offer life, health, and dental insurance, as well as other financial services.
Equitable Life of Canada Reputation Score: 6
Medavie is a Canadian health solutions company that operates several subsidiaries, including Medavie Blue Cross, which provides health and dental insurance to individuals, families and group and business plans to employers. Medavie Blue Cross was founded in 1943 and currently operates across Eastern Canada. Medavie’s reputation score is quite low, suggesting that the company’s reputation does not stack up to other Canadian health insurance providers.
Medavie Reputation Score: 5
20. Humania Assurance
Humania Assurance is a Canadian life and health insurance company that offers a range of individual and group insurance products. It offers life, critical illness, disability, and health insurance, as well as travel insurance and group benefits. Humania Assurance is committed to providing innovative insurance solutions at a competitive price and with a streamlined process for easier access. Humania is one of the smaller companies on this list in terms of customers, which may have affected its score.
Humania Assurance Reputation Score: 2
Emma is a digital insurance broker that provides flexible and affordable insurance coverage for home, life, auto, and travel insurance. It offers customized insurance policies that can be easily managed online. Emma works with Humania Assurance to provide various insurance products. With a reputation score of 1, Emma does not seem to be highly esteemed by Canadians. However, its position as an online insurance broker, not a provider, may impact its score.
Emma Reputation Score: 1
What factors affect the most reputable insurance companies?
For 26 years, the Leger Reputation Study has provided insight into the opinions of Canadian consumers. 21 insurance companies were included in the Leger study this year, providing us with the 21 most reputable insurance companies in Canada. There is a pretty significant score disparity between the highest and lowest-ranking insurance companies. CAA, the most reputable insurance company in the study, scored a 58, and Emma, the lowest company on the list, scored a 1.
One possible explanation for the score disparity is the type of insurance that different companies offer. For example, most of the companies with high reputation scores, except CAA, are health and life insurance providers. Meanwhile, companies whose main offerings are auto and home insurance tended to have lower reputation scores. Perhaps customers’ general negative experiences with car insurance providers have impacted these companies’ reputations.
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