Canadian life and health insurers operate at substantial scale outside Canada. A foreign acquisition, a new distribution channel and the closure of a reinsurance book are three very different corporate decisions.
This guide explains how Canadian life insurers’ global operations are changing and how to interpret those moves, including what evidence would show an effect on your own policy.
To write it, our editorial team reviewed CLHIA’s 2024 Canadian Life & Health Insurance Facts, OSFI’s register of internationally active insurance groups, OSFI’s 2026-2027 Annual Risk Outlook and Assuris’s description of Canada’s life-insurance safety net.
How Are Canadian Life Insurers Shifting Globally?
Ultimately, what matters for policyholders is whether their legal insurer has changed. If your insurer changes, it’s a good idea to check your policy terms, who you need to contact for service, the premiums you’re paying, and make sure you receive the required notices.
Canadian life insurers operate globally. Evidence shows insurers expanding and pulling back in different areas.
Canadian Insurance Companies on the Global Stage At a Glance
- $1.4 trillion: the value of policyholder assets held by Canadian life and health insurers in foreign jurisdictions at the end of 2023, close to double the amount a decade ago.
- 44% of insurance service revenue was generated by insurers’ foreign operations in 2023. By geography, CLHIA reports that 56% of revenues were earned in Canada, 25% in the United States, 11% in Europe and 8% in Asia and other geographies.
- Canadian life and health insurers offer insurance to 90 million people in more than 20 jurisdictions. The sector also had 232,000 employees outside Canada.
- Note that these are aggregate, historical figures, and not all companies or regions have seen international growth.
Four Corporate Moves That Should Not Be Blended
| Move | What actually changes | Policyholder question |
|---|---|---|
| Enter or expand in a market | Establishing a new sales/distribution footprint in a particular jurisdiction is one example. | Is my policy issued by the same legal insurer? |
| Acquire or sell a business | Changes can take place in the ownership or control of a business or a portfolio of businesses. | Did I receive a notice? Who is servicing or guaranteeing my contract now? |
| Stop writing new business | An insurer stops accepting new applications for a given insurance product or business line. | Do existing contracts continue in force and who administers them? |
| Reinsurance or portfolio transaction | An insurer transfers defined financial risk. Contractual responsibilities vary by structure. | Has my direct insurer or any policy term changed? |
Implications for Policyholders and Industry
| Notice or event | What to verify | What not to assume |
|---|---|---|
| Corporate announcement | Legal entities, transaction scope, effective date and regulatory approvals. | Your policy has been changed. |
| Servicing letter | Policy number; new contact; payment instructions; fraud checks. | That benefits or guarantees changed unless the notice says so. |
| Renewal or premium notice | Contractual premium terms, rating basis and available complaint route | The change is due to the international move. |
| Transfer after insurer distress | Instructions from the insurer, regulator or Assuris. | That coverage has disappeared. |
Assuris protection applies only if a member company becomes insolvent, not if a company exits certain lines of business, expands internationally or merges.
Assuris is a nonprofit organization funded by life insurance companies which are members. If one of these companies fails, Assuris arranges to transfer policies to another financially sound insurance company and protects policyholders’ benefits up to stated limits.
Read More: Learn What Happens to Life Insurance When You Move Abroad