A booming industryA booming industry
Insurance and financial servicesInsurance and financial services

The Québec City metropolitan region, a nerve center for the insurance and financial service industries

Key figures

10 head offices
370 companies
21,950 direct jobs
$5.5 CDN billion in contribution to the GDP
42% of Québec's individual home and auto insurance market
34% of Québec's general insurance and financial services market

Data compiled for the Québec City metropolitan region

The insurance and financial services industry plays an important role in the economy of the area. With 10 head offices and more than 360 active companies in the insurance sector, the area is the 2nd most important insurance hub in Canada.

The area, known as the “insurance capital”, is a leader in Canada. The insurance industry generates as much as 20% of the region’s gross domestic product (GDP) and more than 10% of its jobs.

The Quebec City Area can rely on this industry to remain steady despite the uncertainties of the global economic conditions.

The industry acts as an economic lever to stimulate the expansion of other sectors such as construction, information technology and business services. Its contribution to employment is significant, as it provides 21950 direct jobs and generates 23350 indirect jobs. The annual total of goods and services imports in the insurance sector amounts to $745 million.

Influential players

Thanks to the establishment of major insurance head offices in the area, quebec city has become a leader in the insurance sector in canada.

Desjardins Group, the first savings and credit union in North America, was founded in 1900 in Lévis. Today, with its 45000 employees, Desjardins is the largest private employer in Quebec. The cooperative financial group has 5.6 million members and assets worth more than $200 billion. In 2013, it was ranked 4th among North America’s safest financial institutions and 13th among the world’s strongest banks. Desjardins owns two insurance companies (life insurance, and property and casualty insurance) also based in Lévis.

Industrial Alliance, Insurance and Financial Services was founded in 1892 and is now the 4th largest personal insurance company in Canada. The company has branches throughout Canada and in the United States. It has more than 3 million clients and more than 4400 employees. Industrial Alliance has a car and home insurance subsidiary in Quebec City.

With a business volume of over $3 billion and assets worth almost $11 billion, SSQ Financial Group is one of the largest financial institutions with mutual associations in Canada. The Group employs 2000 people and has more than 1 million clients in its numerous associations.

With 2900 employees and partners, La Capitale Financial Group is well-established in Quebec and throughout Canada.This mutual company’s assets are worth $4.7 billion, making it a forerunner in the sector.

Founded 160 years ago, Promutuel Group has been building its expertise ever since and is now one of the largest damage insurance providers in Quebec. The company’s 26 mutual associations employ 1700 employees and serve more than 575000 clients.

Since 1901, Groupe LEDOR relies on the expertise and know-how of its 160 employees to serve more than 100000 mutual company members. It provides insurance products for individuals, businesses and the agricultural sector.

The head offices of these major companies in the area spur the growth of important players in the general insurance sector such as AssurExperts, Essor Insurance, Généralys, Intact Insurance, Intergroupe Assurances, L’Unique, PMT Roy, l’Union canadienne, etc.

Education and research working for the industry

The great chemistry existing between educational institutions and companies makes it possible to develop adapted and innovative programs in a variety of fields.

The Finance, Insurance and Real Estate Department of Laval University offers more than 10 undergraduate, graduate and postgraduate programs. It also offers microprograms in insurance and group annuities, financial services, insurable risk management, and financial management. In 1975, Laval was the first university in Canada to set up what would become the Industrial-Alliance Chair in Insurance and Financial Services. It is also host to the Investors Group Chair in Financial Planning, the Royal Bank of Canada Chair in Financial Innovation and a financial engineering lab.

Cégep de Sainte-Foy and Cégep de Lévis-Lauzon both offer adapted training in Insurance and Financial Services Consultancy. These two institutions also provide D3A online training in English. D3A was created by insurers to simulate complex everyday situations in the insurance sector.

At Cégep Champlain-St. Lawrence, students can enroll in the Life Office Management Association (LOMA) program. This program is offered online and gives business students the opportunity to complement their regular training with internationally-recognized personal insurance training in English.

Insurance and financial services - Fact sheet

For more information

Insurance and financial services - Fact sheet

Brokerage activities, credit and financing, insurance and financial services, investment funds, life insurance, personal insurance, property and casualty insurance, venture capital

Portrait of these industries in the Quebec City Region. Produced by Québec International.

Insurance and financial services - Fact sheet Download the brochure

 
 
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