J. Ross Quigley CEO Medipac International Inc. Insurance Consolidation, amalgamation, purchases and takeovers. There is an epic battle to dominate the insurance industry in Canada. Great-West Life, London Life and Canada Life amalgamated to become the third-largest life insurance company in Canada. They collected $21 billion in premiums in 2025. Intact Insurance Company took over RSA, formerly Royal Insurance Company (aka Royal and Sun Alliance Insurance Company) to become the largest property and casualty insurance company in Canada. In 2025, Intact collected $17.2 billion in premiums. Aviva Insurance Company ‒ an organization based in the United Kingdom ‒ swooped into Canada and purchased General Accident, Canadian General, Traders General, Scottish & York and Pilot Insurance companies to become the largest property and casualty insurance company in Canada, before they were pushed to the number-two spot by Intact. They collected $8 billion in premiums in 2025. Now, Economical Mutual Insurance Company has demutualized and rebranded as Definity Financial Corporation. They have taken over the Travelers Insurance Company ‒ a company that acquired the Dominion of Canada General Insurance Company ‒ to take third place in the general insurance market in Canada with their sites set on taking first place in the next five years by increasing their annual written premiums from $6 billion to $20 billion. Their words, not mine. What does this super-sized approach to dominating the insurance market in Canada mean to us as consumers? Fewer competitors typically leads to greater control over pricing, which usually translates into higher prices for the end users ‒ you and me. But hold on, if I don’t like the pricing of these big players, I can just go online and purchase my insurance from a “discount” direct writer; right? Sure you can, but belairdirect is owned by Intact Insurance Company and Sonnet Insurance is owned by Definity Financial Corporation. You are still buying from the big guys! Then I’ll just go to a big insurance broker and get quotes from multiple insurance companies; that way, I will get the most competitive price. That’s a great solution until you learn that the largest network of insurance brokers in Canada is BrokerLink. In 2025, BrokerLink acquired 21 independent insurance brokerages across Canada, increasing its footprint to 236 brokerages! Two hundred and thirty-six brokerages in 10 provinces and three territories. And the punchline is that BrokerLink is owned by Intact Insurance Company. Canada operates as a free market for capitalism. To suggest that dominant business practices which demonstrate influence and control over pricing and distribution is unjust or unfair would be inappropriate, but it does make you scratch your head a little. If the smaller and more nimble competitors don’t pose a threat or exert any significant influence on the marketplace, they can be easily ignored by the larger players and easily missed by the consumer if they are drowned out by internet search engines or their products are simply not offered by distributors owned by the dominant players. A free market succeeds when there is healthy competition because it forces every participant to pay closer attention, offer better products and deliver better service in order to survive, compete and thrive. Medipac Travel Insurance started as an industry disruptor, offering a specialized product to a target market segment for a competitive price. After 30 years of insuring Canadians who spend their winters outside of Canada, this is still the case. Medipac’s presence in the Canadian travel medical insurance market keeps prices low throughout the industry. Our careful attention to triage and claims management in a specialized environment ‒ enhanced by an intimate understanding of discounts and billing practices in the American medical industry ‒ has kept claims expenses under control, which translates into lower premiums for our clients. We have remained at the forefront of the industry while others try to catch up and remain competitive by subsidizing their travel insurance programs with funding from other financial products. Medipac is independently owned and operated by a Canadian, not by an insurance company or consortium of foreign investors. It is underwritten by a Canadianowned insurer that has been around since 1887 ‒ Old Republic Insurance Company of Canada. Not the biggest insurance company, but one which is independently rated as among the best. Over the years, we have weathered many different storms ‒ currency fluctuations, terrorism attacks and threats, pandemics and awkward political climates. Our rates, however, have remained stable and continue to set the pace for this very specialized market segment ‒ snowbirds. We are proud of our stable presence in the Canadian insurance marketplace and look forward to working for you this season and for years to come. 14 | www.snowbirds.org
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