Nearly three-quarters of Canadian life insurance companies have their head offices in Ontario, and the industry employs over 50,000 Ontarians.

Property and casualty insurers employ a further 40,000 Ontario workers--nearly 40% of the national total of 105,000. P&C insurance sales in Canada reached more than $33-billion.

Ontario has one of the lowest insurance premium tax rates in Canada.

Regulation of insurers in Canada is shared by the federal and provincial governments. The federal regulator--the Office of the Superintendent of Financial Institutions (OSFI)--oversees the financial stability of all federally-incorporated and all foreign-owned companies. All insurance companies must also be licenced by each province they operate in. Provincial regulators govern this licencing, as well as the insurance companies’ market conduct. In Ontario, the regulator is the Financial Services Commission of Ontario (FSCO).