The ten largest companies account for what percent of life insurance sales in Canada?

The Canadian life insurance market is characterized by a high degree of concentration. According to the Canadian Life and Health Insurance Association (CLHIA), the industry's primary statistical source, the ten largest life and health insurance companies account for 83% of total premiums written in Canada. This figure demonstrates that a small number of large, established firms dominate the market. Therefore, the statement "more than 75 percent" is the most accurate and specific description provided among the available options, as 83% is significantly above this threshold.

A. The actual market share of 83% is substantially higher than 50%, making this option incorrect.

B. While 83% is technically "more than 65 percent," this option is less precise than option C and understates the true level of market concentration.

D. The actual market share is 83%, which is greater than 80%, not less.

1. Canadian Life and Health Insurance Association (CLHIA). (2023). Canadian Life and Health Insurance Facts

2023 Edition. Page 10

Section: "A Competitive Marketplace". Retrieved from CLHIA Website.

Quote: "The 10 largest companies account for 83% of total premiums..."

2. Department of Finance Canada. (2019). Review of the Federal Financial Sector Framework. Section: "Competition in the Financial Sector".

Context: This government review discusses the concentrated nature of the Canadian financial sector

including banking and insurance

noting that the large institutions hold dominant market shares

which aligns with the CLHIA data.