Canada’s Top 10 Insurance Companies and Their Role in Supporting Israeli Apartheid and Occupation of Palestine
In recent years, growing scrutiny has been placed on the financial and business activities of corporations that operate in global conflicts, particularly those linked to Israel’s occupation of Palestine. While insurance companies in Canada are often seen as neutral entities, many have been implicated in supporting the Israeli government’s policies through investments, partnerships, and underwriting practices. A closer look at the top 10 Canadian insurance companies reveals that several of them have financial ties to companies that directly or indirectly contribute to the continuation of Israeli apartheid and the occupation of Palestinian territories. These ties range from investing in Israeli firms involved in the construction of illegal settlements to underwriting projects that enable the expansion of military infrastructure. The following article explores the ways in which Canada’s leading insurance companies are entangled in the Israeli apartheid and occupation, and why their involvement raises ethical questions for Canadian consumers and activists alike.
Intact Insurance
Intact Financial Corporation is a Canadian multinational property and casualty insurance company. IFC partners with Israeli companies interested in investing in emerging markets. As of June 2023, IFC had a long-term committed investment portfolio of over $57 million with Israeli partners spread across several sectors and regions.
https://www.ifc.org/content/dam/ifc/doc/2023/ifc-and-israel.pdf
Intact Insurance is primarily a Canadian property and casualty insurance company that operates in North America. Intact Financial Corporation, the parent company of Intact Insurance, is headquartered in Canada and is the largest provider of property and casualty insurance in Canada. They also have operations in the United States through Intact Insurance Specialty Solutions. Charles Brindamour is the CEO of Intact Financial and he appears to have no personal connection to Israel. Anne Fortin is the President of Intact Insurance and, also in her case, there appears to be no direct connection or involvement with Israel.
Manulife
This insurance company owns and manages shares in two Israeli Banks, Bank Leumi and Mizrahi Tefahot Bank. Both these Israeli banks are active in and profiting from Israeli settlements in the occupied Palestinian territories and is therefore complicit with violations of the Fourth Geneva Convention. Ownership of these two banks violates the ruling of the International Court of Justice as to the Illegal occupation of Palestine by Israel and the need for countries to ensure no assistance is provided.
https://www.banktrack.org/project/illegal_israeli_settlements
Great West Lifeco
In 2022, the company collaborated with an Israeli company to develop the first mortgage reinsurance product in Israel. In June of 2024 the Jewish National Fund honoured Paul Desmarais III and Olivier Desmarais, sons of Great West’s CEO, Paul Desmarais Jr.
Desjardins Insurance
A subsidiary of Desjardins Group. On October 17 of 2023, the Jewish General Hospital Foundation announced that the finance company had donated $750,000, a follow-up to an even larger donation made in 2012. Desjardins Securities, a subsidiary of Desjardins Group, offers trading of the ARK Israel Innovative Technology ETF (IZRL) to its clients. This ETF invests in Israeli technology companies,  in the areas of genomics, health care, biotechnology, industrial, manufacturing.
https://www.jghfoundation.org/stories/media-release-desjardins
https://www.disnat.com/en/learning/quotes-and-market-data/IZRL-U
Sun Life Financial
Sun Life does not list Israel among its operational regions and does not appear to have significant direct business operations in Israel. However, the company does have some indirect connections. The Embassy of Israel is listed as having a presence in the Sun Life Centre in Ottawa, which suggests some level of business relationship, even if just as a landlord-tenant arrangement.
https://slfcottawa.com/directory/embassy-of-israel
Fairfax Financial Holdings
Fairfax Financial Holdings Limited is a Canadian financial holding company based in Toronto, engaged in property, casualty, insurance and reinsurance, investment management, and insurance claims management. The company operates primarily through several subsidiaries, including Allied World, Odyssey Re, Northbridge Financial, Crum & Forster, Verassure Insurance, Onlia Agency Inc., and Zenith Insurance Company. The company was also the largest shareholder of Torstar as of May 2020. The company and Its CEO, Prem Watsa, do not appear to have any significant direct business operations or affiliations with Israel.
iA Financial
iA Financial Group (a.k.a. Industrial Alliance) is one of the largest insurance and investment management groups in Canada, with operations in the United States. The company is also one of the largest public Canadian companies. There is no specific mention of Israel in the context of iA Financial Group’s business activities or investments.
Beneva Insurance
In 2020 La Capitale and SSQ Insurance merged to form Beneva, which is now the largest insurance mutual in Canada. In 2021 Beneva upgraded to Sapiens UnderwritingPro Version 11, an automated underwriting solution to enhance its digital capabilities and streamline processes. Sapiens International Corporation is an Israeli-based software provider. Aside from its use of Sapiens software, there seems to be no other point connecting Beneva to Israel. There also appears to be nothing linking the company’s CEO, Jean-François Chalifoux and Israel.
Empire Life
Overall, Empire Life appears to have minimal direct business operations in Israel. The company’s primary focus is on serving the Canadian market, with its headquarters in Kingston, Ontario. The company does have some limited financial ties to Israel. As of July 31, 2024, the Empire Life Fidelity Global Innovators GIF – Class L fund had 0.47% of its assets invested in Israeli equities. There also appears not to be anything directly linking Mark Sylvia, the company’s CEO, to Israel.
Co-operators Group
There appear to be no direct links between this Canadian insurance company or its CEO, Rob Wesseling, and Israel.
