Québec City: an insurance and financial services powerhouse
Québec City, located in the Canadian province of Québec, is a leader in the insurance and financial services sector — so much so that it’s earned the nickname “the capital of insurance." And this title isn’t for nothing. Québec City is home to 400 insurance and financial companies, employs over 57,000 people in the sector and is second only to Toronto on a national scale.
Competitive yet cooperative, Québec City boasts an entrepreneurial and innovation ecosystem that’s ideal for investment, business development as well as for the meeting and convention industry. Read on to learn more about this thriving sector — along with why the city is a popular host destination for events and conferences.
A major insurance and financial services player
The insurance and financial services industry is integral to Québec City’s economy — in fact, it represents 17.9% of the region’s GDP. What’s more, 48% of Canadian life and health insurance companies are in the Québec City-Lévis region, which includes four of the 10 largest life and health insurance companies in Canada.
Québec City’s large pool of highly qualified professionals and top-notch educational institutions are a couple of the many reasons why the region is so popular for insurance and financial companies. Five universities, including Université Laval, produce an impressive talent pool across numerous fields in the sector.
Additionally, the city enjoys low operating costs: it’s 16.1% cheaper on average to do business in the region than in US cities. Québec City also boasts a strong culture of collaboration, with research centres, educational institutions and insurance and financial services companies all working closely together to advance the field and the services offered to customers.
Québec City, located in the Canadian province of Québec, is a leader in the insurance and financial services sector — so much so that it’s earned the nickname “the capital of insurance." And this title isn’t for nothing. Québec City is home to 400 insurance and financial companies, employs over 57,000 people in the sector and is second only to Toronto on a national scale.
Competitive yet cooperative, Québec City boasts an entrepreneurial and innovation ecosystem that’s ideal for investment, business development as well as for the meeting and convention industry. Read on to learn more about this thriving sector — along with why the city is a popular host destination for events and conferences.
A major insurance and financial services player
The insurance and financial services industry is integral to Québec City’s economy — in fact, it represents 17.9% of the region’s GDP. What’s more, 48% of Canadian life and health insurance companies are in the Québec City-Lévis region, which includes four of the 10 largest life and health insurance companies in Canada.
Québec City’s large pool of highly qualified professionals and top-notch educational institutions are a couple of the many reasons why the region is so popular for insurance and financial companies. Five universities, including Université Laval, produce an impressive talent pool across numerous fields in the sector.
Additionally, the city enjoys low operating costs: it’s 16.1% cheaper on average to do business in the region than in US cities. Québec City also boasts a strong culture of collaboration, with research centres, educational institutions and insurance and financial services companies all working closely together to advance the field and the services offered to customers.
When it comes to strong key industries, Québec City stand outs thanks to dynamic research centres and innovative businesses. The insurance and finance industry has historically been a thriving economic sector for the Québec region, generating thousands of jobs each year in addition to attracting events in the field.
A leader in innovation
Growth and innovation are at the forefront of Québec City insurance and financial companies. Here's a look at a few of the recent strides made.
Headquartered in Québec City, iA Financial Groups is one of the largest insurance and wealth management groups in Canada. Over the past decade, the company has grown dramatically, completing some 40 acquisitions. This includes the purchase of US company IAS Parent Holding for more than CA $1 billion in 2020, the largest transaction in iA Financial Group’s history.
iA Financial Group is also at the cutting-edge of technology. In fact, the company plans to inject an additional CA $500 million in digital transformation by 2025, with tens of millions being used to improve security systems.
As the leading cooperative financial group in Canada, Desjardins has been fueling new and innovative advances in the sector in several ways. For instance, the Desjardins Innovation Lab, the company’s R&D space, gives employees access the tools needed for rapid prototyping and developing proofs of concept for innovation projects. The lab also hosts conferences and workshops to provide further information and resources to different business sectors.
The FinTech Development Centre is Desjardins Group's hub for financial technology initiatives. The centre's experts find fintech companies and solutions that will fulfill a need for the company’s business sectors and help shape the future. Additionally, Desjardin's Cooperathon is the world's largest open innovation competition, which connects citizens, communities, entrepreneurs, researchers, academics and institutions to build a more socially responsible future.
In December 2020, La Capitale and SSQ Insurance merged to create a new mutual insurance company: Beneva. Beneva is now the largest mutual insurance company in Canada with more than 3.5 million members and customers. Today, Beneva employs over 5,000 dedicated employees and has over CA $20 billion in assets. Its head office is located in Québec City.
A perfect place to host business events
In Québec City, conference organizers receive plenty of support from Québec City Business Destination. The team can help connect prospective event organizers with local industry ambassadors for site tours and host local thought leaders as keynote speakers. The city is also renowned for its event infrastructure, with a plethora of versatile meeting spaces for events of all sizes, 17,000 guest rooms and the Québec City Convention Centre that offers close to 300,000 square feet to accommodate delegates.
In addition to the local thought leadership and event infrastructure, the city's rich heritage, hip neighbourhoods and award-winning culinary scene are sure to leave a lasting impression on event attendees.
“Québec City has always been a major hub for Desjardins events,” says Louis Sirois, manager events and special projects department, Mouvement Desjardins. “Of course, there is an obvious historical and close link with Desjardins’ first branch and our head office in Lévis [located on the south shore of Québec City]. But it is also the cachet, dynamism, attractiveness and flourishing opportunities in Québec that make it a perfect destination to organize and hold our events and satisfy our guests. And of course, there is also the quality and diversity of Québec City event venues to host events of all sizes, the accommodation, the F&B and tourist activities.”
Easy to get to
Another perk to meeting in Québec City is that it’s easy for delegates to reach. The Québec City Jean Lesage International Airport is less than 10 miles from downtown Québec City, which is where the Québec City Convention Centre is located. Direct flights are available from many major cities in Canada and the US, such as Montreal, Ottawa, Toronto, New York and Chicago.
Start planning your meeting or event HERE.
A leader in innovation
Growth and innovation are at the forefront of Québec City insurance and financial companies. Here's a look at a few of the recent strides made.
Headquartered in Québec City, iA Financial Groups is one of the largest insurance and wealth management groups in Canada. Over the past decade, the company has grown dramatically, completing some 40 acquisitions. This includes the purchase of US company IAS Parent Holding for more than CA $1 billion in 2020, the largest transaction in iA Financial Group’s history.
iA Financial Group is also at the cutting-edge of technology. In fact, the company plans to inject an additional CA $500 million in digital transformation by 2025, with tens of millions being used to improve security systems.
As the leading cooperative financial group in Canada, Desjardins has been fueling new and innovative advances in the sector in several ways. For instance, the Desjardins Innovation Lab, the company’s R&D space, gives employees access the tools needed for rapid prototyping and developing proofs of concept for innovation projects. The lab also hosts conferences and workshops to provide further information and resources to different business sectors.
The FinTech Development Centre is Desjardins Group's hub for financial technology initiatives. The centre's experts find fintech companies and solutions that will fulfill a need for the company’s business sectors and help shape the future. Additionally, Desjardin's Cooperathon is the world's largest open innovation competition, which connects citizens, communities, entrepreneurs, researchers, academics and institutions to build a more socially responsible future.
In December 2020, La Capitale and SSQ Insurance merged to create a new mutual insurance company: Beneva. Beneva is now the largest mutual insurance company in Canada with more than 3.5 million members and customers. Today, Beneva employs over 5,000 dedicated employees and has over CA $20 billion in assets. Its head office is located in Québec City.
A perfect place to host business events
In Québec City, conference organizers receive plenty of support from Québec City Business Destination. The team can help connect prospective event organizers with local industry ambassadors for site tours and host local thought leaders as keynote speakers. The city is also renowned for its event infrastructure, with a plethora of versatile meeting spaces for events of all sizes, 17,000 guest rooms and the Québec City Convention Centre that offers close to 300,000 square feet to accommodate delegates.
In addition to the local thought leadership and event infrastructure, the city's rich heritage, hip neighbourhoods and award-winning culinary scene are sure to leave a lasting impression on event attendees.
“Québec City has always been a major hub for Desjardins events,” says Louis Sirois, manager events and special projects department, Mouvement Desjardins. “Of course, there is an obvious historical and close link with Desjardins’ first branch and our head office in Lévis [located on the south shore of Québec City]. But it is also the cachet, dynamism, attractiveness and flourishing opportunities in Québec that make it a perfect destination to organize and hold our events and satisfy our guests. And of course, there is also the quality and diversity of Québec City event venues to host events of all sizes, the accommodation, the F&B and tourist activities.”
Easy to get to
Another perk to meeting in Québec City is that it’s easy for delegates to reach. The Québec City Jean Lesage International Airport is less than 10 miles from downtown Québec City, which is where the Québec City Convention Centre is located. Direct flights are available from many major cities in Canada and the US, such as Montreal, Ottawa, Toronto, New York and Chicago.
Start planning your meeting or event HERE.