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Finance
and Insurance
The importance of Calgary as a financial centre
was brought about originally as a result of the oil and agricultural
industry in Southern Alberta. As the industry grew, so did the
need for financial resources. This growth created a substantial
capital market in Calgary resulting in chartered banks locating
their western, regional and Alberta head offices into the city.
More recently, Calgary has established itself as the
financial and insurance capital of Western Canada. Calgary is now
home to the Canadian Venture Exchange which is a merger between
the Alberta and Vancouver Stock Exchanges. Since its formation,
the Exchange has seen tremendous growth in the level of trading
activity.
As a major employer, Calgary’s dynamic Finance &
Insurance sector includes a diversity of multinational and retail
banks, investment firms, stock brokers, trust companies, credit
unions, mortgage companies as well as insurance companies, agents,
brokers and adjusters.
The Finance & Insurance sector:
- Has over 5,500 firms
- Generates approximately $7.5 Billion in revenues
- Employs over 30,000 people
Top 10 companies
by revenue:
- ALBERTA TREASURY
BRANCHES
- CANADA TRUST
- ROYAL
& SUNALLIANCE CANADA
- EMPIRE FINANCIAL
GROUP
- WESTERN
UNION INSURANCE COMPANY
- INVESTORS
GROUP FINANCIAL SERVICES
- RBC DOMINION SECURITIES
INC.
- NESBITT
BURNS INC.
- MONTREAL
TRUST
- TORONTO DOMINION
BANK
Top 10 companies
by employment:
- ZURICH
INSURANCE COMPANY
- WESTERN
UNION INSURANCE COMPANY
- SOVEREIGN
GENERAL INSURANCE COMPANY
- CANADIAN PACIFIC SECURITIES LTD.
- RENFREW
THOMPSON INSURANCE LTD.
- FIRSTENERGY CAPITAL CORP.
- PETERS & CO.
LIMITED
- BAYCOR CAPITAL INC.
- CALGARY FOREIGN EXCHANGE LTD.
- ROYAL BANK OF
CANADA
Industry associations:
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