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Canada is among the world’s biggest insurance markets by revenue and total assets. The sector can be divided into two main groups, namely ‘life and health’ and ‘property and casualty’. Provision of private property and casualty insurance (mostly known as general insurance in the Commonwealth) is highly fragmented, with over 200 companies competing, along with government-owned auto insurers in Manitoba, Saskatchewan and British Columbia. In 2007 the industry generated CAD37.9 (US$40) billion in sales. The sector employs over 100,000 Canadians and pays several billion in taxes to federal and provincial governments. Unlike the property and casualty insurance sector, the life and health insurance industry is dominated by only three large companies which hold around 80% of total assets: Manufacturers Life Insurance, Sun Life Assurance of Canada and Canada Life Assurance Co. Their dominance is such that policy does not permit their merger. The industry provides financial security products to over 23 million Canadians. In general, all insurers have been allowed to expand into other financial activities. Regulation of the insurance sector falls within the purview of both the federal and provincial governments.