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Understanding newcomers’ realities

A Securian Canada research report

Insurance coverage gaps present financial vulnerabilities among newcomers

Securian Canada’s recent research report, Newcomers’ Realities: Securian Canada Insights, reveals key insights into Canada’s newcomer community, including their demographic profile, financial well-being, as well as newcomers’ confidence in managing their finances and insurance needs.

These findings highlight the need for hybrid support that combines personal advice with accessible digital solutions to empower newcomers in securing their financial futures. 

Key newcomer insights 

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Diverse, educated and employed

Canada’s newcomer mosaic represents a diverse group with two things that are consistent: most newcomers are highly educated and gainfully employed.

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Experience financial stress

More than half (54%) of newcomers indicate financial stress as their most significant health and well-being challenge since coming to Canada.

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Lack insurance confidence

Among newcomers, 40% feel somewhat confident navigating the Canadian insurance landscape and only 9% feel very confident.

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Need professional guidance

More than one-quarter (29%) of newcomers say they do not know where to go for reliable information on insurance.

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Coverage gaps exist

One-in-five (20%) newcomers do not have any form of insurance coverage, and nearly two-thirds (60%) are underinsured.

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Prefer online purchasing

More than half (53%) of newcomers prefer to purchase insurance online, compared to 47% who prefer to purchase insurance in person.

Insurance can help newcomers build a strong financial foundation

Immigration is reshaping the future of Canada, with more newcomers adding to the country's rapid growth and diversity.​

Despite bringing professional skills and strong educational backgrounds, many newcomers face considerable financial stress as they build a life in Canada. These challenges are not only short-term stressors associated with moving to a new country but can also become chronic challenges for newcomers.

At Securian Canada, we’re committed to providing practical, life-ready insurance and protection solutions to Canadians. We’re making our services easier to access through digital tools and working with trusted partners to remove barriers for newcomers. We're here to meet newcomers and their families where they are, helping them build secure financial tomorrows.

Read the press release

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Contact us for exclusive insights on newcomers to Canada

We continuously look for new ways to support our partners, clients and communities, and to keep you updated with the latest industry insights and research findings. Contact us for exclusive insights on newcomers to Canada and to learn more about our innovative digital-first solutions.

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