Finance / Insurance
In recent years, Greater Moncton has become a finance and insurance hub. There are more than two dozen firms serving clients across Canada and beyond.
The National Bank of Canada has its regional head office here. The Royal Bank of Canada (RBC) operates a large scale back office in Moncton providing banking services to clients across the country and beyond.
One of the leading health and life insurance firms in Canada, Medavie Blue Cross, has its head office in Greater Moncton.
There are more than 4,400 persons working in the finance and insurance sector in Greater Moncton – the fourth highest concentration of finance and insurance employment among all urban centres across Canada.
Greater Moncton has become a national customer contact centre for the insurance industry. Firms such as Assumption Life, Medavie Blue Cross, The Co-operators, Allstate, Intact, Wawanesa and First Canadian Title service markets across Canada from their Greater Moncton facilities.
The finance and insurance industry is thriving in Greater Moncton because of its bilingual workforce, labour productivity and its competitive operating cost environment.
In the 2012 KPMG Competitive Alternatives Report, Greater Moncton featured one of the lowest cost environments for back office and support services compared to all location in North America and Europe.
As one example, the cost of lease Class A office space was as much as 60 percent lower than other urban centres.