September 20, 2020

Insurable Interest

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Life and health insurers paid out a record amount in benefits in 2019

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Toronto, ON (Sept. 15, 2020) – Canadians received a record $103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier. These benefits include $53.3 billion in retirement annuity payments, $38.1 billion in health benefits for prescription drugs and supplementary health services like dental care and physiotherapy, as well as $12.1 billion in life insurance benefits.

“Life and health insurance benefits help make life more affordable and secure for nearly four out of every five Canadians,” Stephen Frank, President and CEO of CLHIA said. “The benefits insurers allow Canadians to access prescription medicines, live more comfortably in retirement, or replace needed income when they are ill or lose a loved one.”

This data and additional insights are included in CLHIA’s 2020 edition of Canadian Life & Health Insurance Facts. Other highlights of 2019 in the report include:

  • Insurers contribute to Canada’s economic growth with over $860 billion in long-term investments in innovation and infrastructure projects
  • Insurers provide over 157,000 jobs in all regions of the country
  • Life insurers manage $309 billion in pension assets that provide retirement security for over 8 million Canadians

“Life and health insurers are proud to contribute to the resilience of Canadian workplaces and households through products that offer protection from the unexpected,” Frank added. “Our industry operates in every region of the country and includes different types of companies, including large life insurers, not-for-profit regional health insurers, fraternal benefit societies and property and casualty insurers who offer health insurance products.”

Canadian Life & Health Insurance Facts is published annually by CLHIA using industry and publicly available data. It is available at clhia.ca/facts.

About the CLHIA

The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada’s life and health insurance business. These insurers provide a wide range of financial security products including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians. They hold nearly $950 billion in assets in Canada and employ more than 157,000 Canadians. For more information, please visit www.clhia.ca.

SOURCE: Canadian Life and Health Insurance Association Inc.

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Read the original article at Insurance-Canada.ca

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