Toronto, ON (Aug. 31, 2015) – Today, the Canadian Life and Health Insurance Association (CLHIA) released the 2015 edition of Canadian Life and Health Insurance Facts. During 2014, the industry continued its trajectory of strong growth, despite the climate of prolonged low interest rates and slower growth of the Canadian economy.
“The strong performance of the Canadian life and health insurance industry highlights the trust Canadians have in our companies, and that we continue to offer products and services that our customers need and value,” notes CLHIA President and CEO Frank Swedlove.
In 2014, Canadians’ purchases of insurance products were robust and the industry experienced year-over-year growth in premium revenues not seen since 2007, up 7.7% to $99.4 billion. Industry assets in Canada also rose 11.5% to $721 billion of which almost 90% were held in long-term investments, funding longer-term capital and infrastructure investments, critical to economic growth. Further, the industry paid out $83.5 billion to Canadian policyholders and annuitants in 2014, or more than $1.6 billion every week.
More details and statistics can be found in the CLHIA’s industry Factbook which is available on line at www.clhia.ca.
About the CLHIA
Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent of Canada’s life and health insurance business. The industry provides a wide range of financial security products such as life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to 28 million Canadians. It also holds more than $720 billion of assets in Canada and employs 155,000 Canadians.