Toronto, ON (Sept. 27, 2018) – The Canadian Life and Health Insurance Association (CLHIA) has released the 2018 Edition of Canadian Life and Health Insurance Facts. This year’s “factbook” shows that the demand for life and health insurance products continues to grow in both domestic and international markets.
“This demonstrates that Canadian and international policyholders continue to understand the positive impact that insurance products can have on their financial and physical health and well-being,” notes CLHIA President and CEO, Stephen Frank.
In 2017, the total number of Canadians holding insurance grew to almost 29 million, and the industry paid $92 billion in claims (or $1.8 billion a week) up 4.3% from 2016. Further, Canadians employed in the industry grew to 155,200 – this growth in employment has been averaging some 2.5% over the past 10 years. The growth of the industry extends beyond our borders with foreign operations of Canadian insurers almost doubling in the past five years. Most of this growth has occurred outside North America and the industry now provides coverage to almost 55 million international customers.
The industry continues to be one of the country’s most important sources of long-term capital, with total assets in Canada growing to almost $860 billion in 2017, including $42 billion in infrastructure investments.
Access the Report
About the CLHIA
The Canadian life and health insurance industry provides a wide range of financial security products, including life insurance, annuities and supplementary health insurance, to about 26 million Canadians. The industry administers more than two-thirds of pension plans for Canada’s small and medium-sized businesses and the vast majority of group RRSPs. 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.
For more information, please visit www.clhia.ca.
SOURCE: Canadian Life and Health Insurance Association Inc.Tags: Canadian Life and Health Insurance Association (CLHIA), fact sheet