Brokers could be getting help from the federal government to help navigate the changing landscape of retirement plans and health insurance, if the CLHIA chairman gets his wish.
Brokers could be getting help from the federal government to help navigate the changing landscape of retirement plans and health insurance, if the CLHIA chairman gets his wish.
In an address to parliamentarians and officials in Ottawa for Life and Health Insurance Advocacy Day, CLHIA chairman, and president and CEO of Manulife Insurance, Donald Guloien urged the government to partner with the industry to tackle key issues facing insurers.
“From our vantage point, it is evident that Canada’s social programs, such as pension plans and universal health care, are under enormous pressure,” said Guloien.
“Our industry has the capacity and expertise to play an important role in these areas. In partnership with governments and businesses, we can contribute to effective long-term solutions.”
Brokers selling retirement savings and health insurance are well aware both products aren’t functioning optimally.
“Employers who offer fully insured benefit plans may face some difficult decisions,” said Guloien. “For instance, one of their employees could be diagnosed with a rare disease requiring a drug treatment costing thousands per month. This alone could make an employer’s health benefit coverage unaffordable, and that may force them to reduce or completely drop drug coverage.”
Guloien also suggested the industry would like to be more heavily involved in infrastructure investment. Estimates suggest Canada currently has an infrastructure deficit of more than $350 billion.
“Sustained long-term growth needs predictable long-term investment,” said Guloien. “The long-term nature of the insurance business is well suited to this type of investing as our obligations to policyholders often span several decades.”
While Guloien stressed the importance of regulators and their role in Canada, he pointed out since the financial crisis, there’s been an unprecedented leap in the level of controls. Guloien warned negative changes to financial and capital standards could constrain the industry’s ability to offer long-term products and contribute to a decrease in infrastructure investments.
“Our industry requires a regulatory environment that does not substantially increase the cost of financial services to Canadians or stifle innovation, growth and competitiveness,” said Guloien.
To see the full transcript of Guloien’s address click here.
In an address to parliamentarians and officials in Ottawa for Life and Health Insurance Advocacy Day, CLHIA chairman, and president and CEO of Manulife Insurance, Donald Guloien urged the government to partner with the industry to tackle key issues facing insurers.
“From our vantage point, it is evident that Canada’s social programs, such as pension plans and universal health care, are under enormous pressure,” said Guloien.
“Our industry has the capacity and expertise to play an important role in these areas. In partnership with governments and businesses, we can contribute to effective long-term solutions.”
Brokers selling retirement savings and health insurance are well aware both products aren’t functioning optimally.
“Employers who offer fully insured benefit plans may face some difficult decisions,” said Guloien. “For instance, one of their employees could be diagnosed with a rare disease requiring a drug treatment costing thousands per month. This alone could make an employer’s health benefit coverage unaffordable, and that may force them to reduce or completely drop drug coverage.”
Guloien also suggested the industry would like to be more heavily involved in infrastructure investment. Estimates suggest Canada currently has an infrastructure deficit of more than $350 billion.
“Sustained long-term growth needs predictable long-term investment,” said Guloien. “The long-term nature of the insurance business is well suited to this type of investing as our obligations to policyholders often span several decades.”
While Guloien stressed the importance of regulators and their role in Canada, he pointed out since the financial crisis, there’s been an unprecedented leap in the level of controls. Guloien warned negative changes to financial and capital standards could constrain the industry’s ability to offer long-term products and contribute to a decrease in infrastructure investments.
“Our industry requires a regulatory environment that does not substantially increase the cost of financial services to Canadians or stifle innovation, growth and competitiveness,” said Guloien.
To see the full transcript of Guloien’s address click here.
