The 2017 edition of Canadian Life and Health Insurance Facts shows strong performance for the industry last year
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A new report from the CLHIA shows that Canada’s life and health insurance industry posted solid growth in 2016. The 2017 edition of Canadian Life and Health Insurance Facts reveals that providers are becoming more profitable, with premium revenue and total assets rising markedly during the year.
According to the study, there are currently 91 life insurance and annuity providers in Canada, and 132 health insurance providers.
While premium revenues grew to $106 billion in 2016, $88 billion was paid out in benefits – an increase of 4.6% on 2015. That amounts to almost $1.7 billion a week, and represents a jump of more than 50% from a decade previous.
Discussing the findings, CLHIA President and CEO Stephen Frank pointed to an industry that was adapting to the changing needs of consumers.
"This speaks to Canadians' confidence in our industry's ongoing ability to provide financial security and health care support when they need it the most," he said. "The industry's products and services are a key complement to many of the public policy goals set by governments, and our continued strength and stability play a critical role in helping to build Canada's economy for the future," he added.
The fact-book also details life and health insurance as an important economic driver for the country. There are 154,800 people employed in the sector, and providers contributed $7.3 billion in taxes last year. It is further afield, however, where the industry is experiencing its most pronounced growth. Foreign operations of Canadian insurers saw premium revenues rise by 27.9% in 2016 to $86 billion.
Taking the life space in isolation, 22 million Canadians now own $4.5 trillion in coverage. In 2016, average life insurance protection surpassed $400,000 per insured household, driven by a 5.2% year-over-year increase in individual life insurance owned. Meanwhile, $6.9 billion was paid out in death benefits, with $5.1 billion paid to living policy holders as disability benefits, cash surrenders, or dividends.
The fact-book also emphasizes the importance of public-private collaboration in healthcare. There are 25 million Canadians that have supplementary health insurance, with $11 billion spent on prescription drugs last year, or 35% of total spending on prescription drugs in Canada.
Related stories:
CLHIA applauds added transparency from Quebec’s pharmacies
According to the study, there are currently 91 life insurance and annuity providers in Canada, and 132 health insurance providers.
While premium revenues grew to $106 billion in 2016, $88 billion was paid out in benefits – an increase of 4.6% on 2015. That amounts to almost $1.7 billion a week, and represents a jump of more than 50% from a decade previous.
Discussing the findings, CLHIA President and CEO Stephen Frank pointed to an industry that was adapting to the changing needs of consumers.
"This speaks to Canadians' confidence in our industry's ongoing ability to provide financial security and health care support when they need it the most," he said. "The industry's products and services are a key complement to many of the public policy goals set by governments, and our continued strength and stability play a critical role in helping to build Canada's economy for the future," he added.
The fact-book also details life and health insurance as an important economic driver for the country. There are 154,800 people employed in the sector, and providers contributed $7.3 billion in taxes last year. It is further afield, however, where the industry is experiencing its most pronounced growth. Foreign operations of Canadian insurers saw premium revenues rise by 27.9% in 2016 to $86 billion.
Taking the life space in isolation, 22 million Canadians now own $4.5 trillion in coverage. In 2016, average life insurance protection surpassed $400,000 per insured household, driven by a 5.2% year-over-year increase in individual life insurance owned. Meanwhile, $6.9 billion was paid out in death benefits, with $5.1 billion paid to living policy holders as disability benefits, cash surrenders, or dividends.
The fact-book also emphasizes the importance of public-private collaboration in healthcare. There are 25 million Canadians that have supplementary health insurance, with $11 billion spent on prescription drugs last year, or 35% of total spending on prescription drugs in Canada.
Related stories:
CLHIA applauds added transparency from Quebec’s pharmacies
