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LIFE AND HEALTH INSURANCE INDUSTRY WELCOMES BUDGET INITIATIVES


News Release

Release Date: 03/22/2016
Staff Reference: Wendy Hope

(Ottawa) The Canadian life and health insurance industry welcomes today's federal budget initiatives. "We are particularly pleased with the focus on infrastructure and look forward to making an important contribution as the Government moves to the next phase of the plan," says Frank Swedlove, President and CEO of the Canadian Life and Health Insurance Association (CLHIA).

Canada's life and health insurers are among the largest investors in the country, holding $630 billion in assets for the long-term. Given the industry's need for long-term investments we also are encouraged by the Government's intention to consider the release of 50-year bonds over the next year.

The life and health insurance industry is supportive of the Government's intention to extend the deadline for the Financial Sector Review to 2019. "Given all the technical changes that have been implemented over the past few years, it is entirely appropriate to extend the deadline for the financial sector review and the life and health industry will be active participants in the process," stated Mr. Swedlove.

The life and health insurance industry also welcomes the proposed consultations on reforms to the Canada Pension Plan (CPP). "We believe that the CPP levels should be reviewed, but the private sector should also play a key role in retirement savings by Canadians," stated Mr. Swedlove.

About the CLHIA

Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 percent 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 close to $720 billion of assets in Canada and employs about 155,000 Canadians.

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For more information please contact:
Susan Murray, Vice President, Government and International Relations
(613) 691-6002/smurray@clhia.ca