CLHIA Federal Budget Submission 2016

Date de parution : 02/11/2016
Personne(s)-ressource(s) : Noeline Simon

The Canadian Life and Health Insurance Association (the "CLHIA") is pleased to provide its recommendations for the upcoming 2016 Federal Budget. Our recommendations align with the Government's priorities to support the middle class, create jobs and set the right conditions for long-term prosperity and stronger economic growth. We look forward to working with you to bring these initiatives to fruition.

The Canadian life and health insurance industry plays a key role in Canada's economy. It protects over 75% of Canadians through a wide variety of life and health insurance and annuity products. The industry paid over $83 billion in benefits in 2014 or more than $1.6 billion a week, with over 90% paid to living policyholders. Almost 155,000 Canadians earn some or all of their income directly from the industry (as employees or independent agents). The industry is a major investor in Canada with more than $721 billion in assets, nearly 90% of which comprise long-term investments, an important source of long-term capital for the federal and provincial governments and businesses. Canadian life insurers contributed over $1 billion in corporate, capital, sales and other taxes to the federal government for the 2014 calendar year. Canada's life insurers have a longstanding record of operating in international markets, with almost $62 billion (or 41%) of their worldwide premiums coming from outside Canada...