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Canadian Life and Health Insurance Facts, 2016 Edition

Release Date: 09/15/2016
Staff Reference: Noeline Simon

Welcome to the new and improved Canadian Life and Health Insurance Facts (2016 Edition). We have updated this document to be more concise and consumer friendly with the use of graphics and colour to communicate key industry facts. We hope you find it informative and useful.

The 2015 key statistics:

The industry:

  • protects over 28 million Canadians through a range of financial security products, providing:

    • Life insurance – averaging $388,000 per insured household
    • Extended health care – covering about 30% of Canada’s total spending on prescription drugs
    • Retirement solutions – managing two-thirds of private pension plans in Canada
  • paid benefits of $84.2 billion – over 90% of which went to living policyholders
  • invests over $760 billion in Canada – over 90% are long-term investments
  • paid taxes of $6.6 billion to all levels of government – twice the industry's corresponding share of Canadian GDP
Canadian life insurers operate in more than 20 countries with invested assets of over $800 billion supporting their foreign operations. Three Canadian life companies rank among the top 15 largest life insurers in the world.

These figures have been compiled from surveys and annual returns of member companies, and data supplied by federal and provincial governments and other associations.