2017 Manitoba Budget SubmissionRelease Date: 11/08/2016 Staff Reference: Peggy McFarland
November 8, 2016
The Honourable Cameron Friesen
Minister of Finance
Room 103 Legislative Bldg.
Winnipeg, MB R3C 0V8
Please find enclosed a submission from the Canadian Life and Health Insurance Association (CLHIA) regarding your forthcoming Budget.
CLHIA represents life and health insurers accounting for 99% of the business in Canada. The life and health insurance industry is a major contributor to Manitoba’s economy. The head offices of four life and health insurers are located in Manitoba, including one ranked in the top 10 in the world. The industry employs some 7,200 Manitobans and has $22 billion invested in the province. In 2015, the industry paid over $2.8 billion in benefits to Manitobans through life and health insurance products including life insurance, annuities, RRSPs, disability insurance and supplementary health plans. In addition, the life and health insurance industry paid $120 million in corporate income tax, premium tax and other taxes in 2015, including $50 million in payroll and sales tax collected...