CANADIAN LIFE AND HEALTH INSURANCE INDUSTRY WELCOMES NEW AGREEMENT FOR TRANS-PACIFIC PARTNERSHIP
News ReleaseRelease Date: 01/24/2018 Staff Reference: Wendy Hope
(Toronto, January 24, 2018) – The Canadian Life and Health Insurance Association (CLHIA) congratulates the federal government on reaching an agreement to sign the new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
"Our industry is a strong supporter of free and transparent trade. This gives us the opportunity to continue to grow as a significant exporter of life and health insurance products and expertise" stated CLHIA President and CEO Stephen Frank. "The CPTPP will permit companies to compete and grow internationally, which will benefit all Canadians," he emphasized.
Canadian life and health insurers are active in over 20 countries with 3 Canadian companies being amongst the 15 largest in the world. The CPTPP will secure access for Canadian companies to some of the fastest growing markets in the world and will provide strong, transparent rules to govern international trade in the region. The fast-growing economies of the Asia-Pacific region are of particular interest to the life and health insurance sector.
Canadian life and health insurers also hold over $855 billion in assets for their international operations all across the globe. Free trade agreements that reduce barriers to trade and establish fair and transparent rules for Canadian businesses operating in external markets are important to the continuing success and advancement of the industry.
About the CLHIA
The CLHIA is a volunteer association whose member companies account for 99% 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 more than 28 million Canadians. It also holds over $810 billion in assets in Canada and employs nearly 155,000 Canadians.
For more information:
Wendy Hope, Vice President, External Relations