LIFE AND HEALTH INSURANCE COVERAGE IN CANADA EXPERIENCES GROWTH IN 2016
News ReleaseRelease Date: 09/27/2017 Staff Reference: Wendy Hope
Toronto, September 27, 2017 - The Canadian Life and Health Insurance Association (CLHIA) today released the 2017 Edition of Canadian Life and Health Insurance Facts. This year’s “factbook” shows that the industry continues to experience growth in both life and health insurance products. “This speaks to Canadians’ confidence in our industry’s ongoing ability to provide financial security and health care support when they need it the most,” notes CLHIA President and CEO, Stephen Frank.
In 2016, average life insurance protection owned by Canadians surpassed $400,000 per insured household, driven by a 5.2% year-over-year increase in individual life insurance owned. In addition, extended health care coverage grew to almost 25 million Canadians, covering 80% of working Canadians and their families. “The industry’s products and services are a key complement to many of the public policy goals set by governments, and our continued strength and stability play a critical role in helping to build Canada’s economy for the future,” added Mr. Frank.
The industry continues to be one of the country’s most important sources of long-term capital, with total assets in Canada growing to over $810 billion in 2016, including $40 billion in infrastructure investments.
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.
Wendy Hope, Vice President, External Relations