LIFE AND HEALTH INSURANCE INDUSTRY WELCOMES THE ANNOUNCEMENT ON THE TRANS PACIFIC PARTNERSHIP (TPP)
News ReleaseRelease Date: 10/05/2015 Staff Reference: Wendy Hope
(Ottawa) -- The Canadian Life and Health Insurance Association (CLHIA) is encouraged by today's announcement of a successful conclusion to the TPP negotiations.
Canadian life and health insurers hold over $728 billion in assets for their international operations in over 20 countries 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 also important for the health of the industry.
"As major exporters of life and health insurance products and expertise, retirement saving and wealth management, we have long been a strong proponent of free and transparent trade," stated CLHIA President and CEO Frank Swedlove. "Canadians have a lot to gain from a TPP that encourages increased investment and strengthens Canada's global competitiveness," he emphasized.
The TPP includes some of the world's fastest growing markets. With a combined GDP of approximately $28.5 trillion and nearly 800 million consumers, the TPP market offers great opportunities for growth. Canada's life and health insurance industry is experiencing significant and growing overseas businesses and has a particular interest in the Asia-Pacific region.
About the CLHIA
Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent 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 28 million Canadians. It also holds more than $720 billion of assets in Canada and employs 155,000 Canadians.
For more information please contact:
Wendy Hope, Vice President, External Relations