The Canadian Life and Health Insurance Association (CLHIA) released the 2019 Canadian Life & Health Insurance Facts publication on Sept. 5. It reveals that insurers paid out $98 billion in benefits to Canadians last year. This is an increase of seven per cent over 2017.
This figure includes nearly $49 billion in retirement benefits from annuities, $36 billion in health benefits for prescription drugs and extended health providers, and $13 billion in life insurance benefits.
“Over three quarters of all Canadians received benefits from life and health insurers to protect them and their loved ones against life’s uncertainties,” said Stephen Frank, President and CEO of CLHIA. “These benefits allow people to afford the medications they’ve been prescribed, live comfortably in retirement, and replace income when they have lost a family member.”
Industry provided 156,000 domestic jobs
The publication also reveals that insurers provided over 156,000 domestic jobs and made $780 billion in long-term investments, which contribute to Canada’s economic growth.
In terms of client satisfaction, only one in 100,000 claims results in a complaint, according to the industry data.
As for financial strength, the industry maintains capital reserves 39 per cent higher than regulators’ targets, “making insurers among the most stable and secure financial institutions in Canada,” says the CLHIA.
The industry also has a strong global reach, offering financial protection services to 60 million people in 20 counties.
“Our industry meets the health and financial needs of Canadians by offering reliable products and services through employers, or directly to individuals,” Frank said. “The life and health insurance sector is diverse, representing over 160 insurers, including large internationally active companies, non-profits, co-operatives and fraternals with head offices across Canada.”
To learn more, consult the document here.