CLHIA-ACCAP

Canadian Life and Health Insurance Facts -- 2018

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4 Canadian marketplace There are more than 150 life and health insurers operating in Canada (including 38 foreign-owned life insurers) providing a competitive Canadian marketplace with a wide range of financial security products for businesses and individuals. These products include employee benefits and individual plans that provide life and health insurance protection and retirement savings solutions to ensure the financial security of almost 29 million Canadians. Benefits by product line The industry paid $92 billion, or nearly $1.8 billion a week, in benefit payments to Canadians in 2017 - an increase of almost 50% from 10 years ago. Life 22 million Health 25 million 70% Retirement Canadians own $4.7 trillion in life insurance coverage Canadians have supplementary health insurance of all private pension plans are managed by the industry Coverage by product line $12.5B Life insurance benefits $34.0B Health insurance benefits $45.3B Retirement benefits $11.3 billion for prescription drugs, which accounts for about 35% of Canada's total spending on prescription drugs Annuity payments on employer-sponsored and individual products increased by 58% over the past decade of benefit payments went to living policyholders Over 90% $7.2 billion paid as death benefits $5.3 billion paid to living policyholders as disability benefits, cash surrenders or dividends

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