Canadian Life and Health Insurance Facts - 2021

Issue link:

Contents of this Issue


Page 9 of 29

9 Canadian Life & Health Insurance Facts // 2021 Edition The Canadian life & health insurance marketplace Canada's life and health insurers provide financial protection for over 29 million Canadians In 2020, life and health insurers paid out $97 billion in benefits while providing a high degree of customer satisfaction. How insurance is sold Most insurance products are sold as: Individual policies which provide coverage for one person or a family. or Group plans which provide coverage for a group of people – employees, or members of a union or association – under one contract. More than 150 life and health insurers, their subsidiaries and affiliates operate in Canada* By lines of business 079 life insurance 129 health insurance 038 retirement solutions Coverage Benefits Life 22 million Canadians have life insurance coverage, totalling $5.1 trillion $ 14.3B Life insurance benefits • $8.4 billion paid as death benefits • $5.9 billion paid to living policyholders as disability benefits, cash surrenders or dividends Health 26 million Canadians have supplementary health insurance $ 36.6B Health insurance benefits $12.5 billion for prescription drugs, which accounts for over 35% of Canada's total spending on prescription drugs Retirement 8 million Canadians' retirement savings are managed by insurers $ 46.2B Retirement benefits Annuity payments on employer-sponsored and individual products have risen by over 40% over the past decade

Articles in this issue

view archives of CLHIA-ACCAP - Canadian Life and Health Insurance Facts - 2021