CLHIA-ACCAP

Canadian Life and Health Insurance Facts - 2021

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26 Canadian Life & Health Insurance Facts // 2021 Edition The industry's 2020 total tax contribution to all levels of government in Canada was over 60% higher than its share of Canada's GDP >50% of total tax contributions are premium-based taxes* Total taxes Provincial/territorial taxes $ 2.7B + $ 5.5B $ 8.2B Federal taxes premiums 52.3% Canada Canadian insurers' foreign assets continue to grow Assets held by Canadian life and health insurers on behalf of policyholders outside of Canada amounted to over $1.1 trillion at the end of 2020, up 34 per cent from five years ago. Revenue from premiums outside of North America has nearly doubled since 2015 2015 2017 2019 2016 2018 2020 $ 70B $ 35B $ 37.4B $ 51.6B $ 54.4B $ 60.7B $ 63.6B $ 69.2B Notes * The industry's contribution is especially high for health insurance, accounting for over 50% of value-add generated. See Piling On - How Provincial Taxation of Insurance Premiums Costs Consumers, C.D. Howe Institute. ** Includes the Caribbean and Latin American countries

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