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
