Canadian Life and Health Insurance Facts, 2022 Edition

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Canada's life and health insurers provided more benefits to more people in 2021 than ever before. Over 29 million Canadians enjoyed financial protection and greater affordability that comes from life insurance, health insurance and retirement solutions. And insurers paid out a record $113 billion in benefits – up nearly $10 billion from pre-pandemic levels. 2021 was a year of recovery. Insurers have been proud partners in this, helping employers and their employees get back on their feet by providing workplace benefits that are flexible and relevant to attract and keep top talent and help people plan for retirement. The number of Canadians with workplace benefits is increasing, with hundreds of thousands more workers and their dependents having workplace health benefits than the year prior. Insurers paid out a record $40.8 billion in claims for drugs, dental, disability and accident coverage. COVID has put severe strains on many over the past two years as lockdowns and precautions have isolated millions from their normal support networks. Insurers have stepped up with a deliberate focus on coverage for mental health. Mental health supports have become an increasingly important health benefit, with claims growing 75 per cent since before the pandemic, and insurers paying out $580 million for counselling and therapies in 2021. Throughout it all, Canada's life and health insurers have demonstrated their financial strength and resilience. Insurers' capital reserves have remained in excess of government requirements, so Canadians can have confidence that when the unexpected occurs, their insurance protection will be there for them. We hope this edition gives you a sense of the importance of workplace plans and individual insurance products and how they are making life more affordable for so many. Stephen Frank President and CEO 1 Canadian Life & Health Insurance Facts // 2022 Edition

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