26 Canadian Life & Health Insurance Facts // 2021 Edition
The
industry's
2021 total tax
contribution to all
levels of government
in Canada was over
50% higher than its
share of Canada's
GDP
>50%
of total tax
contributions are
premium-based
taxes*
premiums
Canadian insurers' foreign assets continue to grow
Assets held by Canadian life and health insurers on behalf of policyholders outside of
Canada amounted to nearly $1.2 trillion at the end of 2021, twice the level from ten years ago.
Revenue from premiums outside of North America
has more than tripled since 2011
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
