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9 Canadian Life & Health Insurance Facts // 2022 Edition The Canadian life & health insurance marketplace Canada's life and health insurers provide financial protection for over 29 million Canadians In 2021, life and health insurers paid out $113 billion in benefits while providing a high degree of customer satisfaction. Total benefits paid for life, health and retirement have increased over 60 per cent from a decade ago. Benefits $ 113 billion in benefits Life and health insurers paid out over Coverage 29 million Canadians In 2021, life and health insurers provided financial protection for Life Life insurance benefits Health insurance benefits Retirement benefits 22 million Canadians with coverage, totalling $ 5.3 trillion Health 27 million Canadians have coverage Retirement 8 million Canadians' retirement savings are managed by insurers $ 14.3B • $ 8.8 billion in death benefits • $ 5.5 billion to living policyholders as disability benefits, cash surrenders or dividends Including $ 13.4 billion for drugs – that accounts for over 35% of prescription drug spending in Canada Including annuity payments on employer-sponsored and individual products that have nearly doubled in the past decade $ 58.1B $ 40.8B Including How insurance is sold Most insurance products are sold as: 66% 34% Group plans which provide coverage for a group of people – employees, or members of a union or association – under one contract. Individual policies which provide coverage for one person or a family.