Lines of business
Health insurance
Health insurance
provides coverage for
hospital and medical
expenses not covered
by public health plans,
such as prescription
medicines, vision care,
dental care and mental
health supports. This
type of insurance can
also provide income
replacement for those
unable to work due to
disability.
Sold as:
Ninety per cent of health
insurance is purchased
through a group plan.
2022 health premiums
90%
10%
$
55.9B
Individual
policies
Group plans
Related products:
Supplementary health
insurance; travel
insurance; critical
illness insurance;
disability insurance;
accidental death
and dismemberment
insurance; and health
care spending accounts.
Cost-effective health protection
At 84 per cent, the vast majority of health insurance premiums are paid out as benefits
to policyholders (5-year average).
84%
paid out to
policyholders
as benefits
10%
operating
costs
3%
taxes
3%
profits
Prescription drug claims grew nearly 8 percent
Supplementary health insurance plans provided 27 million with access to a wide range of
prescription drugs, including specialty medications to treat serious, chronic, and complex
health conditions. Drug claims grew 7.6 per cent in 2022 as both coverage and the
number enrolled in workplace plans increased. Drugs to treat inflammatory conditions,
diabetes, and depression accounted for nearly a third of all drug benefits paid.*
* Express Scripts. 2023 Drug trends report
Canadian Life & Health Insurance Facts // 2023 Edition
13
